by Micronutrients fertilizers are used to supplement essential micronutrients such as zinc, boron, copper, chloride, manganese, molybdenum, and iron for plant growth. Micronutrients play a vital role in growth, yield and quality of agricultural crops. The rising demand for high quality and high yielding crops have fueled the need for micronutrients fertilizers.
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:
Adoption of precision farming and digital technologies is propelling the micronutrients fertilizers market growth. Precision farming utilizes big data analytics, GPS, remote sensing, and variable rate technologies to optimize crop yields. It helps in precise placement and dosage of micronutrients fertilizers as per the field variability and plant requirements. This increases the efficiency of fertilizers use and boosts crop yields.Various initiatives by government and companies are also promoting the use of micronutrients fertilizers.
SWOT Analysis
Strength: Micronutrients fertilizers help improve soil quality and boost crop yield. They help address micronutrient deficiencies in soils.
Weakness: Dependency on imports of raw materials increases production costs. Price fluctuations of raw materials affect profit margins of manufacturers.
Opportunity: Rising awareness about benefits of micronutrients among farmers drives market growth. Growing demand for high-value food crops expands market opportunities.
Threats: Easy availability of low-cost substitutes may restrain market growth. Stringent government regulations on fertilizer usage pose challenges.
Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth. The market size for 2023 is projected to reach US$ 3241.96 million, growing at a CAGR of 7.2% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global market, accounting for over 35% of the overall market share in 2023. Growth in APAC is driven by increasing fertilizer consumption in countries like India and China. These countries are the largest producers and consumers of food crops globally. North America is another major region owing to heightened awareness regarding benefits of micronutrients.
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 focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
