Boron Fertilizers Market is expected to reach US$ 4,316.08 Mn by 2028

Growing Awareness Regarding Importance of Boron in Maintaining Soil Profile and Nutritional Balance

According to our latest market study on “Boron Fertilizers Market Forecast to 2028 – 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)’’ the 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.

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. In addition, boron with calcium is beneficial for cell wall synthesis, hormone regulation, and cell division. This micronutrient is much required for pollination, seed growth, and fruit development in plants. 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. To meet out such deficiency, boron is supplied synthetically to the plants in the form of fertilizers through soil. 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 majorly added in soil where the land available for crop production is scarce, and the pressure to enhance crop productivity is high.

A few of the major key players operating in the global boron fertilizers market are Eti Maden, Minera Santa Rita S.R.L., ORO AGRI Europe, Valagro S.P.A., The Mosaic Company, Quiborax, Quimical Tierra, Rose Mill Co., MCC Russian Bor, and Yara.

Impact of COVID-19 Pandemic on Boron Fertilizers Market

The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, 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 to this 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 to normal. Therefore, many fertilizer manufacturing companies have started their production and research & development activities again.

Geographic Overview of Boron Fertilizers Market

The report includes the segmentation of the global boron fertilizers market as follows:

Boron Fertilizers Market, by Source

• Boric Acid
• Borax
• Others

Boron Fertilizers Market, by Application

• Fruits and Vegetables
• Cereals and Grains
• Oilseeds and Pulses
• Others

Boron Fertilizers Market, by Geography

• • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South and Central America
    • Brazil
    • Argentina
    • Rest of South and Central America