Fruits and Vegetables Segment to Dominate APAC Boron Fertilizers Market during 2021–2028.

According to a new market research study on “APAC Boron Fertilizers Market to 2028 – COVID-19 Impact and Analysis and Forecast by: Source and Application,” the market is expected to reach US$ 1,560.69 million by 2028 from US$ 895.58 million in 2021. The market is estimated to grow at a CAGR of 8.3% from 2021 to 2028. The report provides trends prevailing in the APAC boron fertilizers market along with the drivers and restraints pertaining to the market growth. Growing need for exotic fruits and vegetables is the major factor driving the growth of the APAC boron fertilizers machine market. However, issues associated with the low level of awareness hinder the growth of APAC boron fertilizers market.

The APAC boron fertilizers market is segmented into source, application and country. Based on source, the APAC 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 APAC boron fertilizers market in terms of value in 2020 and is expected to register the highest CAGR during the forecast period 2021–2028.

The COVID-19 is anticipated to cause a significant economic loss in the Asia-Pacific especially in developing countries like India. The consequences and impact can be even worse and totally depends on the spread of the virus. The governments of various Asia-Pacific countries are taking possible steps to restrict the spread of the virus by announcing lockdown, which in turn has negatively impacted the revenue generated by the market. The Government have asked the manufacturers to delay their production which will adversely affect the global supply of fertilizers. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Till now, India has the highest number of COVID -19 confirmed cases.

Eti Maden; MCC Russian Bor; Minera Santa Rita S.R.L; Quimical Tierra; Rose Mill Co.; Valagro S.P.A.; and Yara are among the leading companies in the APAC 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 APAC Boron Fertilizers market as follows:

 APAC Boron Fertilizers Market – By Source

• Boric Acid
• Borax
• Others

APAC Boron Fertilizers Market – By Application

• Fruits and Vegetables
• Cereals and Grains
• Oilseeds and Pulses
• Others

APAC Boron Fertilizers Market – By Country

• China
• Japan
• India
• South Korea
• Australia
• Rest of APAC