Boron Fertilizers Market Size, Share | Industry Forecast By 2028
Posted by mahesh on October 6th, 2022
Boron fertilizer is a micronutrient fertilizer that contains boron in it. Boron is a micronutrient required in small quantities by the plant and is essential for their growth and good yield. Application of boron should be precise as low application can cause deficiency in crops and excess application can cause toxicity in crops. It plays a key role in regulating plants' hormone levels and promotes decent growth. Boron increases flower production and retention, pollen tube elongation and germination, and seed and fruit development. Despite being a vital component, the deficiency of boron is perhaps the most common nutritional problem affecting plant growth. To meet out such a deficiency, boron is supplied synthetically to the plants in the form of fertilizers to the soil to meet out the deficiency and improve soil fertility. Boron fertilizers are used to provide texture to the crop, enhance soil quality, increase soil uptake, and boost the overall agricultural output. Therefore, boron-based fertilizers are continually added in plants and soil where the land available for crop production is scarce, and the pressure to enhance crop productivity is high.
The boron fertilizers market was valued at US$ 2,272.48 million in 2020 and is projected to reach US$ 4,316.08 million by 2028; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
Asia-Pacific and Europe are the significant markets for the agriculture industry. The rise in demand for high quality farm products and ingredients is expected to augment the growth of boron fertilizer market. Micronutrients play an important role in providing balanced nutrition to plants. Plant growth can be hampered if any of the micronutrients are deficient. There are numerous micronutrient fertilizer products on the market such as boron, zinc, iron, and others due to their low requirement, they are usually applied in conjunction with NPK fertilizers.
The number of organizations venturing into the boron fertilizers industry has increased substantially with the rise in demand from the agriculture industry. With the growing population all over the globe, the demand for fruits and vegetables has also been increasing. The easy availability and developments in the agricultural market have marked the expansion of the boron fertilizers and expanded its value in the fruits and vegetables segment.
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By Application, the fruits and vegetables segment held the largest share in the global boron fertilizers market in 2020. Boron plays a critical role in fruits and vegetables production. It increases flower production and retention, pollen tube elongation and germination, and seed and fruit development. With the growing population across the world, the demand for fruits and vegetables is also increasing. The easy availability of products and developments in the agricultural market bolster the demand for the boron fertilizers, which drives the market growth for the fruits and vegetables segment.
The global boron fertilizers market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SCAM). In 2020, Asia-Pacific accounted for the largest share in the global boron fertilizers market. The boron fertilizer industry in the countries across this region has experienced a huge shift over the years. The market growth in Asia-Pacific is driven by the increasing awareness among the farmers regarding the importance of micronutrients coupled with the rising production of fruits and vegetables in the region. In the Asia-Pacific, there is a significant decrease in arable land due to rapid urbanization. This generates the need to conversion and utilization of the remaining portion of infertile and barren land for agricultural purposes by infusing effective micronutrients such as boron, iron, zinc, and others into the soil. The rise in focus toward land efficiency demands the use of micronutrients, such as boron fertilizers.
Top Listed Companies in Boron Fertilizers Market are –
Some of the major key players operating in the global boron fertilizers industry includes Eti Maden, Minera Santa Rita S.R.L., ORO AGRI Europe, Valagro S.P.A., The Mosaic Company, Quiborax, Quimical Tierra, and Rose Mill Co. The major players in the boron fertilizers industry are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.
A thoroughgoing evaluation of the market restrains included in the report which represents the difference to drivers of the market and gives scope for strategic insights and developments. The research study has amalgamated the growth analysis of different aspects that enhance the market growth scenario. It constitutes key market drivers, restraints and trends that transform the market in either a positive or negative manner.
The Boron Fertilizers Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
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About the Authormahesh
Joined: September 20th, 2022
Articles Posted: 71
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