Market Trends of india micronutrient fertilizer Industry
This section covers the major market trends shaping the India Micronutrient Fertilizer Market according to our research experts:
Zinc is the largest segment by Product.
- Zinc accounts for 59.0% of the total micronutrient fertilizer consumption in India and is the largest consumed micronutrient. This share is attributed to the widespread deficiency of zinc in cropping soils. For instance, the soils of Maharashtra, Karnataka, and Andhra Pradesh are deficient in Zn by 83%, 73%, and 58%, respectively (ICRISAT).
- Iron is the second most consumed micronutrient fertilizer and accounts for 16.0% of micronutrient consumption in the country. The market for iron fertilizer was valued at USD 84.0 million in 2021, with a volume of 56.1 thousand metric tons.
- Manganese is the third most consumed micronutrient. It accounted for 8.0% of micronutrient consumption in the country, with a value of USD 40.1 million in 2021. The volume consumption of Mn fertilizer was 46.7k metric tons in the same year.
- There has been a significant increase in the volume consumption of micronutrients, from 252.8k metric tons in 2017 to 271.8k metric tons in 2021, due to the rising demand for micronutrients in the country with increasing awareness among farmers about their importance in enhancing crop productivity. However, the declining prices of this fertilizer, coupled with supply chain and international trade disruptions, have been causing fluctuations in the market value since 2017.
- The demand for micronutrient fertilizers in the country is anticipated to grow during the forecast period due to the need for higher crop yields and productivity and increasing soil micronutrient deficiencies. The advent of advanced chelated fertilizers, which are more stable when applied to the soil, may further boost the growth of micronutrients.
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