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Micronutrient Fertilizers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Global Micronutrient Fertilizers Market is segmented By Nutrient (Zinc, Manganese, Copper, Boron, Molybdenum, Iron, and Other Nutrients), By Form (Chelated and Non-Chelated), By Crop Type (Grains & Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, and Other Crop Types), and By Application (Soil, Foliar, Fertigation, and Other Applications). A geographical market analysis covering the top 15 countries across the world has also been included.

Market Snapshot

micro nutrient
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Africa

Largest Market:

Asia Pacific

CAGR:

7.2 %

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Market Overview

The Global Micronutrient Fertilizer Market was valued at USD 2,627.0 million in 2020 and is projected to register a CAGR of 7.2%, over the forecast period (2021-2026). COVID-19 has affected all the processes that connect farm production to the final consumer. Farmers were facing a shortage of agricultural inputs like seed, fertilizer, and pesticides. China is one of the major fertilizer producers and exporters in the world. When lockdown began in China, the impact was huge in terms of production cuts due to the labor shortage. Problems with transportation also had a big impact up and down the fertilizer chain, resulting in stockpiling up.

  • Micronutrients play a vital role in ensuring balanced nutrition to crops, and the lack of these may limit crop growth. Increasing incidences of micronutrient deficiencies in soils around the world are one of the major factors driving the growth of the market.
  • Asia-Pacific was the largest market for micronutrient fertilizers, which accounted for 36.7% share in the global market in 2020. North America, the second-largest market for micronutrients.
  • By nutrient type zinc is widely applied nutrient, owing to the important role played by zinc in protein synthesis, growth regulation, and energy production is the major factor driving the market for zinc micronutrient fertilizers. China’s Ministry of Agriculture (MoA) added zinc to its national fertilizer recommendation, which has recently been extended for summer crops, like rice and corn, at a rate of 15 to 30 kg ZnSO4/ha.

Therefore, widespread micronutrient deficiency across the world, with iron and zinc deficiencies becoming a rising concern for plant health coupled with increasing encouragement from various government agencies and other organizations to increase the use of micronutrient to enhance the plant and soil health are the prominent factors that are driving the market growth.

Scope of the Report

Micronutrients play a significant role in ensuring balanced nutrition to the plants. The lack of any of the micronutrients may limit plant growth. Many micronutrient fertilizer products are available in the market and due to their low requirement, they are usually applied along with NPK fertilizers. Method of application, cost per unit, and other important factors influence the choice of micronutrient source.   

The Global Micronutrient Fertilizers Market is segmented By Nutrient into Zinc, Manganese, Copper, Boron, Molybdenum, Iron, and Other Nutrients, By Form into Chelated and Non-Chelated, By Crop Type into Grains & Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, and Other Crop Types, and By Application into Soil, Foliar, Fertigation, and Other Applications. A geographical market analysis covering the top 15 countries across the world has also been included.

Nutrient
Zinc
Manganese
Copper
Boron
Molybdenum
Iron
Other Nutrients
Form
Chelated
Dry
Liquid
Non - chelated
Dry
Liquid
Crop Type
Grains & Cereals
Pulses & Oilseeds
Commercial Crops
Fruits & Vegetables
Other Crop Types
Application
Soil
Foliar
Fertigation
Other Applications
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Africa
South Africa
Rest of Africa

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Key Market Trends

Need For Improving Productivity in Declining Arable Land

Agricultural production across the world will need to be doubled over the next 36 years to meet the demand from 9 billion people. Certainly, technology will continue to play a major role in this progress. An increase in urbanization and lower availability of arable land are motivating farmers to adopt efficient techniques. Micronutrient deficiencies are frequently observed in intensively-grown cereals, oilseeds, pulses, and vegetable crops. Hence, in order to obtain quality products and better yields, farmers are tending to adopt the use of micronutrients in their crops.

Soil deficiencies of the micronutrients that are essential for plant growth can lead to lower crop yields. During the past decade, soil micronutrient deficiencies have been noticed primarily for zinc, and to a lesser extent for boron and molybdenum. Soil deficiencies of zinc are widespread in Asia (Turkey, India, China, and Indonesia), sub-Saharan Africa and the northwestern region of South America.

There are broader acceptance and recognition of the collective benefits of micronutrient fertilizers. The amount of arable land per person is declining and the population is expanding. Hence, crop-yields must increase to meet food production needs. As a result, the world is witnessing the most dramatic demand increase for micronutrient fertilizers and for agricultural production.

micronutrient-fertilizers-market1

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Asia-Pacific Dominates the Market

The Asia - Pacific micronutrient fertilizers market is the most developed and widespread in the global market. The distribution network of micronutrient fertilizers is well-established in major Asia - Pacific countries. This is further helping deepen the market of various micronutrients fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Recent studies have indicated that zinc deficiency is the most widespread micronutrient deficiency in China. More than 50% of arable soils are low in zinc, limiting agricultural growth and improvement in human nutrition. Israel Chemicals Ltd and Yara China Limited are the major companies offering products related to micronutrients in the country.

 Furthermore, 10% of the Indian soil has phosphorus content and the average potassium content in soil is low by international standards. Japan has a highly active research base in micronutrient fertilizers. Government policies and subsidies in most Asia - Pacific countries also support their expansion.

Micronutrient Fertilizer Market

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Competitive Landscape

The micronutrient fertilizer market is consolidated and the key players such as Yara International ASA, BASF SE, FMC Corporation, UPL Limited, and Coromandel International Limited, dominate the global micronutrient fertilizer market. The key players in the market are focused on acquisitions and new product launches to cater to a wider consumer base and expand market share. Manufacturers are also investing in the production process to reduce the cost of production.

Recent Developments

The global companies in the market are focusing on R&D, product launches, and aggressive acquisition strategies. For instance, in 2017, Yara International ASA acquired Agronomic Technology Corp. (ATC), which markets software for precision farming and hydroponics. This helped Yara to market its micronutrient fertilizer products to hydroponic farmers.

Further, in 2019, BASF SE invested in a production plant in Theodore/Alabama and Ludwigshafen. This is expected to help the company further develop chelating micronutrient fertilizers for widening its product portfolio and expanding in the market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of Substitute Products

      4. 4.4.4 Threat of New Entrants

      5. 4.4.5 Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Nutrient

      1. 5.1.1 Zinc

      2. 5.1.2 Manganese

      3. 5.1.3 Copper

      4. 5.1.4 Boron

      5. 5.1.5 Molybdenum

      6. 5.1.6 Iron

      7. 5.1.7 Other Nutrients

    2. 5.2 Form

      1. 5.2.1 Chelated

        1. 5.2.1.1 Dry

        2. 5.2.1.2 Liquid

      2. 5.2.2 Non - chelated

        1. 5.2.2.1 Dry

        2. 5.2.2.2 Liquid

    3. 5.3 Crop Type

      1. 5.3.1 Grains & Cereals

      2. 5.3.2 Pulses & Oilseeds

      3. 5.3.3 Commercial Crops

      4. 5.3.4 Fruits & Vegetables

      5. 5.3.5 Other Crop Types

    4. 5.4 Application

      1. 5.4.1 Soil

      2. 5.4.2 Foliar

      3. 5.4.3 Fertigation

      4. 5.4.4 Other Applications

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

        4. 5.5.1.4 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Spain

        5. 5.5.2.5 Italy

        6. 5.5.2.6 Russia

        7. 5.5.2.7 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 Rest of Asia-Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Africa

        1. 5.5.5.1 South Africa

        2. 5.5.5.2 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Yara International ASA

      2. 6.3.2 BASF SE

      3. 6.3.3 The Mosaic Company

      4. 6.3.4 FMC Corporation

      5. 6.3.5 Nouryon Coöperatief U.A.

      6. 6.3.6 Nutrien Limited

      7. 6.3.7 Haifa Group

      8. 6.3.8 Valagro Spa

      9. 6.3.9 Coromandel International Limited

      10. 6.3.10 Sapec Agro SA

      11. 6.3.11 Auriga Group

      12. 6.3.12 ATP Nutrition Ltd

      13. 6.3.13 Wilbur-Ellis Company LLC

      14. 6.3.14 BMS Micro-Nutrients Nv

      15. 6.3.15 Baicor LLC

      16. 6.3.16 UPL Limited (Arysta Lifescience Corporation)

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Micronutrient Fertilizers Market market is studied from 2016 - 2026.

The Micronutrient Fertilizers Market is growing at a CAGR of 7.2% over the next 5 years.

Africa is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • UPL Limited
  • Coromandel International Limited
  • BASF SE
  • Yara International ASA
  • FMC Corporation

Are the major companies operating in Micronutrient Fertilizers Market.

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