by 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 refer to fertilizers that supply essential trace elements or micronutrients such as iron, manganese, zinc, copper, boron and molybdenum to crop plants in small quantities. Micronutrients play a vital role in various plant metabolism processes like photosynthesis, enzyme activation, protein synthesis etc. Micronutrients are becoming increasingly important for farmers as demand for higher crop yields and quality is rising globally. Micronutrients fertilizers help in enhancing crop quality, yield and provide resistance against diseases and environmental stresses. They are applied as soil application and foliar spray depending upon the crop requirement.
Market key trends:
One of the key trends in the micronutrients fertilizers market is the development of chelated micronutrients fertilizers. Chelated micronutrients have higher bioavailability as the micronutrients are bound to organic compounds which protects them from reactions with soil and allows easy absorption by plant roots. This helps farmers achieve effective results from small quantity of application. With advancement in formulation technologies, various types of chelating agents like EDTA, EDDHA, etc. are being used for different micronutrients to cater crop-specific requirements. This trend is driving higher preference and sales for chelated micronutrients fertilizers.
Porter’s Analysis
Threat of new entrants: The micronutrients fertilizers industry requires huge capital investments for R&D, manufacturing facilities, and distribution channels. Also, the dominance of leading players makes it difficult for new entrants to gain significant market share.
Bargaining power of buyers: Large retailers and crop producers exert bargaining power over micronutrients fertilizer manufacturers by demanding competitive prices and better quality products.
Bargaining power of suppliers: Key raw material suppliers of micronutrients fertilizers have moderate-to-high bargaining power as their raw materials require specialized manufacturing processes.
Threat of new substitutes: Alternate soil testing and fertilizer application techniques pose a threat to traditional micronutrients fertilizers.
Competitive rivalry: Major players vie for market dominance through product innovation, expansion to new regions, and acquisition of smaller players.
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 sustainable agricultural practices to enhance crop productivity.
Regional analysis:
Asia Pacific dominates the global market and is expected to maintain its lead position over the forecast period. India and China account for over 45% of the global demand for micronutrients fertilizers owing to large agricultural lands and growing population.
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).
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
