The global boron fertilizers market size surpassed USD 2.97 billion in 2022 and it is expected to rake around USD 6.3 billion by 2032, poised to grow at a CAGR of 7.81% during the forecast period 2023 to 2032.
The outbreak of the COVID-19 pandemic had a greater impact on the fertility of the soil. The use of fertilizers for various crops depends on the soil fertility and the type of soil. The nutrient ratio of the soil also affects to a great extent. Fertilizer applications were delayed during the pandemic due to which the crops were affected.
The use of an effective fertilizer for farming techniques is extremely important. Many innovations have taken place in recent times that make use of satellite technology and sensors which are extremely important for growing the crops that have a great demand in the market. In the cases of infertility of soil many micronutrients need frequent application in order to replenish the lost nutrients. Management of the nutrients in a sustainable manner also played a significant role in the growth of the market.
Report Highlights:
Regional Snapshots:
The consumption of boron fertilizer is maximum in the Asia Pacific region as a large land of various nations in the Asia Pacific region is used for cultivation. Growing awareness regarding the use of micronutrients and their effect on the quality of the crops has led to an increased consumption of boron fertilizers in the nations like China and India. The focus of these nations on exporting various vegetables and fruits has also led to increased use of boron fertilizers as it helps in gaining quality crops.
Boron Fertilizers Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 3.2 Billion |
| Projected Forecast Revenue in 2032 | USD 6.3 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.81% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 To 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics:
Drivers:
Boron fertilizer is a micronutrient fertilizer which does not need to be sprayed on the plant in larger proportions, but the deficiency can lead to few diseases in the plants that can hamper the growth of the plant due to which the demand boron fertilizers is more. Deficiencies and imbalances faced by the soil due to the lack of nutrients can hamper the crop. Micronutrients are extremely important to maintain the pH level of soil. Boron fertilizer is extremely important for healthy growth in the plant, and it plays a significant role in carrying the sugar and starch to various parts of the plant. The consumption of boron fertilizers estimated the increase in the coming years due to a growing awareness regarding the use of such products in the group of vegetables and fruits that have good demand in the international market. Cultivation practices that need healthy crops and good soil will make maximum use of boron fertilizers even though it is an expensive fertilizer.
Restraints:
One of the major restraining factors that hampers the growth of the boron fertilizer market is the growth in the need for organic fertilizers in the market. As the consumption of food across the globe has increased and the population in various nations is increasing rapidly, the demand for food products has also increased. Healthy foods and safe ways of acquiring these foods is a major concern amongst the consumers due to which organic fertilizers are in great demand and these fertilizers pose a threat to the growth of boron fertilizers market. In most of the nations across the globe where food production is more the people are more concerned about the quality. Developed nations are seeing a great increase in demand for organic fertilizers as there has been a growth in awareness regarding the use of these fertilizers.
Opportunities:
As the land area available for cultivation is decreasing day by day the demand for advanced activities for agriculture has grown. The horticultural sector and the agriculture sector are seeing great growth as the population of the world is increasing. Various fertilizers are in great demand due to a growing demand for food products. Nutrition management is done through the use of fertilizers, and it also helps in managing the fertility of soil. Many opportunities will be provided through the use of boron fertilizers due to all of these reasons.
Challenges:
Developing nations of the world have less awareness regarding the use of micronutrients like boron fertilizer due to which the market growth will be hampered. Another challenge that the global market is facing is that of the younger population across the globe moving from agricultural activities to the various other professions apart from farming. As the people engaged in farming activities are reducing and they are gaining more education the population is engaged in other activities other than farming due to which the market growth will be hampered. The use of micronutrients or boron fertilizers is considered extremely luxurious in many countries of the world due to which the use of such fertilizers is less.
Recent Developments:
Haifa group extended its presence in the Chinese market in 2018 by starting a subsidiary company named Haifa Beijing trading and this organization will provide good solutions for plant nutrition.
Major Key Players:
Market Segmentation:
By Source
By Application
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