Market Leaders: Nutrien Ltd. and Israel Chemicals Ltd. (ICl) Are Working On Expansion, Acquisition, and New Product Launch Strategies to Improve their Market Position in Secondary Macronutrients Market
The global secondary macronutrients market is valued at USD 38.6 billion in 2022. It is projected to reach USD 48.5 billion by 2028, recording a CAGR of 4.0% during the forecast period. In order to maximize production potential, high-yielding crop types need extra nutrients, especially secondary macronutrients. A better balanced nutrient supply is needed to meet consumer demands for food that is not only high-yielding but also nutrient-dense and of excellent quality. These are the factors which are propelling the growth of secondary macronutrients market.
Few leading players operating in the market are Nutrien Ltd. (Canada), Yara (Norway), The Mosaic Company (US), Israel Chemicals Ltd. (Israel), K+S Aktiengesellschaft (Germany), IFFCO (India), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), Coromandel International Ltd (India), Koch Industries, INC. (US) and Nufarm (Australia) among others. The companies are launching different kinds of products into the market. The expansion of product portfolios offered by the companies is strengthening their presence around the globe. Companies are manufacturing different kinds of secondary macronutrients for different types of crops. This is resulting in their increased market penetration. Similarly, partnerships are also fostering the expansion of the companies and helps to create synergy and; obtain a competitive advantage in the industry.
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Nutrien Ltd. is a multinational agri-business corporation that focuses in delivering solutions for farmers and agricultural producers globally. The firm operates in several divisions, including retail, potash, nitrogen, and phosphate, and provides a diverse variety of goods and services to help crop productivity and agricultural results. Nutrien Ltd. is one of the leading producers of potash, which is a crucial ingredient for crop growth, and has a substantial presence in worldwide markets. In July 2020, Nutrien Ltd. launched new technology, by the name of Smart Nutrition MAP + MST; this is a novel method for providing sulfur and phosphate to crops in order to maximize output. Apart from this in July 2022, Nutrien Ltd. announced the acquisition of Casa do Adubo S.A. (Brazil) for the opening of 39 retail locations. Includes 10 distribution centres under the Agrodistribuidor Casal brand for propelling its distribution network.
Israel Chemicals Ltd. (ICL) has developed to become a market leader in the manufacture and distribution of a diverse range of vital minerals and chemicals used in a variety of sectors throughout the world. It has a diverse product portfolio. The corporation is a prominent global manufacturer of fertilizers based on potash, bromine, and phosphate. ICL also provides specialty fertilizers, which are customized formulas for specific crops, soil types, and growth circumstances. The corporation has 38 manufacturing facilities in 30 countries and 24 worldwide R&D centres. The ICL announced an acquisition of Compass Minerals America do Sul S.A. (US) in July 2021. With this transaction, ICL becomes a provider of plant nutrients. This move will also significantly increase ICL's product range and profitability as Brazil's leading speciality.
Related Reports:
Secondary Macronutrients Market by Nutrient (Calcium, Magnesium, and Sulfur), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables), Mode of Application (Solid and Liquid), Form and Region - Global Forecast to 2028
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