Micronutrients fertilizers are crucial for optimal crop yield and quality as they provide essential trace elements required in small quantities for plant metabolism and physiology to sustain growth. Micronutrients such as zinc, copper, boron, chlorine, manganese, molybdenum, and nickel play an important role in photosynthesis, nitrogen fixation, enzyme activity, protein synthesis, and respiration in plants. Micronutrients deficiencies negatively impact crop productivity by stunting growth, yellowing leaves and in severe cases can even lead to plant death. Micronutrients fertilizers are formulated to enrich soil with micronutrient elements and overcome deficiencies ensuring balanced nutrition for crops.
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 key trends:
One of the major trends driving the micronutrients fertilizers market is the growing demand for high-value crops and quality produce. Micronutrients such as boron, zinc, and copper play a crucial role in improving crop yield, resistance to biotic and abiotic stresses, and premium quality attributes. For example, zinc deficiency reduces growth, delays maturity and decreases yields, quality, and market value of high-value crops like fruits and vegetables. Thus, farmers are increasingly using micronutrients fertilizers tailored for specific crops to meet the burgeoning demand for nutrient-dense foods and command higher prices in the market. Furthermore, adoption of precision farming techniques and soil and plant tissue testing allows for targeted and judicious application of fertilizers only in deficient fields or regions, improving nutrient-use efficiency and boosting farm profitability.
Threat of new entrants: The threat of new entrants in the micronutrients fertilizers market is moderate. High capital requirements for research, production facilities and distribution channels pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have a variety of options from different manufacturers. However, buyers prefer branded products for consistent quality.
Bargaining power of suppliers: The bargaining power of suppliers is low. Raw materials for micronutrients fertilizers are widely available. Suppliers face intense competition.
Threat of new substitutes: The threat of substitutes is low. There are no close substitutes for micronutrients in improving soil fertility and crop yield.
Competitive rivalry: The competitive rivalry in the market is high. Key players compete on the basis of product quality, innovation, and pricing.
The Global Micronutrients Fertilizers Market Size is expected to witness high growth. Rapid growth in greenhouse vegetable production and increasing demand for high-value crops are driving market growth.
Regional analysis: Asia Pacific dominates the micronutrients fertilizers market and is expected to grow at the fastest rate during the forecast period. Countries like India, China witness rising fertilizer consumption owing to large agricultural sector. Strong government support for adoption of fertilizers boosts the regional market.
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). Key players focus on new product launches and expansion in high growth regions to enhance their market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it