Magnesium Fertilization Market Size (2022 – 2030)

The Global Magnesium Fertilization Market was valued at USD 2.27 billion and is projected to reach a market size of USD 2.87 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 3.4%.

INDUSTRY OVERVIEW

The use of fertilizers has increased tremendously over the past few decades. The consumption of fertilizers in the 1950s was around 20 million tons and it has increased by many folds and reached around 190 million tons in 2019 and 2020 and it is estimated to continue growing in the future. Fertilizers are natural and synthetic chemical substances that are used in farming to boost the productivity of crops. The fertilizers include useful nutrients that are required by plants to grow. Fertilizers improve the soil’s natural fertility and aid higher crop production. It also helps water in soil retention and provides tolerance from various pests. Farmers are now able to utilize fertilizers more safely and effectively, reducing their risk of exposure to dangerous fertilizers as a result of the growing availability of organic fertilizers.

Magnesium (Mg) is a mineral that is necessary for all living things, including plants, animals, and people. A lack of magnesium impairs photosynthesis and carbohydrate partitioning in plants, reduces the viability of agricultural development, and has long-term detrimental effects on both human and animal health. Unfortunately, crops produced on acidic soils found all over the world usually show clear signs of magnesium shortage, especially when they are in a vital growth stage and rapidly accumulate carbohydrates. The primary source of magnesium nutrition for both humans and animals is edible agricultural items. Therefore, it is crucial for the health of both humans and animals to keep the Mg content of agricultural products within a range that is generally sufficient. Further, the primary core of the chlorophyll molecule in plant tissue is magnesium. Due to the quest for high yields, crop fertilization procedures are continually getting more sophisticated. A crucial plant component called magnesium is routinely disregarded and may be hindering plant growth. Potential inadequacies should be identified by soil testing, and when necessary, farmers have access to a wide range of top-notch Mg supplies. Moreover, if Mg is inadequate, the lack of chlorophyll causes poor and stunted plant development.  

The productivity of agriculture has grown due to the world's unrivalled rate of population expansion. The extensive and continual use of agricultural land has diminished soil nutrient concentration, which has resulted in decreasing crop yields. These factors have caused the demand for magnesium compounds from the agriculture sector to rise. Magnesium is a powerful enzyme activator that promotes the development and development of plants.  To make up for the soil's deficiency in magnesium, magnesium salt is added to the soil as a fertilizer in the agricultural industry. To give their crops the best growth circumstances, farmers that grow vegetables and cash crops rely heavily on soils high in magnesium. For the potted plants, they offer, plant nurseries also utilise magnesium salt extensively. The global market is being driven by dietary changes brought on by population growth and increased disposable income in emerging economies.

COVD-19 IMPACT ON THE MAGNESIUM FERTILIZATION MARKET

The COVID-19 pandemic-related worldwide crisis significantly disrupted most businesses, however, the fertilizer sector has shown some resilience. During the epidemic, there were problems with the supply chain. Demand and expansion were slowed by a lack of labour, a scarcity of raw materials, and the localized closure of a few manufacturing facilities. The biggest producer and user of phosphates, Sulphur, and sulphuric acid, China, is at the center of the problem and was severely damaged. The lockdowns, logistical issues, lower outputs, and related economic effects of COVID-19 continue to pose a challenge to the world market for magnesium macronutrients. Since the beginning, the world's greatest producer and user of agricultural micronutrients, China, has been particularly impacted. The transportation of both finished goods and raw materials for micronutrients into and out of China has been impacted by the outbreak of a novel coronavirus, which has so far had the most severe effects on the whole of Chinese agriculture micronutrients industry However, things began to improve, and manufacturing was resumed. Consequently, COVID-19's overall impact on the fertilizer business was limited.

