Micronutrients Fertilizers Market

According to Stratistics MRC, the Global Micronutrient Fertilizer Market is accounted for $3080 million in 2022 and is expected to reach $5223 million by 2028 growing at a CAGR of 9.2% during the forecast period. Plant growers employ micronutrient fertilisers to support plant functions. It contains micronutrients that plants need in small amounts for optimal growth, including zinc, boron, manganese, iron, copper, and others. Lack of essential nutrients can reduce crop quality and result in low yields, which can result in losses for farms.

According to the National Horticulture Database published by National Horticulture Board, fruit production in India stood at 99.07 million metric tonnes during 2019-20. It accounted for 6.66 million hectares of area under cultivation of fruits. According to FAO, nations like China, the US, and India utilize almost 50% of the nutrients found in mineral fertilizers.

Market Dynamics:

Driver:

Rising Incidences of Zinc Deficiency in Plants

The most common micronutrient deficiency in crops around the world is zinc insufficiency. A consistent supply of zinc is necessary for optimum growth and good production because zinc drives the metabolic responses in all crops and promotes the creation of carbohydrates, proteins, including chlorophyll. Stunted plant development is a result of poor zinc availability and uptake, which can be caused by environmental factors and crop management techniques such liming to lower soil acidity, decreased tillage methods, low soil temperature, early crop-planting windows, with low organic content. As a result of contemporary kinds, higher Zn removal, plus crop intensification, there has been an increase in the rates of zinc shortage in plants, which is assisting the market expansion for micronutrient fertilisers. In addition, the human population is becoming more and more zinc deficient due to the rising use of low-zinc cereal-based foods, which is predicted to propel the market for zinc fertilisers over the forecast period.

Restraint:

Drawbacks of micronutrient fertilizers

Diagnostic difficulties, a lack of understanding, and micronutrient toxicity are some of the factors limiting the growth of the worldwide micronutrient fertiliser industry. The market for micronutrient fertilisers isn't expanding because excessive micronutrient use is reducing crop yields.

Opportunity:

Growing Demand for Food and Declining Arable Land

Micronutrient fertilisers are increasingly used to improve the nutritional value of crops and raise crop yields as a result of the growing populations and the demand to meet their increasing food needs. The market for micronutrient fertilisers is expanding as a result of decreasing arable land and rising instances of nutritional deficiencies in most regions. Micronutrient fertilizer are being used appropriately as a result of local soils or field crop specialists' increased usage of soil or plant tissue testing to determine the micronutrient condition of soils. Additionally, the popularity of indoor gardening as a way to improve mental health is leading to a rise in the use of micronutrient fertilisers, which stimulate healthy plant development and offer protection from pests and diseases. The government's efforts to promote the use of micronutrient fertilisers to address the serious problem of micronutrient shortage are boosting market growth. Additionally, market participants are spending more money on research and development (R&D) projects to create efficient micronutrient fertilisers and introduce new goods to broaden their market reach. Over the course of the forecast period, this is anticipated to significantly boost market growth.

Threat:

Low adoption & high cost

Over the forecast period, the market growth for micronutrient fertilisers is expected to be constrained by poor acceptance of micronutrients in underdeveloped nations due to limited awareness. Additional factor limiting the usage of micronutrient fertilisers and impeding market expansion is the rising popularity of organic fertilisers. Another significant factor that is anticipated to limit market expansion is the high price of chelating agents. Chelating agents are expensive and add to the overall cost of crop production, which limits their use, particularly by farmers in impoverished nations.

Covid-19 Impact

All of the procedures that link agriculture productivity to the ultimate user were impacted by the COVID-19 epidemic. Agriculture inputs like seeds, fertiliser, and insecticides were in short supply for farmers. One of the world's top producers and exporters of fertiliser is China. Due to the labour scarcity, the impact of lockdowns in China was significant in terms of output reductions. Transport issues had a substantial influence on the fertiliser supply chain and led to stockpiling.

The fruits & vegetables segment is expected to be the largest during the forecast period

The fruits & vegetables segment is estimated to have a lucrative growth, due to of increasing output and rising demand, the fruits and vegetable segment is anticipated to rise quickly during the projection period. The demand has been rising due to rising exports of fruits and vegetables and rising consumer health consciousness. This has caused an increase in crop planting area, which has in turn increased the use of global micronutrients fertilizers in the crops.

The zinc segment is expected to have the highest CAGR during the forecast period

The zinc segment is anticipated to witness the fastest CAGR growth during the forecast period. At least four plants protein systems are dependent on zinc as a key component. Carbonic anhydrase has a special function for zinc. It supports the activation of several enzymes, enhancing the metabolism of carbohydrates. Zinc deficiency is especially common in crops like wheat, maize, and orchards. Little leaf disorder and stunted growth are the main effects of zinc deficiency. Additionally, during the expected period, the region's rising product demand will push the market share for micronutrient fertilisers.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rise in vitamin deficiencies in Chinese crops and China's usage of micronutrient fertilisers, India and China are the two largest markets for micronutrient fertilisers in the Asia-Pacific region. Horticulture crops are being grown on an increasing scale, and this trend is projected to continue in the next years. At this time, micronutrient fertilisers' overall benefits are being extensively recognised and acknowledged. The widespread micronutrient deficiency from around world, with iron and zinc deficiency becoming a growing concern for plant health, as well as the growing encouraging words from various governments to significantly raise the use of micronutrients, are driving the growth of the global micronutrient fertiliser market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to industrial farming has been adopted by numerous large farmers in Europe, with efficiency as the main driver. These farmers accept new technology and fertilisers at a higher rate, which promotes the use of micronutrient fertilisers. Therefore, it is anticipated that during the forecast period, factors such as declining soil health, an increase in the area under highly valued crop cultivation, a need for higher productivity, growing awareness of advanced fertilisers, and an increase in fertiliser availability will propel the European micronutrient fertiliser market.

Key players in the market

Some of the key players profiled in the Micronutrient Fertilizer Market include Agricultural Solutions, Yara International ASA, Israel Chemicals Ltd., BMS Micro-Nutrients NV, Koch Industries Inc., The Mosaic Company, Auriga Group, FMC Corporation, Drexel Chemical, Arysta Lifescience Corporation, Haifa Group, BASF SE, Valagro S.P.A and Coromandel International Limited.

Key Developments:

In March 2021, Mosaic announced a partnership with Sound Agriculture to develop and distribute a nutrient efficiency product. Sound Agriculture will focus on manufacturing of the active ingredient and product formulation, while Mosaic will oversee field development, regulatory, sales and marketing efforts. The product leverage Sound Agrculture Bio-inspired chemistry that activates the soil microbiome to give plants access to important nutrients and allow growers to optimize fertilizer inputs. It is expected to release in 2023 for US market.

In July 2020, Yara expanded its product reach to farmers in African countries. Yara’s premium fertilizer YaraMila produced in Porsgrunn was shipped to reach smallholders in Kenya, Uganda, Rwanda, Tanzania, Zambia, Malawi, and Mozambique, the fertilizer and agronomic support will help farmers produce food for one million people for one year.

Crop Types Covered:
• Turf & Ornamental
• Horticultural Crops
• Field Crops
• Fruits and Vegetables
• Grains and Cereals
• Commercial Crops
• Pulses and Oilseeds
• Other Crop Types

Products Covered:
• Molybdenum
• Boron
• Zinc
• Copper
• Iron
• Manganese
• Other Products

Forms Covered:
• Non Chelated
• Chelated
• Other Forms

Applications Covered:
• Foliar
• Fertigation
• Soil
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances