What Fueled The Previous Growth In The Boron Fertilizers Market?
The boron fertilizers market has seen considerable growth due to a variety of factors.
•The market size of boron fertilizers has experienced significant growth in the past few years. It is projected to increase from $2.99 billion in 2024 to $3.23 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%.
The progress during the historic period can be credited to advances in soil fertility research, enhancement in crop yield, awareness about deficiencies, expansion in the mining sector, and evolution in the fertilizer industry.
What Is The Expected Growth In The Boron Fertilizers Market Size?
The boron fertilizers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of boron fertilizers is predicted to witness substantial growth in the forthcoming years, with an anticipated value of $4.55 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.0%.
The predicted growth during this forecast period is primarily attributable to the adoption of precision agriculture, the impact of climate change, initiatives towards sustainable agriculture, biofortification programs, and the demand for organic farming. Some significant trends anticipated during this forecast period encompass mapping of boron fertilization, customized formulations specific to crops, microdosing and controlled release, organic and eco-friendly boron fertilizers, and boron products that act as bio-stimulants.
What Main Forces Are Fueling Expansion In The Boron Fertilizers Market?
The burgeoning production of fruits and vegetables is predicted to stimulate the boron fertilizers market's growth. Fruits, which are the sweet or sour edible parts of plants that can be consumed raw, and vegetables, the devourable portions of a plant, both need Boron for protein synthesis, building seed and cell walls, enabling pollen grain sprouting, pollen tube enlargement, and ultimately fostering fruit set and yield. It also regulates glucose metabolism and assists in sugar transportation. Therefore, the escalating production of fruits and vegetables is predicted to spur the boron fertilizer market. For example, a report by Statistics Canada, a national statistical agency in Canada, revealed that in 2022, the country's total fruit and vegetable production rose by 6.1% to 3.5 billion kg. Ontario accounted for 55.2% of all vegetable production, followed by Quebec (34.0%) and British Columbia (3.1%) in that year. Additionally, the fruit sales shot up by 15.3% to $1.4 billion in 2022. Thus, the booming production of fruits and vegetables is propelling the expansion of the boron fertilizers market.
What Are The Primary Segments In The Global Boron Fertilizers Market?
The boron fertilizers market covered in this report is segmented –
1) By Fertilizer Type: Boric Acid, Borax, Boron Calcium Nitrate, Boron Humate, Other Types
2) By Crop Type: Cereals And Grains, Fruits And Vegetables, Oilseeds And Pulses, Other Crop Types
3) By Application Method: Foliar Spray, Soil Treatment, Fertigation
4) By End-Use: Agriculture, Horticulture, Floriculture, Other End Uses
Subsegments:
1) By Boric Acid: Granular Boric Acid, Powdered Boric Acid
2) By Borax: Granular Borax, Powdered Borax
3) By Boron Calcium Nitrate: Standard Boron Calcium Nitrate, Specialty Formulations
4) By Boron Humate: Liquid Boron Humate, Granular Boron Humate
5) By Other Types: Sodium Borate, Boron-based Micronutrient Fertilizers, Foliar Boron Fertilizers
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Which Key Trends Are Driving Changes In The Boron Fertilizers Market?
Leading businesses in the boron fertilizer market are concentrating on creating innovative products like diammonium phosphate (DAP) fertilizer to boost agricultural output and tackle nutrient shortages in the soil. Diammonium phosphate (DAP) is a common chemical fertilizer that includes two vital nutrients for plants, nitrogen and phosphorus. For example, Fauji Fertilizer Company Limited, a chemical manufacturing corporation based in Pakistan, introduced Sona Boron DAP, the country's premier value-added diammonium phosphate fertilizer, on April 23, 2024. This state-of-the-art product has a nutrient composition of 18% nitrogen, 46% phosphorus, and 0.1% boron, fulfilling the substantial boron deficiency detected in nearly 60% of Pakistan's soils. By increasing crop yields by 10-23%, Sona Boron DAP aims to optimize agricultural productivity and is adaptable for application through fertigation in the latter growth phases.
Who Are the Key Players in the Boron Fertilizers Market?
Major companies operating in the boron fertilizers market include:
• Bayer AG
• Honeywell International Inc.
• Yara International ASA
• INEOS Capital Limited
• The Mosaic Company
• Corteva Inc.
• Asahi Kasei Corporation
• BASF Agricultural Solutions
• U.S. Borax
• China Green Agriculture Inc.
• Drexel Chemical Company
• Verdesian Life Sciences
• Kalyani Industries Limited
• SCL Italia SpA
• Rama Phosphates Ltd.
• Deveron Corp
• AgroLiquid
• JH Biotech Inc.
• Inkabor SAC
• Microsource LLC
• Koch Agronomic Services LLC
• Quiborax SA
• Minera Santa Rita SRL
• OMEX Agricultural Holdings Limited
• Aries Agro Limited
• Valagro SpA
• Rose Mill Co
What Is The Most Dominant Region In The Boron Fertilizers Market?
Asia-Pacific was the largest region in the boron fertilizers market in 2024. The regions covered in the boron fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
