Micronutrients fertilizers play an important role in ensuring optimal plant growth and high crop yields. They contain essential trace elements needed by plants in small quantities such as iron, manganese, zinc, copper, boron and molybdenum. Deficiency of micronutrients can limit crop productivity significantly. The global micronutrients fertilizers market is therefore focusing on innovations to fortify soils with these important micronutrients.

The global micronutrients fertilizers Market is estimated to be valued at US$ 3,241.96 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 Dynamics:
Increasing global demand for food crops driven by rising population is one of the key drivers propelling the growth of micronutrients fertilizers market. Micronutrients play a vital role in improving crop yields and enhancing their nutritional quality. Their deficiency negatively impacts the growth and productivity of major cash crops. To meet the rising food demand, farmers are increasingly using micronutrients fertilizers to maximize crop output from available cultivable land. Moreover, growing awareness about benefits of micronutrient fortification of soils is further augmenting demand in the market.

SWOT Analysis
Strength: Micronutrients fertilizers are essential for proper plant growth and development. They help boost crop yield and quality. These fertilizers enhance plant metabolism, photosynthesis, enzyme activity and protein synthesis. Micronutrients improve the nutrient density of crops which increases their market value.

Weakness: The application of micronutrients can lead to overnutrition in some crops if not applied judiciously. This may toxicity in crops depending on soil conditions. High prices of some micronutrient fertilizers like zinc and boron make them less affordable for many smallholder farmers in developing nations.

Opportunity: Population growth is exerting additional pressure on global food supplies, increasing the demand for food. The use of micronutrients can help boost crop productivity per hectare to meet rising food demand. Micronutrient deficiencies in soils are widespread globally, opening opportunities for manufacturers to promote these fertilizers. Precision farming practices allow for site-specific fertilizer application, improving efficiency.

Threats: Stringent environmental regulations constrain the production and use of some micronutrients like molybdenum due to potential toxicity. Trade barriers, tariffs and wars can disrupt supply chains and increase input costs. Changes in climatic conditions and rainfall patterns pose risks to consistent crop yields and demand for micronutrients.

Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth driven by rising food demand and awareness about the vital role of these fertilizers in enhancing crop yields. The market size for 2023 is estimated at US$ 3241.96 Mn and is forecast to reach over US$ 5000 Mn by 2030, growing at a CAGR of 7.2% during the forecast period.

Regional analysis
Europe dominates the global market currently accounting for over 30% share backed by widespread micronutrient deficiencies in regional soils and supportive agricultural policies. However, the Asia Pacific region is growing at the fastest pace and will overtake Europe to become the market leader by 2030. This can be attributed to massive government initiatives to boost productivity of rice, wheat and vegetable crops through micronutrient supplementation in countries like India and China. Latin America is another high growth region due to expanding farmlands and increasing focus on high-value crops.

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 focused on new product.

Get more insights on this topic:
https://www.rapidwebwire.com/micronutrients-fertilizers-market-share-forecast/