In 2017, the global micronutrient fertilizers market was valued at USD 4169 million and is expected to exhibit a CAGR of 8.2% during 2018-2023 (the forecast period). Grains and cereal crops account for the majority of global demand. With respect to the forms of micronutrients, non-chelated forms are the common ones, as these are stable and easily soluble.
The global micronutrient fertilizer market is growing at an encouraging rate, given the increasing occurrence of soil and micronutrient depletions across the regions. As the natural availability of micronutrients is declining, it is paving the way for greater market growth of micronutrient-based fertilizers. The issue of food security, along with shrinking farm lands, further necessitate the usage and application of micronutrient fertilizers in fields. Low acceptance and lack of product knowledge, among the farming community, are the major hindrance for the demand growth. Product and application innovation pertaining to region-specific needs and rising awareness for upgraded agricultural practices, involving environment friendly intensive farming, are likely to help the industry to penetrate further into developing regions.
The growing population, and the increase in the disposable income of the population in developing countries have increased the consumption of agricultural products. This factor is leading to an increase in the demand for agricultural micronutrients, like zinc, and manganese, in order to meet the growing demand for food.
The fruits & vegetables segment of the market is expected to register the fastest growth rate, in terms demand for micronutrients, during the forecast period. This segment is likely to register a CAGR of 8.6%. The oil seeds and pulses segment ranked third, in terms of market revenue in 2017. Other crop types, such as decorative plants and flowers, are also likely to offer opportunities for micronutrient manufacturers, as stated in the report. By geography, Asia-Pacific led the market in 2017, and held over 42% of the share. With regards to the demand growth, North America followed Asia-Pacific. However, the region is expected to exhibit the fastest growth rate in the coming years.
The global micronutrient fertilizers market is witnessing a number of new product launches, mergers and acquisitions, and partnerships between the global players.
Key Players: The Mosaic Company, FMC Corporation, Akzonobel NV, Yara International, BASF SE, Agrium Inc., Valagro Spa, Coromandel International Limited, Wolf Trax, Sapec Group, Auriga Group, ATP Nutrition Ltd, Wilbur-Ellis Company (US), The Andersons Plant Nutrition (Nulex Inc.), Stoller Enterprises Inc., Zuari Agro Chemicals Ltd, Bms Micro-Nutrients NV, Baicor LC, Arysta Lifescience Corporation, Aries Agro Ltd., Drexel Chemical, Old Bridge Chemicals Inc.