Borax Segment to Dominate MEA Boron Fertilizers Market during 2021–2028.
According to The Insight Partners market research study on “MEA Boron Fertilizers Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Source and Application,” the market is expected to reach US$ 236.95 million by 2028 from US$ 139.11 million in 2021. The market is estimated to grow at a CAGR of 7.9% from 2021 to 2028. The report provides trends prevailing in the MEA boron fertilizers market along with the drivers and restraints pertaining to the market growth. Growth in awareness regarding the importance of boron in maintaining soil profile and nutritional balance is the major factor driving the growth of the MEA boron fertilizers machine market. However, issues associated with the inadequate awareness hinder the growth of MEA boron fertilizers market.
The MEA boron fertilizers market is segmented into source, application and country. Based on source, the MEA 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 MEA boron fertilizers market in terms of value in 2020 and is expected to register the highest CAGR during the forecast period 2021–2028.
South Africa has the largest COVID-19 cases in the Middle East and Africa region, and is followed by Saudi Arabia and the UAE, among others. The UAE was the first country in the Middle East and Africa to report a confirmed case of coronavirus. Due to lockdown in Middle East and African countries, various companies remain closed which led to the reduction in the sale of various products which has negatively impacted the market for fertilizers in the region.
Eti Maden; MCC Russian Bor; Minera Santa Rita S.R.L; ORO AGRI Europe; Quimical Tierra; Rose Mill Co.; and Yara are among the leading companies in the MEA 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.
The report segments the MEA Boron Fertilizers market as follows:
MEA Boron Fertilizers Market – By Source
- Boric Acid
- Borax
- Others
MEA Boron Fertilizers Market – By Application
- Fruits and Vegetables
- Cereals and Grains
- Oilseeds and Pulses
- Others
MEA Boron Fertilizers Market – By Country
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
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