July 14, 2024
Micronutrients Fertilizers Market

Micronutrients Fertilizers Market is Expected to be Flourished by Increasing Demand for High-Quality Crops

Micronutrients such as iron, zinc, copper, and manganese are essential for plant growth and development. Micronutrients fertilizers help in increasing crop productivity and quality. Rapid growth in the population has increased the demand for high-quality food production, which is expected to drive the growth of the micronutrients fertilizers market. Micronutrients fertilizers are used for various crops like cereals and grains, fruits and vegetables, pulses and oilseeds, and other crops. They play a vital role in boosting the nutritional values of fruits and vegetables, which are high in demand.

The global micronutrients fertilizers market is estimated to be valued at US$ 3241.96 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing demand for high-quality crops is one of the major drivers of the micronutrients fertilizers market. Micronutrients play a crucial role in supporting the metabolism, enzymatic processes, and stress management of crops, thereby enhancing their quality. This helps in increasing crop yields as well as making them more nutritious. Population growth has increased the demand for high-quality food production, which augments the demand for micronutrients fertilizers. Apart from this, depleting soil fertility levels across the globe necessitate the application of micronutrients in soils to enhance crop productivity. Micronutrients deficiencies in soils reduce crop yields and quality, which spurs the adoption of micronutrients fertilizers across agricultural lands. Continuous usage of fertilizers, erosion, and intensive farming practices have reduced the naturally available micronutrients in soils. This further contributes to market growth over the forecast period.

Segment Analysis

The global micronutrients fertilizers market has the following key segments:

– Zinc based: Zinc based segment accounts for over 30% value share in the global market. This is driven by high zinc deficiency in major crops such as rice, wheat, and maize grown in Asia and Africa. Zinc is essential micronutrient for various biochemical and physiological functions in plants.

– Boron based: Boron based segment is the second largest and holds around 25% share. Boron deficiency severely impacts yield of oilseeds, pulses, and fruits globally. Prominent boron fertilizers includes borax and boric acid.

– Manganese based: Manganese deficiency is widespread in regions with acidic and alkaline soils like South America and Southeast Asia. Common manganese fertilizers are manganous sulfate and manganous oxide.

Pest Analysis
Political: Governments in developing countries support micronutrient programs to improve soil health and curb hidden hunger. Laws in Western Europe regulate heavy metals content in fertilizers.
Economic: Emerging markets will drive over 60% of fertilizers demand due to population and income growth. High food and commodity prices make micronutrients economically viable.
Social: Over 2 billion people globally are deficient in essential micronutrients like iron, zinc and vitamin A. This poses health and development challenges.
Technological: Companies employ smart farming techniques involving soil testing and precision applicationmethods to improve fertilizer-use efficiency and minimize wastage. Digital tools help farmers address micronutrient deficiencies.

Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth over the forecast period supported by rising cereals and cash crops production globally. Asia Pacific accounts for around 45% value share and remains the fastest growing region backed by large fertile areas and increasing government focus on sustainable agriculture in major countries like India and China.

Key players operating in the micronutrients fertilizers market are Yara International ASA, BASF SE, The Mosaic Company, FMC Corporation, Nouryon Cooperatief UA, Nutrien Limited, Haifa Group, Valagro SpA (Syngenta Group), Coromandel International Limited, Sapec Agro SA, Auriga Group, ATP Nutrition Ltd, Wilbur-Ellis Company LLC, BMS Micro-Nutrients NV, and UPL Limited (Arysta Lifescience Corporation).

Regional analysis:
– Asia Pacific is the largest market led by China, India, Indonesia and Vietnam. This is attributed to large cultivable areas and government support for soil health programs. Additionally, micronutrient deficiency is widespread in the region’s highly intensive cropping systems.

– North America and Western Europe are matured markets and together contribute over 30% value share. Emphasis is on sustainable agriculture and products meeting stringent environmental standards.

– Latin America and Middle East & Africa offer lucrative growth opportunities driven by increasing crop cultivation in Brazil, Argentina, Turkey and countries in GCC and Africa. Micronutrient deficiencies are also common in the regions tropical and subtropical climates.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it