Micronutrients play a key role in plant growth and productivity as they help maximize crop yield and quality. Micronutrients such as boron, zinc, copper, manganese, molybdenum are essential for seed germination, root formation, flowering, fruiting and bolstering immunity against stress and diseases in crops. Growing awareness about improving soil fertility and maintaining optimum nutritional balance in crops is driving increased demand for micronutrients fertilizers.
Market key trends
Precision farming is being increasingly adopted by farmers as it helps optimize fertilizer use and maximize profitability. Precision farming techniques such as soil mapping, variable-rate fertilizer application, and remote crop scouting allow for targeted and judicious application of micronutrient fertilizers only in areas where crops show deficiencies. This improves fertilizer use efficiency and minimizes excessive or wasteful usage. Growing precision farming is thus expected to drive higher demand for micronutrient fertilizers over the forecast period.
Segment Analysis
The global micronutrients fertilizers market is segmented on the basis of type, mode of application, crop type and region. Under type segment, the zinc fertilizers sub segment dominates the market as per reports zinc deficiency is one of the most severe micro nutrient deficiencies observed across the globe. Zinc fertilizers help increase crop yield and quality and are extensively used in many countries like India, China and Brazil.
Key Takeaways
Global Micronutrients Fertilizers Market Size is expected to witness high growth during the forecast period from 2023 to 2030. 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 11% over the forecast period 2023 to 2030.
Regional analysis related content comprises
Asia Pacific accounts for the largest share in the global micronutrients fertilizers market led by India and China. Developing countries in this region have high population density and agriculture is the primary occupation. Due to intensive cultivation practices and continuous cropping micronutrient deficiencies in soil have increased in the region. Further, government initiatives and awareness among farmers regarding the importance of balanced fertilization is also supporting market growth.
Key players related content comprises
Key players operating in the micronutrients fertilizers market are Square Inc., Lightspeed POS Inc., Booklog, Capterra, Librairie, Basil Bookseller Software, BookNet Canada, Booker Software, Booklogix, Alfa Ebooks Manager, IBID Info, Bookmanager, EPOS Now, BookSeller, IndieCommerce.
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