Boron Fertilizers Market Size, Share, and Trends 2024 to 2034

Boron Fertilizers Market Size and Forecast 2024 to 2034

The global boron fertilizers market size accounted for USD 3.45 billion in 2024 and is anticipated to reach around USD 7.32 billion by 2034, growing at a CAGR of 7.81% between 2024 and 2034.

Boron Fertilizers Market Key Takeaways

• On the basis of source, the borax segment has captured the maximum share in 2023.
• On the basis of application, the vegetable and fruit segment generated the highest revenue share in 2023. 
• On the basis of geography, the Asia Pacific region held the largest share more than 39.50% in 2023.

Asia Pacific Boron Fertilizers Market Size and Growth 2024 to 2034

The Asia Pacific boron fertilizers market size is calculated at USD 1.38 billion in 2024 and is expected to be worth around USD 1.38 billion by 2034, rising at a CAGR of 7.92% between 2024 and 2034.

Maximum share is held by the Asia Pacific region which is about 40% as the consumption of the boron fertilizers is maximum in most of the nations of the Asia Pacific region. A large number of investments are made in the horticulture sector and the agricultural sector of the Asia Pacific region. One of the large-scale producers from the Asia Pacific region is China and it makes maximum use of this fertilizer. When the entire world is considered about 60% of boron fertilizers are used in this nation. Products used for horticulture are also more in China as compared to any other nations of the world. Growing demand for vegetables and fruits throughout the globe will lead to an increased consumption of boron fertilizers in the Asia Pacific region and other nations that export vegetables and fruits.

Europe is also seeing an increase in the consumption of boron fertilizers due to the cultivation of vegetables and fruits. Boron fertilizer is imported on a large scale in North America amongst the various nations of the world especially United States in the North American region has a higher consumption of this fertilizer. Agricultural products that are produced in Brazil are exported to other countries on a larger scale. Boron fertilizers market will see significant growth during the forecast period due to all of these reasons.

Market Overview

Micronutrient fertilizer that has boron is known as a boron fertilizer. Small quantities of this boron are required for good growth of the plants. To maintain a good soil profile constant awareness is created regarding the use of boron fertilizer as it helps in balancing plant growth. Boron fertilizers are extremely critical for the growth of plants. Plant functioning is also and hence due to the use of this fertilizer. It helps create structural maintenance and improves the functioning of the biological membranes.

Boron Fertilizers Market Growth Factors

For proper movement of energy and sugar, boron fertilizers play a significant role in the growth of the plant. It is very important for pollination and for the formation of the cell wall. It is extremely important for stability in the growth of the plant and structure maintenance. This micronutrient is critical in plant growth. The growing population across the world is creating more and more demand for various crops due to which the use of such fertilizers has grown significantly in recent times in order to increase the quality of the crops grown in various nations of the world. There are many organic substitutes for such fertilizers in the market, but the cost of such fertilizers is high. This sector is growing rapidly, and the number of investments made in the agricultural sector has also increased. In order to maintain the structure of the soil and to maintain quality of the soil the use of such micronutrient fertilizers has increased.

Developing nations and underdeveloped nations have a problem of fuel supply and lack of infrastructure. As the population of various nations across the globe is growing, the demand for crops has also increased. Growing demand for food will lead to increased use of boron fertilizers. In order to export various crops and fruits, production needs to be increased. Sustainability in farming will lead to increased use of such fertilizers. In order to gain proper returns on the amount of money invested in cultivation will also lead to increased use of boron fertilizers.

• Quality of the soil profile- boron fertilizer is a micronutrient fertilizer which is extremely essential in order to maintain the quality of the soil and in order to keep intact the various nutrients in the soil which are instrumental in healthy plant growth. The growing demand for better crops has led to an increased use of fertilizers. 
• Developing nations of the world have a large population base and in order to meet the growing demand of food in such regions the use of boron fertilizers will grow significantly. The quality of the food grains cultivated with the use of boron fertilizers is superior as compared to the crops that do not make use of boron fertilizers.
• Advanced Research will also play a significant role in making use of boron fertilizers as the area of land available for cultivation is reducing day by day. Excessive use of fertilizers is bad, and it declines fertility of the soil due to which there has been a growth in the awareness regarding the use of advanced techniques.
• Boron fertilizers have a good demand, and they will see major opportunities for growth as the awareness regarding biofertilizers is increasing amongst the users of such fertilizers.

Market Scope

Market Dynamics

Key Market Divers

Reduced land area - as the population across the globe is increasing and there are many countries that are densely populated, the amount of land available for cultivation is reducing day by day. In order to yield larger quantities of crops through these small patches of lands the demand for boron fertilizers will grow. Advancements are seen in the agricultural activities that make use of Boron fertilizers

Increased population and growing demand for food products - in the countries like China and India the demand for the cracks and other fruits and vegetables has grown significantly in the recent times due to which the use of boron fertilizers has increased. In order to have a higher yield of fruits vegetables and foodgrains the need for boron fertilizers will grow.

Declining soil fertility - as a fertility of the soil is constantly degrading due to the excessive use of fertilizers and lack of knowledge regarding the proper practices of cultivation increases the demand for micronutrients which comes through boron fertilizers will grow during the forecast period.

Key Market Challenges

• Expensive nature of boron fertilizers - boron fertilizers are expensive when they are compared with the other fertilizers of a micronutrient nature. And when it comes to large scale farming the use of boron fertilizers will prove to be a restraining factor due to its cost price. 
• Availability of substitutes - many substitutes are available in the market that can replace the use of boron fertilizers and it will hamper the growth of this market.

Key Market Opportunities

• Export of various crops - In many nations across the globe different types of crops are cultivated. Excessive cultivation of fruits, vegetables and different types of food grains are done in order to meet the growing demand of such products in international markets. Export of such cultivated fruits and vegetables through the nations has also increased in recent times.

Source Insights

Depending upon the source, the borax segment has generated maximum share in the 2023. Borax is the source of fertilizer which is highly soluble, and it is easily absorbed by the plants due to which the demand for the boron fertilizers which make use of Borax is more. It has better efficiency as compared to the other sources of boron fertilizers. When the growth parameters of a plant are considered the use of boron fertilizers which are derived from Borax is far better than the other sources used for the production of this fertilizer. The reproduction development and the health of the plants is better through the use of this fertilizer and these studies have led to an increased consumption of boron fertilizers that make use of Borax.

Comparatively high compound annual growth rate will be registered by the boric acid segment in the long run. The use of boric acid in the making of boron fertilizers has grown significantly. That's why it is preferred as it helps in clearing the insects from agricultural land. There is a maximum usage of boron fertilizers in the countries like Nigeria, Thailand, Philippines and Zambia. The use of this fertilizer is more in Korea and even in European nations.

Application Insights

On the basis of application, the vegetable and fruit segment has captured highest revenue share 2023. Some of the crops that need boron fertilizers are spinach, tomatoes and carrots. Healthy vegetables can be produced, and normal growth can be obtained through the use of boron. Various nutrients, starches and sugars are moved through the help of the boron fertilizers which are extremely important for developing various parts in the plants. Healthy root growth and healthy quality of vegetables can be obtained through the use of this fertilizer. It also helps in the plant hormone formation. This fertilizer is also used for the cultivation of pulses and oilseeds, cereals as well as grains. Growing demand for different types of vegetables and exotic fruits will lead to an excessive use or demand of boron fertilizers in various nations across the globe. 

The retention of the flowers and the production of the flowers is increased due to the use of boron fertilizers. Germination and elongation of the pollen tube is also possible due to the use of boron fertilizer. The development of fruit and the seed is healthy due to the use of boron fertilizers. As the population of the world is increasing the need for various food grains and other crops has grown significantly. The demand for boron fertilizers will continue to grow in the coming years as the population of the world is increasing and the need for various crops has also increased. The use of boron fertilizers for the cultivation of serious is also more especially in the Asia Pacific region. Crops like rice, wheat, jowar and bajra are grown on a large scale. Some of these serials are the staple food due to which the use of micronutrient fertilizers is more.

Boron Fertilizers Market Companies

• 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

Recent Developments

• Aries agro limited had conducted a program in the year 2021 which was ‘100 days Drone yatra’ and this program aimed at spraying micronutrients with the help of drones on the crops. Large fields have benefited due to the use of micronutrients as drones have effectively sprayed the crops in less time and lower cost of Labor. Uniform application was achieved through this program.

Segments Covered in the Report

By Source 

• Borax
• Boric acid
• Others

By Application 

• Fruits and vegetables
• Cereals and grains
• Oilseeds and pulses
• Others

By Geography

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