South America Micronutrient Fertilizer Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2016 - 2030 |
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Market Size (2024) | USD 492.82 Million |
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Market Size (2030) | USD 690.22 Million |
|
Largest Share by Product | Iron |
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CAGR (2024 - 2030) | 5.78 % |
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Largest Share by Country | Brazil |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South America Micronutrient Fertilizer Market Analysis
The South America Micronutrient Fertilizer Market size is estimated at USD 492.82 million in 2024, and is expected to reach USD 690.22 million by 2030, growing at a CAGR of 5.78% during the forecast period (2024-2030).
- Largest Segment by Type - Iron : The alkaline soils with high pH and degrading health and quality of soils are making them deficient in Iron thus increasing the demand for high-yield crop production.
- Fastest growing segment by Type - Manganese : Manganese is little mobile in plants and can not remobilize from older leaves to manganese deficient young leaves and must be supplied externally using fertilizers.
- Largest Segment by Crop Type - Field Crops : The domination of field crops in South America Fertilizers market is mainly due to its large cultivation area in the region. They account for more than 95% of total crop area.
- Largest segment by Country - Brazil : The availability of expandable acreage which has increased by about 18% since 2017, the rising demand, and increasing government subsidies have led to Brazil's high share.
South America Micronutrient Fertilizer Market Trends
This section covers the major market trends shaping the South America Micronutrient Fertilizer Market according to our research experts:
Iron is the largest segment by Product.
- Micronutrients are vital for many plant metabolic activities, such as cell wall development, pollen creation, germination, chlorophyll production, nitrogen fixation, and protein synthesis. Micronutrient fertilizers account for about 1.8% of the total fertilizer market value, which amounted to about USD 507.03 million in 2021.
- Among micronutrient fertilizers, iron was the most commonly used micronutrient fertilizer in the region in 2021. Iron accounts for about 64.8% of the total micronutrient fertilizer market value, amounting to about USD 328.7 million in 2021. Iron is a component of many enzymes associated with energy transfer, nitrogen reduction and fixation, and lignin formation.
- The application of zinc as a micronutrient fertilizer is the second-highest in the region, after iron. Zinc deficiency is a widespread problem in the region, particularly in the northwestern region of South America. Zinc accounts for about 17.4% of the total micronutrient fertilizer market value, which amounted to about USD 88.1 million in 2021
- Soybean and wheat cultivation accounts for about 61.13% of the total agricultural land in the region. These two crops are most likely to suffer from manganese deficiency. Manganese accounted for about 12.4% of the total micronutrient fertilizer market value in 2021.
- Nickel, cobalt, selenium, and chloride are the other micronutrients. The total other micronutrient segment accounts for less than 1% of the region's total micronutrient fertilizer market value, which amounted to about USD 324.2 thousand in 2021.
- Even though most micronutrients are available in soils, most are immobile in nature and not available for plant uptake. Hence, the demand for micronutrient fertilizers is increasing in the region.
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Brazil is the largest segment by Country.
- Brazil dominated the South American micronutrient fertilizer market, accounting for a 26.49% share, valued at about USD 195.5 million in 2021. The country's micronutrient fertilizer market is anticipated to grow to USD 355.9 million by the end of the forecast period, in line with the increasing cultivation area, which has increased by about 18% since 2017.
- Argentina accounts for 54.2% of the South American micronutrient fertilizers market. Field crops dominated the Argentine micronutrient fertilizers market, accounting for 97% of the market share in 2021 owing to the larger area occupied by field crops in the country. Major field crops grown in Argentina are soybean, wheat, and maize, which account for 82% of the total crop area.
- By application type, foliar application dominated the micronutrient consumption, accounting for 64.07% of total volume, followed by fertigation with a 10.2% share and soil application with a 4.2% share in 2021. This is because foliar application is being fueled by benefits such as its ease of use and application and its immediate deficiency correction property.
- Farmers are adopting micronutrient fertilizers for their crops to achieve high-quality products and better yields. Soils deficient in micronutrients that are essential for plant growth can lead to lower crop yields. During the past decade, soil micronutrient deficiencies were noticed primarily for zinc, boron, and molybdenum. Soil deficiencies of zinc are widespread in the northwestern region of South America. Hence, the South American micronutrient fertilizers market is expected to grow during the forecast period.
