July 20, 2024

Increasing Adoption Of Precision Agriculture To Open Up New Avenues For The Micronutrients Fertilizers Market

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 micro-level nutrients such as iron, manganese, zinc, boron, copper, and molybdenum that are essential for plant growth and development. They are applied to the soil in both solid and liquid forms. With the rising adoption of precision agriculture and technology, micronutrients fertilizers are gaining traction as they enable precise and targeted application of nutrients based on soil conditions and requirements of specific crops. Precision farming reduces over application and wastage of micronutrients fertilizers, thereby enhancing productivity and profitability for farmers.

Market Dynamics:

Two major drivers contributing to the growth of the micronutrients fertilizers market are rising demand for food grains and declining soil quality. The global population is expected to reach around 9.7 billion by 2050 putting pressure on agricultural output. To meet the escalating food demand, crop yields need to increase through improved soil health and nutrient management practices. However, intensive cultivation over the years has led to depletion of micronutrients from soil. Micronutrients fertilizers help restore depleted soil micronutrients and maximize crop yields. Secondly, issues such as soil erosion, lack of organic matter, and imbalanced use of macronutrients have degraded the fertility of agricultural lands. Micronutrients fertilizers play a vital role in replenishing micronutrients and improving soil health.

Market Segment Analysis

The micronutrients fertilizers market is segmented into zinc, boron, iron, manganese, molybdenum, and copper. Among these, the zinc segment dominates the market and accounts for the largest share. This is due to zinc being one of the most essential plant micronutrients, playing a key role in photosynthesis and other metabolic processes. It is widely used across cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types.

PEST Analysis

Political: Stringent regulations around environment safety and sustainability are driving the demand for micronutrients fertilizers.

Economic: The growing population and rising food demand are pushing agricultural outputs higher, benefiting the micronutrients fertilizers market.

Social: Increasing awareness about soil health management and benefits of balanced fertilization is a key factor.

Technological: Advancements in formulation technologies help manufacturers provide micronutrients to plants in a more controlled and efficient manner.

Key Takeaways

The Global Micronutrients Fertilizers MarketĀ  Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2023 to 2030, due to increasing population and rising food demand. The market size for 2023 is estimated at US$ 3241.96 Mn.

Regionally, Asia Pacific dominates the micronutrients fertilizers market and is expected to continue its lead, driven by high agricultural production in countries such as India and China. The APAC region accounts for over 35% of the global market share currently.

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). The key players are focused on expanding their production capacities and geographical footprint through partnerships and acquisitions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it