Micronutrients play an important role in plant growth by facilitating various metabolic functions. Micronutrients such as boron, copper, iron, chlorine, manganese, molybdenum, and zinc are essential for plant growth and reproduction but are required in very small quantities. The use of micronutrients in fertilizers helps boost crop yields and prevents micronutrient deficiencies in crops and soils.
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 key trends:
The growing demand for organic farming is one of the key factors driving the increased use of micronutrients fertilizers. Several farmers are switching to organic farming to avoid the use of chemicals which leaves residual traces. Micronutrient deficiencies are more prevalent in organic farming as organic matter helps retain micronutrients in the soil for long-term availability to crops. The use of micronutrients fertilizers helps overcome deficiencies and boost crop yields in organic farming without using chemicals. This trend of rising organic farming is expected to continue promoting the adoption of micronutrients fertilizers during the forecast period.
Segment Analysis
The global micronutrients fertilizers market is dominated by the zinc segment. This is owing to the widespread zinc deficiencies observed in agricultural soils. Zinc content in fertilizers helps overcome the issue of zinc deficiency in crops, thereby boosting productivity. The boron segment is also projected to witness significant growth during the forecast period. Boron deficiency adversely impacts crop yield, making micronutrient fertilizers enriched with boron essential for optimal plant growth.
Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth over the forecast period. Rapid growth in agricultural output to meet rising food demand is anticipated to drive increased consumption of micronutrients fertilizers. Increasing awareness about soil health management and balanced fertilization is likely to boost demand.
Regional analysis: Asia Pacific accounts for the largest share of the global micronutrients fertilizers market owing to the large agricultural sector and rising food consumption in countries such as India and China. China, India, and Indonesia represent major consumers with widespread micronutrient deficiencies in soils across the region.
Key players analysis: 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).
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