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South America Micronutrient Fertilizer Industry Overview
The South America Micronutrient Fertilizer Market is fairly consolidated, with the top five companies occupying 91.53%. The major players in this market are EuroChem, Israel Chemicals Ltd, K+S AKTIENGESELLSCHAFT, The Mosaic Company and Yara brasil (sorted alphabetically).
South America Micronutrient Fertilizer Market Leaders
EuroChem
Israel Chemicals Ltd
K+S AKTIENGESELLSCHAFT
The Mosaic Company
Yara brasil
*Disclaimer: Major Players sorted in no particular order
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South America Micronutrient Fertilizer Market News
- March 2022: EuroChem Group announced that it has completed the purchase of the share holding control of Brazilian distributor Fertilizantes Heringer SA, with 51.48% of the shares, further strengthening its production and distribution capacity in Brazil.
- January 2021: ICL group Ltd acquired Fertiláqua, one of Brazil's leading specialty plant nutrition companies to increase the sales of its controlled-released fertilizers, organic fertilizers and other specialty plant nutrition products.
- August 2020: EuroChem Group and Fertilizantes Tocantins (FTO) announced the completion of trade integration agreement. Which resulted EuroChem Fertilizantes Tocantins (ECFTO). This will help EuroChem to offer farmers the full range of products in Brazilian market.
South America Micronutrient Fertilizer Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
3.1. Study Assumptions & Market Definition
3.2. Scope of the Study
3.3. Research Methodology
4. KEY INDUSTRY TRENDS
4.1. Acreage Of Major Crop Types
4.2. Average Nutrient Application Rates
4.3. Regulatory Framework
4.4. Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION
5.1. Product
5.1.1. Boron
5.1.2. Copper
5.1.3. Iron
5.1.4. Manganese
5.1.5. Molybdenum
5.1.6. Zinc
5.1.7. Others
5.2. Application Mode
5.2.1. Fertigation
5.2.2. Foliar
5.2.3. Soil
5.3. Crop Type
5.3.1. Field Crops
5.3.2. Horticultural Crops
5.3.3. Turf & Ornamental
5.4. Country
5.4.1. Argentina
5.4.2. Brazil
5.4.3. Rest Of South America
6. COMPETITIVE LANDSCAPE
6.1. Key Strategic Moves
6.2. Market Share Analysis
6.3. Company Landscape
6.4. Company Profiles
6.4.1. BMS Micro-Nutrients NV
6.4.2. compo-expert
6.4.3. EuroChem
6.4.4. Haifa Negev technologies LTD
6.4.5. Inquima LTDA
6.4.6. Israel Chemicals Ltd
6.4.7. K+S AKTIENGESELLSCHAFT
6.4.8. Nortox
6.4.9. The Mosaic Company
6.4.10. Yara brasil
7. KEY STRATEGIC QUESTIONS FOR FERTILIZER CEOS
8. APPENDIX
8.1. Global Overview
8.1.1. Overview
8.1.2. Porter's Five Forces Framework
8.1.3. Global Value Chain Analysis
8.1.4. Market Dynamics (DROs)
8.2. Sources & References
8.3. List of Tables & Figures
8.4. Primary Insights
8.5. Data Pack
8.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- SOUTH AMERICA MARKET, AREA YOY GROWTH RATE, 2016 - 2021
- Figure 2:
- SOUTH AMERICA MARKET, AREA YOY GROWTH RATE, 2016 - 2021
- Figure 3:
- SOUTH AMERICA MARKET, VOLUME YOY GROWTH RATE, 2021 - 2021
- Figure 4:
- SOUTH AMERICA MARKET, VOLUME YOY GROWTH RATE, 2021 - 2021
- Figure 5:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VOLUME, METRIC TON, 2016 - 2028
- Figure 6:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE, USD, 2016 - 2028
- Figure 7:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, VOLUME, METRIC TON, 2016 - 2028
- Figure 8:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, VALUE, USD, 2016 - 2028
- Figure 9:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VOLUME SHARE(%), BY PRODUCT, 2016 - 2028
- Figure 10:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY PRODUCT, 2016 - 2028
- Figure 11:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, BORON, METRIC TON, 2016 - 2028
- Figure 12:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, BORON, USD, 2016 - 2028
- Figure 13:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 14:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, COPPER, METRIC TON, 2016 - 2028
- