Market Trends of brazil micronutrient fertilizer Industry
This section covers the major market trends shaping the Brazil Micronutrient Fertilizer Market according to our research experts:
Zinc is the largest segment by Product.
- Manganese is the most consumed micronutrient in Brazil in terms of volume, accounting for 33.0% of the total micronutrient consumption in 2021, with a volume of 17.5 thousand metric tons. Manganese is the most deficient micronutrient in Brazilian soils; hence, it is the most used micronutrient.
- Zinc is the second most consumed micronutrient fertilizer in the country, accounting for a share of 31.0% in 2021, with a consumption volume of 16.5 thousand metric tons. This was attributed to its importance in increasing the yield of the crops in the available land.
- Iron accounted for 19.0% in terms of volume consumption and 18.0% in terms of market value. It is an important micronutrient that aids chlorophyll formation in plants and is an important part of many plant-based enzymes.
- The market value for micronutrient fertilizers in 2021 was USD 128.3 million, with a volume consumption of 53.5 thousand metric tons. The consumption volume of these fertilizers has stayed undeterred by price fluctuation even after the pandemic, when global fertilizer prices rose in 2021. Its consumption increased steadily from 44.6 thousand metric tons in 2017 to 53.5 thousand metric tons in 2021.
- The market value witnessed a dip in 2020 due to COVID-19-associated supply chain disruptions. Brazil imports 85.0% of the fertilizers consumed in the country, the largest supplier being Russia. Hence, the market majorly depends on international supply.
- The market for micronutrient fertilizers is expected to grow during the forecast period due to the increased need for higher productivity and quality of produce.
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