Boron Fertilizers Market Size, Trends and Growth Analysis by 2027

The global market for boron fertilizers was valued at approximately US$ 2,272.48 million in 2020 and is anticipated to grow to US$ 4,316.08 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.4% from 2021 to 2028.

Boron fertilizers are classified as micronutrient fertilizers that contain boron, an essential micronutrient necessary for the healthy growth and yield of plants. The increasing recognition of boron's role in sustaining soil health and the nutritional balance of crops is driving the expansion of this market. However, a significant challenge remains: many farmers, particularly in developing and least developed nations, lack awareness about the benefits of boron fertilizers and other micronutrients, which limits their adoption and use.

The market for boron fertilizers is categorized by source into several segments, including boric acid, borax, and others. In 2020, the borax segment led the market and is projected to continue its dominance throughout the forecast period. Borax is known for its high solubility and is easily absorbed by plants, positively influencing various growth parameters. As a natural source of boron, its application in soil significantly enhances plant health, development, and reproductive success.

Geographically, the global boron fertilizers market is divided into five primary regions: North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SCAM). In 2020, the Asia-Pacific region held the largest market share. Over the years, the boron fertilizer sector in this region has undergone substantial transformation. The growth in Asia-Pacific is largely attributed to the increasing awareness among farmers about the significance of micronutrients, alongside a rise in the production of fruits and vegetables. Furthermore, rapid urbanization has led to a notable reduction in arable land, creating a pressing need to convert and utilize remaining infertile and barren lands for agriculture. This situation necessitates the incorporation of effective micronutrients, such as boron, iron, and zinc, into the soil to enhance productivity. The growing emphasis on land efficiency further drives the demand for boron fertilizers.

Several key players are prominent in the global boron fertilizers market, including 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.

The overall size of the global boron fertilizers market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the boron fertilizers sector.