Micronutrients Fertilizers Market is Anticipated to Witness High Growth Owing to Increasing Micronutrient Deficiencies in Soils

LaxmiIlme

posted on 5 months ago — updated on 1 second ago

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The micronutrients fertilizers market comprises micronutrients such as zinc, copper, boron, iron, manganese, molybdenum

The micronutrients fertilizers market comprises micronutrients such as zinc, copper, boron, iron, manganese, molybdenum, and chloride that are applied to the soil for correcting micronutrient deficiencies in crops. Micronutrient deficiencies can limit growth and yield of crops. The application of micronutrients in fertilizers helps to overcome these deficiencies and maximize crop productivity.

They are also essential for various plant metabolic functions. The global micronutrients fertilizers market is estimated to be valued at US$ 2.94 Bn in 2024 and is expected to exhibit a CAGR of 16.% over the forecast period 2024 to 2031.

Key Takeaways

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. These players are adopting strategies such as new product launches, expansions, and mergers & acquisitions to expand their presence and increase their market share.

The key opportunities in the Micronutrients Fertilizers Market Trends include development of highly efficient and plant/soil-specific fertilizer formulations, use of advanced delivery technologies, and collaboration with agricultural institutes and farmers for awareness creation and adoption.

The major players are focusing on global expansion to tap growth opportunities in emerging markets of Asia Pacific, Latin America, and Middle East & Africa. These regions are witnessing rising fertilizer consumption due to increasing population and arable land. Establishing manufacturing and distribution facilities in these regions provides access to large customer bases.

Market drivers:

One of the key drivers of micronutrients fertilizers market is the increasing micronutrient deficiencies in soils across the globe owing to intensive cropping, soil erosion, and lack of organic content. Micronutrient deficiencies limit crop growth and yield which is driving the demand for micronutrients fertilizers for remedying the issue.

Market restraints:

High costs associated with micronutrients fertilizers is one of the key challenges restraining the market growth. Micronutrients need to be applied in trace amounts which increases the per acre application costs for farmers. This discourages bigger landholding farmers from adopting micronutrients fertilizers in several developing regions.

Segment Analysis

The chelated micronutrients subsegment is dominating the micronutrients fertilizers market currently. Chelated micronutrients have higher solubility and availability for plant uptake compared to other forms. They are easily absorbed by plants and help overcome micronutrient deficiencies which helps boost crop productivity. This subsegment is expected to continue dominating during the forecast period owing to the advantages of chelated micronutrients.

The agriculture farming segment holds the largest share currently. Micronutrients are indispensable for nearly all essential plant functions such as photosynthesis, enzyme activation, protein synthesis and more. Their deficiencies reduce crop yields significantly. Micronutrient fertilizers are widely used across agricultural farms to ensure optimum growth and development of crops. This segment is projected to continue its dominance due to large-scale usage of micronutrients in commercial agriculture.

Global Analysis

The Asia Pacific region dominates the global micronutrients fertilizers market currently. Countries like India, China, Indonesia and others are major agricultural producers with large acreages under cultivation. Increasing population and need to boost agricultural production have augmented the demand for micronutrient fertilizers in this region. Asia Pacific is expected to continue its leading position during the forecast period due to sustained growth in agricultural activities.

North America is another major regional market and is projected to witness fastest growth through 2031. Presence of advanced agricultural practices and growing demand for high-quality farm produce are factors driving increased micronutrients usage. Europe and Latin America also offer lucrative opportunities for market participants.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)