The global boron fertilizers market size was exhibited at USD 2.97 billion in 2022 and is projected to attain around USD 6.3 billion by 2032, growing at a CAGR of 7.81% during the forecast period 2023 to 2032.
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Micronutrient fertilizer that has boron is known as a boron fertilizer. Small quantities of this boron are required for good growth of the plants. To maintain a good soil profile constant awareness is created regarding the use of boron fertilizer as it helps in balancing plant growth. Boron fertilizers are extremely critical for the growth of plants. Plant functioning is also and hence due to the use of this fertilizer. It helps create structural maintenance and improves the functioning of the biological membranes.
For proper movement of energy and sugar, boron fertilizers play a significant role in the growth of the plant. It is very important for pollination and for the formation of the cell wall. It is extremely important for stability in the growth of the plant and structure maintenance. This micronutrient is critical in plant growth. The growing population across the world is creating more and more demand for various crops due to which the use of such fertilizers has grown significantly in recent times in order to increase the quality of the crops grown in various nations of the world. There are many organic substitutes for such fertilizers in the market, but the cost of such fertilizers is high. This sector is growing rapidly, and the number of investments made in the agricultural sector has also increased. In order to maintain the structure of the soil and to maintain quality of the soil the use of such micronutrient fertilizers has increased.
Developing nations and underdeveloped nations have a problem of fuel supply and lack of infrastructure. As the population of various nations across the globe is growing, the demand for crops has also increased. Growing demand for food will lead to increased use of boron fertilizers. In order to export various crops and fruits, production needs to be increased. Sustainability in farming will lead to increased use of such fertilizers. In order to gain proper returns on the amount of money invested in cultivation will also lead to increased use of boron fertilizers.
Report Scope of the Boron Fertilizers Market
|Market Size in 2023||USD 3.2 Billion|
|Market Size by 2032||USD 6.3 Billion|
|Growth Rate from 2023 to 2032||CAGR of 7.81%|
|Forecast Period||2023 to 2032|
|Segments Covered||By Source, and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Key Market Divers:
Reduced land area - as the population across the globe is increasing and there are many countries that are densely populated, the amount of land available for cultivation is reducing day by day. In order to yield larger quantities of crops through these small patches of lands the demand for boron fertilizers will grow. Advancements are seen in the agricultural activities that make use of Boron fertilizers
Increased population and growing demand for food products - in the countries like China and India the demand for the cracks and other fruits and vegetables has grown significantly in the recent times due to which the use of boron fertilizers has increased. In order to have a higher yield of fruits vegetables and foodgrains the need for boron fertilizers will grow.
Declining soil fertility - as a fertility of the soil is constantly degrading due to the excessive use of fertilizers and lack of knowledge regarding the proper practices of cultivation increases the demand for micronutrients which comes through boron fertilizers will grow during the forecast period.
Key Market Challenges:
Key Market Opportunities:
Depending upon the source, the borax segment has generated maximum share in the 2022. Borax is the source of fertilizer which is highly soluble, and it is easily absorbed by the plants due to which the demand for the boron fertilizers which make use of Borax is more. It has better efficiency as compared to the other sources of boron fertilizers. When the growth parameters of a plant are considered the use of boron fertilizers which are derived from Borax is far better than the other sources used for the production of this fertilizer. The reproduction development and the health of the plants is better through the use of this fertilizer and these studies have led to an increased consumption of boron fertilizers that make use of Borax.
Comparatively high compound annual growth rate will be registered by the boric acid segment in the long run. The use of boric acid in the making of boron fertilizers has grown significantly. That's why it is preferred as it helps in clearing the insects from agricultural land. There is a maximum usage of boron fertilizers in the countries like Nigeria, Thailand, Philippines and Zambia. The use of this fertilizer is more in Korea and even in European nations.
On the basis of application, the vegetable and fruit segment has captured highest revenue share 2022. Some of the crops that need boron fertilizers are spinach, tomatoes and carrots. Healthy vegetables can be produced, and normal growth can be obtained through the use of boron. Various nutrients, starches and sugars are moved through the help of the boron fertilizers which are extremely important for developing various parts in the plants. Healthy root growth and healthy quality of vegetables can be obtained through the use of this fertilizer. It also helps in the plant hormone formation. This fertilizer is also used for the cultivation of pulses and oilseeds, cereals as well as grains. Growing demand for different types of vegetables and exotic fruits will lead to an excessive use or demand of boron fertilizers in various nations across the globe.
The retention of the flowers and the production of the flowers is increased due to the use of boron fertilizers. Germination and elongation of the pollen tube is also possible due to the use of boron fertilizer. The development of fruit and the seed is healthy due to the use of boron fertilizers. As the population of the world is increasing the need for various food grains and other crops has grown significantly. The demand for boron fertilizers will continue to grow in the coming years as the population of the world is increasing and the need for various crops has also increased. The use of boron fertilizers for the cultivation of serious is also more especially in the Asia Pacific region. Crops like rice, wheat, jowar and bajra are grown on a large scale. Some of these serials are the staple food due to which the use of micronutrient fertilizers is more.
Maximum share is held by the Asia Pacific region which is about 39.50% as the consumption of the boron fertilizers is maximum in most of the nations of the Asia Pacific region. A large number of investments are made in the horticulture sector and the agricultural sector of the Asia Pacific region. One of the large-scale producers from the Asia Pacific region is China and it makes maximum use of this fertilizer. When the entire world is considered about 60% of boron fertilizers are used in this nation. Products used for horticulture are also more in China as compared to any other nations of the world. Growing demand for vegetables and fruits throughout the globe will lead to an increased consumption of boron fertilizers in the Asia Pacific region and other nations that export vegetables and fruits.
Europe is also seeing an increase in the consumption of boron fertilizers due to the cultivation of vegetables and fruits. Boron fertilizer is imported on a large scale in North America amongst the various nations of the world especially United States in the North American region has a higher consumption of this fertilizer. Agricultural products that are produced in Brazil are exported to other countries on a larger scale. Boron fertilizers market will see significant growth during the forecast period due to all of these reasons.
Key Market Players
Segments covered in the report
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