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The scope of our recent study on the “Boron Fertilizers Market Forecast t2028 – COVID-19 Impact and Global Analysis – by Source (Boric Acid, Borax, and Others) and Application (Fruits and Vegetables, Cereals and Grains, Oilseeds and Pulses, and Others),” includes the factors fueling market growth, revenue estimation and forecast, and market share analysis along with the identification of significant market players and their key developments.
The boron fertilizers market was valued at US$ 2,272.48 million in 2020 and is projected treach US$ 4,316.08 million by 2028; it is expected tgrow at a CAGR of 8.4% from 2021 t2028. Boron fertilizer is a micronutrient fertilizer that contains boron in it. Boron is a micronutrient required in small quantities for the decent growth of a plant 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. Boron increases flower production and retention, pollen tube elongation and germination, and seed and fruit development. The deficiency of boron is one of the most common nutritional problems affecting plant growth. Tmeet out such a deficiency, boron is supplied synthetically tthe plants in the form of fertilizers tthe soil tmeet out the deficiency and improve soil fertility. Boron fertilizers are used tprovide texture tthe 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 tenhance crop productivity is high.
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 alsincreasing. 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 intfive 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 trapid urbanization. This generates the need tconversion 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 intthe soil. The rise in focus toward land efficiency demands the use of micronutrients, such as boron fertilizers.
Impact of COVID-19 Pandemic on Boron Fertilizers Market
The COVID-19 outbreak is adversely affecting economies and industries in various countries due tlockdowns, travel bans, and business shutdowns. The global agriculture industry is one of the significant industries suffering severe disruptions such as supply chain breaks, labor shortage, and uncertain demand. The shutdown of various plants and factories is disrupting the global supply chains and negatively impacting the manufacturing activities, delivery schedules, and products sales in the global market. A few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are hindering the business collaborations and partnerships opportunities. All these factors are affecting the fertilizers industry in a negative manner, which is restraining the growth of various markets related tthis industry. However, COVID-19 vaccine has been developed by several companies across the globe. Many countries have started recovering from severe disruptions caused by COVID-19. With the introduction of vaccine, there is an ease in the restrictions imposed by governments. So, the global supply chain, manufacturing activities and product sales are getting back tnormal. Therefore many fertilizer manufacturing companies have started their production, and research and development activities again.
The report includes the segmentation of the global boron fertilizers market as follows:
Boron Fertilizers Market, by Source
Boron Fertilizers Market, by Application
Boron Fertilizers Market, by Geography