Market Research Report
Global Agricultural Secondary Nutrients Market - 2020-2027
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|Global Agricultural Secondary Nutrients Market - 2020-2027|
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Secondary nutrients are required in moderate quantities and are less likely to limit growing crops. Magnesium, calcium and sulphur are incorporated into the secondary nutrients. Calcium helps absorb other important nutrients, likewise magnesium acts as an excellent enzyme activator responsible for botanical growth and blooming. Plants require secondary macronutrients in minimal quantity but are not replaceable with any primary nutrients. Plants require minor amounts of secondary nutrients, but are not replaceable with any primary nutrients. The global Agricultural Secondary Nutrients valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of XX%
Decreasing soil nutrients, increasing demand for higher crop yield and decreasing arable land are some of the key factors driving the global Agricultural Secondary Nutrients. For instance, sulfur emission has decreased significantly over the last decades. In the United States, Sulfur dioxide emission (SO2) has fallen to 2.82 million tonnes in 2017 from 31.22 million tonnes in 1970. Sulfur dioxide reduction is largely due to the Clean Air Act, which includes the implementation of the Acid Rain Programme. As the Clean Air Act progresses positively, sulphur emissions have been reduced, so the amount of atmospheric sulphur depositing in the soil is only 25 percent of what it used to be. Crops are now sulphur deficient and more sulphur deficiency will continue in the future due to the "Clean Air Act" which will drive the market for agricultural secondary nutrients during the forecast period.
However, increase in the prevalence of counterfeit products is one of the major restraints in the growth of the agricultural secondary nutrients market.
The global agricultural secondary nutrients is segmented by nutrient type into calcium, magnesium and sulfur. Calcium is by far the largest segment holding about XX% of the global market, owing to the growing demand for lime and gypsum to tackle soil acidity issues. In addition, calcium is the most important nutrient among three macronutrients as it helps to strengthen the cell wall, reduce soil salinity, and improve water penetration.
By geography, Asia Pacific is the largest market for agricultural secondary nutrients with a share of nearly XX% in global sales value in 2019. The increasing agricultural practices and requirement of high-quality agricultural produce is driving the market growth in this region. Also, the presence of major players such as Nufarm (Australia), Coromandel International (India), and Deepak Fertilisers and Petrochemicals (India) is supporting the market growth in this region.
The global agricultural secondary nutrients market is fragmented, with various small and medium-sized companies coining smaller shares. Nutrien Ltd, Yara International and Coromandel International are the leading market players in the segment, while smaller companies, such as Rural Liquid Fertilizers and Nutri-Tech Solutions also account for a formidable share in the market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market.