MARKET DRIVERS: 

Market expansion will be aided by soaring demand from the agricultural sector

The unparalleled rate of population growth throughout the world has increased agricultural productivity. Crop yields have decreased as a result of the excessive and ongoing usage of agricultural land, which has decreased soil nutrient concentration. These reasons have led to an increase in demand for magnesium compounds from the agricultural sector. Magnesium salt is incorporated into the soil as a fertilizer in the agriculture sector to make up for the soil's lack of magnesium. Farmers that cultivate vegetables and cash crops rely largely on magnesium-rich soil to provide favorable growing conditions for their crops. Additionally, plant nurseries use salt extensively for the potted plants they sell. Dietary changes have been caused by population increase and rising disposable income in emerging nations, driving the worldwide market.

The growing use of magnesium as a micronutrient to promote market growth

Numerous nutrients increase plant output, keep people nourished and healthy across the world, and improve fertilizer effectiveness. Micronutrients make up the third group of crucial crop nutrients. Micronutrients contribute to the general health and growth of plants. Further, magnesium micronutrients encourage vital plant functions and growth, which results in nutrient-dense food for both animals and people. Therefore, the use of magnesium as a micronutrient is likely to propel the market growth.

MARKET RESTRAINTS:

Price volatility and negative effects of magnesium salt affect market development

One of the main things limiting the market's expansion is the price volatility of magnesium salt. The primary causes of the volatility in the total cost of salt over the past several years have been the steep increase in energy prices and raw material costs. The pricing of raw materials is also affected by a decrease in the supply of high-quality minerals. Additionally, the negative health impacts of medications made with magnesium compounds are reducing consumer demand for the goods. Compound-based medications have a significant likelihood of resulting in hives, diarrhea, breathing difficulties, and neck, face, or tongue swelling. Additionally, consuming too much salt might interfere with the body's ability to absorb medications. As a result, these issues will slow the market's expansion over the projected period.

MAGNESIUM FERTILIZATION MARKET REPORT COVERAGE:

This research report on the Magnesium Fertilization Market has been segmented and sub-segmented based on Sources, By Crop Type and By Region.

ENHANCED WATER MARKET – BY SOURCES

• Soluble Sources

• Magnesium Sulfate
• Kieserite
• Kainite
• Langbeinite
• Magnesium Chloride
• Magnesium Nitrate
• Others

• Semi-Soluble sources

• Dolomite
• Magnesium oxide
• Hydrated dolomite
• Struvite
• Others

Based on the source, the magnesium fertilization market is segmented into soluble sources and Semi- Soluble sources. The Soluble source is further categorized into Magnesium Sulfate, Kieserite, Kainite, Langbeinite, Magnesium Chloride, Magnesium Nitrate and Others. The semi soluble Sources are further segmented into Dolomite, Magnesium oxide, Hydrated dolomite, Struvite and Others. Among these, the Magnesium Sulfate category dominated the market in 2021 and is predicted to expand at a CAGR of 5.5% over the forecast period. The rising consumption in the agriculture industry is the driving factor of the market. The salt is primarily used as a fertilizer to fulfil the magnesium deficiency in the soil. The monohydrate of magnesium sulphate known as kieserite is largely produced in German mines. As a carrier of both Mg and S, kieserite has a variety of uses in both industry and agriculture. MgCl2, or magnesium chloride, contains 25% magnesium. Due to its high solubility, this substance is often marketed as a liquid and is widely utilised as a component in fluid fertilizers. Magnesium Nitrate, or Mg (NO3)2. 6H2O contains 9% magnesium. often used in the horticulture sector to give magnesium in a form that also serves as a source of soluble nitrogen.

In semi soluble magnesium fertilizer, the Magnesium oxide category has a significant proportion. Magnesium oxide, or MgO, contains 56% magnesium. It is created by heating magnesium carbonate (MgCO3) to drive out carbon dioxide, leaving just magnesium and oxygen. Although it is very insoluble, it has the greatest Mg content of all conventional fertilizers. Making use of this nutrient source for plant development will depend on timing the application to coincide with plant needs and employing fine particle size.

MAGNESIUM FERTILIZATION MARKET - BY CROP TYPE

• Cereals & Grains 

• Corn
• Wheat
• Rice
• Others

• Oilseed & Pulses

• Soybean
• Groundnut
• Canola

• Fruits & Vegetables

• Orange
• Others

•  Others

Based on the crop type, the magnesium fertilization market is segmented into Cereal and Grains, Oilseed and Pulses, Fruits and Vegetables and others. Among these, the Fruits and Vegetable category dominated the market. The vitamins and minerals found in vegetables are abundant and very inexpensive. When consumed in adequate amounts, they offer flavour, palatability, and hunger stimulation as well as a decent quantity of fibre. Therefore, for vegetable crops to be successfully produced, proper plant nutrition is crucial as a result magnesium micronutrients are widely used as a substitute for the deficient mineral in the soil and thus help in better crop growth.

MAGNESIUM FERTILIZATION MARKET - BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

By region, the Magnesium Fertilization Market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. The market is dominated by the Asia Pacific, which also has the largest market share. The expansion of the particular market is mostly due to the largely agricultural area and knowledge of the utilization of secondary nutrients such as Magnesium, Calcium and Sulphur. China and India are the two biggest market players. High use of secondary nutrients in nations like China, the world's top producer of magnesite, Sulphur, and lime. Asia produces a variety of important products, including rice, sugar beet, fruits, vegetables, cereals, and grains. The area consumes 90% of the world's rice production. In the Asia Pacific, there is a big market for secondary macronutrients such as Magnesium since micronutrients are directly used to alleviate plant deficits and are frequently sprayed in combination or as additives. Micronutrients are necessary substances that plants only require in trace amounts. Crop absorption for the majority of micronutrients is less than one pound per acre. Despite this minimal demand, a lack of micronutrients can impair vital plant processes, leading to irregular plant development and poorer production. North America and Europe are estimated to increase at a strong rate throughout the projection period. Because fertile areas are scattered over sections of Argentina, Chile, Colombia, and Brazil, Central and South America have only had modest expansion throughout this time.

MAGNESIUM FERTILIZATION MARKET - BY COMPANIES

Some of the major players operating in the Magnesium Fertilization Market include:

1. NUTRIEN LTD.
2. YARA INTERNATIONAL ASA
3. THE MOSAIC COMPANY
4. ISRAEL CHEMICALS LTD.
5. NUFARM
6. KOCH AG & ENERGY SOLUTIONS LLC
7. COROMANDEL INTERNATIONAL LIMITED
8. DEEPAK FERTILISERS AND PETROCHEMICALS •
9. HAIFA CHEMICALS
10. SAPEC AGRO S.A.
11. KUGLER COMPANY
12. EVERGROW
13. AGRICULTURE SOLUTIONS INC
14. IMPACT FERTILIZER
15. VAN IPEREN INTERNATIONAL B.V
16. U.S. AG LLC

NOTABLE HAPPENING IN THE MAGNESIUM FERTILIZATION MARKET

• PRODUCT LAUNCH- One of the top specialized mineral firms in the world, ICCL Group LTD, purchased Fertliaqua in 2021. Fertliaqua provides comprehensive product solutions for the plant life cycle, including seed treatment and soil rejuvenation products.
• PRODUCT LAUNCH- A partnership agreement to increase the range of calcium nitrate (CN) compatible products was signed between FBSciences Inc., a pioneer in naturally derived plant health technologies and products, and Yara North America in 2020. The first item to come out of this partnership is ZiCAN Soil.
• PRODUCT LAUNCH- July 2019: K+S enhances MgSO4 anhydrous capacity. To increase the production of magnesium sulphate anhydrous, K+S Group enlarged its facility at the Wintershall location of the Werra plant. The business invested USD 38.4 million in its development. With this breakthrough, K+S will be able to strengthen its position in the European market.