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 Overview:
Micronutrients fertilizers contain essential micronutrients such as boron, copper, iron, chlorine, manganese, molybdenum, and zinc that are required by crops in small quantities. Micronutrients play a key role in regulating various metabolic processes in plant growth and yield.
Market key trends:
One of the key trends in the micronutrients fertilizers market is the rise in demand for high-efficiency fertilizers. Modern agriculture requires application of specialized fertilizers containing different micronutrients tailored to suit the nutrient demands of different crops. Coated and encapsulated micronutrient fertilizers are gaining popularity as they ensure slow and controlled release of nutrients and prevent leaching losses. They are more efficient than conventional fertilizers and improve crop yields. The use of natural organic chelating agents for micronutrient encapsulation further enhances fertilizer efficiency and stability.
Segment Analysis
The global micronutrients fertilizers market is segmented on the basis of type, crop type, form, and region. Based on type, the market is segmented into zinc, boron, iron, manganese, molybdenum, and copper. The zinc segment is dominating the market and is expected to continue its dominance over the forecast period owing to its wider usage across crops. Zinc is a vital micronutrient that promotes root development in plants and improves seed production.
Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing focus on improving soil fertility and crop yields.
Regional analysis
Asia Pacific region is currently dominating the global micronutrients fertilizers market and is expected to maintain its leading position over the forecast period. This is attributed to the increasing population and rising demand for foodgrains in countries such as China and India. Australia is also a major exporter of micronutrients fertilizers globally.
Key players
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). These players are focusing on new product launches and partnerships to gain a competitive edge in the market.
