Micronutrient Fertilizers Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Micronutrient Fertilizers Market is segmented By Function (Fertigation, Foliar, Soil, Others), By Crop Type (Fruits & Vegetables, Cereals, Oilseeds & Pulses, Others), By Form (Chelated, Non-Chelated), By Type (Boron (B), Copper (Cu), Iron (Fe), Manganese (Mn), Molybdenum (Mo), Zinc (Zn), Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Micronutrient Fertilizers Market Size

The Global Micronutrient Fertilizer Market will be USD 3.8 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 6.4 billion by 2031. The market is growing at a CAGR of 6.8% during the forecast period 2024-2031.

A shortage of micronutrients reduces crop productivity. Thus, a growing desire for higher-yielding, higher-quality crops is driving the usage of micronutrient fertilizers. The need for micronutrient fertilizers has been fueled by increased agricultural awareness. One of the key drivers of market demand during the projection period is the degradation and contamination of soil in various parts of the world.

Given the widespread occurrence of soil and micronutrient reduction, the global market for micronutrient fertilizers is expanding at an attractive rate. The use of agricultural products has expanded along with the population, which has led to a rise in demand for micronutrient fertilizers.

Market Summary

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Market Dynamics

Increasing Crop Intensification to Foster Micronutrient Fertilizer Market Growth

Increasing crop intensification is a significant driver for the growth of the micronutrient fertilizers market. As farmers strive to maximize yields and optimize land use, crop intensification practices such as multiple cropping, high-density planting, and advanced irrigation techniques are adopted.

These practices can lead to higher nutrient demand and increased susceptibility to micronutrient deficiencies, thereby driving the need for micronutrient fertilizers. Crop intensification practices aim to increase productivity per unit area of land.

According to the Food and Agriculture Organization (FAO), global cereal yields increased by around 190% from 1961 to 2022. Higher yields require adequate nutrient supply, including micronutrients, to support plant growth, development, and efficient utilization of other macronutrients.  Intensification practices, especially when combined with monoculture cropping systems, can lead to imbalances in soil nutrient availability. This necessitates the application of micronutrient fertilizers to replenish and balance nutrient levels.

Limited Awareness and Education are Holding Back the Micronutrient Fertilizer Market Growth

Limited awareness and education among farmers about the importance of balanced plant nutrition and micronutrient deficiencies can result in underutilization or improper use of micronutrient fertilizers. According to a study published in the journal Nutrients, farmers in various regions lack knowledge about micronutrient deficiencies and the benefits of using micronutrient fertilizers to address them.

Adequate soil testing is crucial for assessing nutrient deficiencies and determining the appropriate use of micronutrient fertilizers. However, data from the United States Department of Agriculture (USDA) suggests that farmers' soil testing rates are relatively low. This indicates a lack of awareness about the importance of soil testing and nutrient analysis, which can hinder informed decision-making regarding micronutrient applications.

Market Segment Analysis

The Global Micronutrient Fertilizer Market is segmented based on function, crop type, form, type, and region.

The Zinc Segment Accounted for the Highest Share of the Global Micronutrient Fertilizer Market

Zinc is an essential micronutrient for plant growth and development. Many soils, particularly those with alkaline or highly weathered properties, are prone to zinc deficiency. This deficiency can limit crop yield and quality. As a result, applying zinc-based micronutrient fertilizers becomes crucial to address this deficiency and optimize plant nutrition.

Zinc is required by many crops, including cereals (such as wheat, rice, and maize), legumes, fruits, and vegetables. Its importance in various crop types increases the demand for zinc-containing micronutrient fertilizers. Farmers across different regions and farming systems utilize zinc fertilizers to meet the specific nutrient requirements of their crops.

Source: DataM Intelligence Analysis (2023)

Market Geographical Share

North America is the Dominating Region During the Forecast Period

North America has a well-established and technologically advanced agricultural sector. The region is known for adopting intensive farming practices, including high-yielding crop varieties, precision agriculture technologies, and advanced irrigation systems. These practices increase the demand for micronutrient fertilizers to ensure optimal nutrient levels for crop growth.

