Fruits and Vegetables Segment to Dominate Europe Boron Fertilizers Market during 2021–2028.
According to a new market research study on “Europe Boron Fertilizers Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Source and Application,” the market is expected to reach US$ 990.97 million by 2028 from US$ 549.05 million in 2021. The market is estimated to grow at a CAGR of 8.8% from 2021 to 2028. The report provides trends prevailing in the Europe boron fertilizers market along with the drivers and restraints pertaining to the market growth. Increasing demand to boost agricultural productivity in developing region is the major factor driving the growth of the Europe boron fertilizers machine market. However, issues associated with the lack of knowledge hinder the growth of Europe boron fertilizers market.
The Europe boron fertilizers market is segmented into source, application and country. Based on source, the Europe boron fertilizers market is segmented into boric acid, borax, and others. The borax segment dominated the market in 2020 and boric acid segment is expected to be the fastest growing during the forecast period. By application, the boron fertilizers market is segmented into oilseed and pulses, fruits and vegetables, cereals and grains, and others. The fruits and vegetables segment dominated the Europe boron fertilizers market in terms of value in 2020 and is expected to register the highest CAGR during the forecast period 2021–2028.
In Europe, as per the recent data, Russia has recorded the highest number of COVID-19 cases. Other than this, Spain, Germany, France, and the UK have also been hit hard and are expected to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact market growth in Europe.
Eti Maden; MCC Russian Bor; Minera Santa Rita S.R.L; ORO AGRI Europe; Quimical Tierra; Rose Mill Co.; Valagro S.P.A.; and Yara are among the leading companies in the Europe boron fertilizers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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