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, 2022-2029
Micronutrient Fertilizers Market Trends Demand Competitive Analysis Overview
The Global Micronutrient Fertilizers market is expected to grow at a CAGR of 8.25% during the forecasting period (2022-2029).
Soil fertility and the presence of nutrients are important factors to facilitate the growth of plants.
However, presence of micronutrients in soil is now declining at a faster pace and hence paves way for artificially adding them to the soil.
- This is where the market for micronutrient fertilizers has a great opportunity to grow.
Drivers and Restraints
- Several factors such as micronutrient deficiency, shrinking farmland (reduction in the portion of agricultural land), and focus on agricultural productivity drive the market’s growth.
- Growing population and their incomes is leading to more agricultural consumption prompting more production.
- This drives the need for high productivity which again is an advantage for the Micronutrient Fertilizers market.
- However, factors such as lack of awareness, diagnosis issues, and micronutrient toxicity nullify the positive effect of the growth factors to some extent.
- Lack of acceptance and knowledge of developed products from people in the agricultural sector is also a restraint.
- The global Micronutrients Fertilizers market has the following segments based on the type: Boron, Copper, Iron, Manganese, Molybdenum, Zinc, and Others.
- Zinc is the most preferred fertilizer especially in the Asia-Pacific region as it improved crop yield and offers economic advantages.
- Based on form, the market has two segments namely Chelated and Non-Chelated.
- Micronutrient fertilizers in the nonchelated form are more commonly used due to their high solubility, stability, and ease of application.
- Based on crop types are Cereals, Oil-seeds & Pulses, Fruits & Vegetables, and others.
- Cereals and Oil-seeds and Pulses hold major market share based on this classification.
- Based on applications, the different segments are Soil, Foliar, Fertigation, and Others.
- This report segments the geographies by region, which include North America, South America, Europe, Asia Pacific and RoW.
- Asia-Pacific dominated the market in 2017 followed by North America.
- India in the Asia-Pacific region is the fastest growing market thanks to awareness of the benefits of micronutrients and fertilizers in farmers.
- Also, due to huge agricultural production (India is one of the largest agricultural production markets), the demand for fertilizers is always high.
- However, in the following years, North America is also estimated to have a high growth rate.
- By function, The global market for micronutrient fertilizers has the following segments based on function: soil, foliar, fertigation and others.
- Soil application has the largest market share.
- Micronutrients are accordingly applied for enhanced plant growth after deciding on the nutrient levels in the soil.
- It is the most economical way of application of nutrients.
- Foliar feeding involves the spraying of micronutrients on the crop, which will thereby translocate in the plant.
- The fertigation of micronutrients occupies a small market share but it is the fastest growing segment in the forecast period.
- Innovation and development in agricultural farming technologies are the main reasons behind this growth.
The Foliar Segment of the Micronutrient Fertilizers Market
- The market valuation for foliar sprays was USD XX million in the year 2016.
- The expected valuation of the market is USD XX million by 2026. The expected CAGR is 8.37 in the forecast period.
- Application of micronutrients to the crops is done using foliar sprays in the majority of cases.
- Iron and manganese are the most frequently sprayed minerals using foliar sprays for various crops.
- Due to the lower cost and increased solubility of inorganic salts, farmers use them more often as foliar sprays when compared to synthetic chelates.
- Any suspected deficiency of micronutrients can be diagnosed with this mode of application with one or more micronutrients.
- Experts usually suggest Sticker spreader agents improve the adherence of micronutrients.
Advantages and disadvantages of Foliar sprays
- There are many advantages of foliar sprays such as lower application rates compared to soil application, uniform application, and immediate response.
- However, some disadvantages limit the market growth of foliar spray applications. They are
- Leaf burn due to high salt concentration,
- Inability to meet high nutrient demand due to the small surface area of leaf and
- Higher application costs.
- Bill and Melinda Gates Foundation-funded research conducted in Harvest Plus Program.
- It concluded that foliar application of Zn resulted in an increase in Zn concentration in wheat by almost 85% to 100%.
- The market launched the findings of Harvest Zinc in 2008. It is now in its third phase.
- Researchers are testing the newly developed zinc- and iodine-containing fertilizers in China, India, Thailand, Pakistan, South Africa and Brazil. They are testing the products on wheat, rice, and corn.
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