Global Micronutrient Fertilizers Market Report and Forecast 2024-2032

Global Micronutrient Fertilizers Market Outlook

The global micronutrient fertilizers market size is estimated to grow at a CAGR of 7.1% in the forecast period of 2024-2032, reaching a value of around USD 5.96 billion by 2032. The market is being driven by rising demand for food and increasing importance of micronutrients for plant growth.

Key Trends in the Market

Micronutrient fertilizers refer to specialised fertilizers that contain micronutrients that help crop growth and plant processes. Common nutrients in micronutrient fertilizers include zinc, boron, manganese, copper, and iron. The micronutrient fertilizers can be applied directly on soil or foliar, or through the process of fertigation.

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• The key micronutrient fertilizers market trends influencing the market growth include the increasing global population, a growing need to improve agricultural production and quality, and an increasing demand for food. Adequate micronutrient levels aid in maximising crop productivity, thereby increasing the production of crops.

• Efforts of various governments to promote the use of micronutrient fertilizers as a solution to the serious problem of micronutrient shortage are boosting the micronutrient fertilizers market growth. By improving access to micronutrient fertilizers, governments can aid farmers in improving crop yields.

• Declining arable land and increasing adoption of precision agriculture is anticipated to fuel the market expansion of micronutrient fertilizers. These fertilizers are an essential component of precision farming since they allow farmers to modify crop management practises to specific crop requirements and environmental conditions.

Market Analysis

Based on nutrient, the market is divided into zinc, manganese, copper, boron, molybdenum, and iron, among others. On the basis of form, the market is bifurcated into chelated and non-chelated, with chelated sub-divided by type into dry and liquid, and non-chelated sub-divided by type into dry and liquid. Based on application the market is segmented into soil, foliar, and fertigation, among others. By crop type, the market is categorised into grains and cereals, pulses and oilseeds, commercial crops, and fruits and vegetables, among others. The regional markets for micronutrient fertilizers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global micronutrient fertilizers market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Yara International ASA

• Haifa Negev technologies LTD

• Coromandel International Limited

• UPL LTD

• BASF SE

• Israel Chemicals Ltd.,

• Others

Market Share by Nutrient

Zinc is anticipated to account for a sizable share of the micronutrient fertilizers market due to the desire to improve soil health and fertility as well as the rising understanding of zinc's benefits in improving crop production and quality. Also, zinc is considered to be an essential element which is required for the proper growth and development of plants. Crops that are zinc deficient may grow slower, yield less, and be of poor quality. Over the forecast period, the market for zinc micronutrient fertilizers is anticipated to grow as a consequence of the rising consumption of cereal-based food that is low in zinc content.

Market Share by Region

Asia Pacific is expected to witness significant growth in the global market for micronutrients fertilizers. The market for different micronutrient fertiliser products in the region is boosted by the well-established distribution network of micronutrient fertilizers in major Asia Pacific countries, including China and India. The micronutrient fertilizers market expansion in the region is also being propelled by the rising demand for food grains to meet the needs of large populations and the depletion of soil nutrients. Increasing awareness regarding the micronutrient requirements of various crops is further increasing the demand for micronutrient fertilizers in the Asia Pacific.

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Competitive Landscape

Yara International ASA, founded in 1905 and headquartered in Oslo, Norway, deals with the production and distribution of nitrogen-based mineral fertilizers and associated industrial goods. The company also produces nitrates, ammonia, urea, and other nitrogen-based substances.

Haifa Negev technologies LTD, established in 1966 and headquartered in Haifa, Israel, is an international company and a leading provider of specialised fertilizers, such as agricultural and industrial grade potassium nitrate. Additionally, the company develops and produces a large variety of specialised fertilizers.

Coromandel International Limited, founded in 1961 and based in Telangana, India, is a leading producer of phosphatic fertiliser in India. The company operates in the business sectors of fertilizers, specialty nutrients, crop protection, and retail.

Other market players include UPL LTD, BASF SE, and Israel Chemicals Ltd., among others.

Key Highlights of the Report