The 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 trace elements required by plants in small quantities such as boron, chlorine, copper, iron, manganese, molybdenum, and zinc. These micronutrients play a vital role in various metabolic functions of plants including photosynthesis, nitrogen fixation, and enzyme activation. The rising awareness among farmers regarding the importance of micronutrients for higher yields is propelling the demand for micronutrients fertilizers.
Market Dynamics:
One of the key drivers for the micronutrients fertilizers market growth is the increasing awareness among farmers about soil nutrient depletion due to intensive farming practices. Continuous monocropping and use of high-yielding varieties have led to the depletion of vital micronutrients from the soil. Moreover, factors such as soil erosion, leaching, and imbalance use of fertilizers have further aggravated the problem of micronutrient deficiency in soils. This has boosted the adoption of micronutrients fertilizers for replenishing the micronutrient content in depleted soils. Another driver is the rising global food demand due to the continuously growing population which is augmenting pressure on farmers to increase agricultural productivity. Micronutrients play a key role in increasing crop yields and micronutrient fertilizers are increasingly being used to fulfill the rising demand for food grains and improve overall soil health.
SWOT Analysis
Strength: Micronutrients fertilizers help address various micronutrient deficiencies in soil. They play a vital role in plant growth and help increase crop yields. Many farmers are using micronutrients fertilizers to boost productivity.
Weakness: High costs associated with micronutrients fertilizers make them unaffordable for many smallholder farmers. Lack of awareness among some farmers about the benefits of micronutrients hampers the market growth.
Opportunity: Greater investments by governments and private organizations to educate farmers about soil health management practices offer opportunities for micronutrients fertilizers. Growing organic and sustainable farming trend also opens up opportunities.
Threats: Fluctuations in prices of raw materials used in production of micronutrients fertilizers act as a threat. Changes in environmental policies by various governments also impact the market.
Key Takeaways:
The Global Micronutrients Fertilizers Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand for food grains and vegetables from the rising global population. Countries like China, India are facing declining soil fertility levels that require application of micronutrients in soils for boosting agricultural output.
Regional analysis - Asia Pacific dominates the global micronutrients fertilizers market and is expected to continue its dominance, growing at a CAGR of around 8% during the forecast period. Increasing population, urbanization, and rising standards of living have led to growth in food demand, which is driving the market in this region. South Asia and Southeast Asia regions are major consumers due to large cultivable areas.
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). Key players are focusing on new product launches and expansion plans to strengthen their global presence.