North America has a significant presence of large-scale commercial farms, particularly in countries like the United States and Canada. These farms often have a higher capacity for investment in inputs and technologies, including micronutrient fertilizers. The scale of agricultural operations in North America contributes to the demand for micronutrient fertilizers.

Source: DataM Intelligence Analysis (2023)

Micronutrient Fertilizers Market Major Players

The major global players include the Micronutrient Fertilizer market are K+S AKTIENGESELLSCHAFT, Yara International, Coromandel International Limited, The Mosaic Company, Koch Industries Inc., Azkobel, Helegna, Agri-Enterprises, Compass Minerals Inc., SAPEC S.A., and Nutrien Ltd.

COVID-19 Impact Analysis

COVID Impact

The COVID-19 pandemic has disrupted global supply chains, including the production and distribution of agricultural inputs. Restrictions on transportation, labor shortages, and lockdown measures have affected the availability and timely delivery of micronutrient fertilizers, potentially leading to supply disruptions in some regions.

The pandemic has caused shifts in consumer behavior and market demand. Changes in food consumption patterns, shifts in crop preferences, and economic uncertainties can influence the need for specific crops and, consequently, the demand for micronutrient fertilizers tailored to those crops. These demand shifts may vary across regions and crops.

AI Impact

AI technologies, such as machine learning and remote sensing, are increasingly integrated into precision agriculture practices. These technologies enable farmers to gather and analyze large amounts of data, including soil nutrient levels, crop health indicators, and weather patterns. By utilizing AI-powered tools, farmers can make more informed decisions about nutrient application, including micronutrient fertilizers, based on precise recommendations tailored to specific areas of their fields. This targeted approach can enhance nutrient use efficiency and optimize crop nutrition.

Russia-Ukraine War Impact

The conflict between Russia and Ukraine can potentially disrupt the supply chain of micronutrient fertilizers. Both countries are major producers and exporters of agricultural inputs, including fertilizers. Any disruption in production, transportation, or trade routes between these two countries can impact the availability and distribution of micronutrient fertilizers in the region and potentially in global markets.

The geopolitical tensions and uncertainties surrounding the Russia-Ukraine war can lead to price volatility in agricultural inputs, including micronutrient fertilizers. Fluctuations in currency exchange rates, trade restrictions, and supply chain disruptions can affect fertilizers' pricing, potentially increasing farmers' costs.

By Function

• Fertigation
• Foliar
• Soil
• Others

By Crop Type

• Fruits & Vegetables
• Cereals
• Oilseeds & Pulses
• Others

By Form

• Chelated
• Non-Chelated

By Type

• Boron
• Copper
• Iron
• Manganese
• Molybdenum
• Zinc
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In March 2023, Canadian crop nutrition innovator, Lucent Bio and value-added plant-based agri-food processor AGT Food and Ingredients Inc. ("AGT Foods"), their subsidiary AGT Soileos Saskatchewan, and Federated Co-operatives Limited (FCL) entered into a partnership to bring new crop nutrition solution, Soileos Zinc, to Western Canadian farmers. As part of this new partnership, FCL will showcase the sustainable micronutrient fertilizer as its 2023 Innovation Product.
• In March 2021, Compass Minerals Inc., a South American plant nutrition business has been acquired by ICL, a leading global specialty chemicals company.
• In February 2022, The Mosaic Company successfully merged with the Ethos Institute to support its supply chain partners to acknowledge their impact.

Why Purchase the Report?

• To visualize the Global Micronutrient Fertilizer Market segmentation based on function, crop type, form, and type to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous micronutrient fertilizer market-level data points, all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Micronutrient Fertilizer Market Report Would Provide Approximately 69 Tables, 69 Figures, And 200 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies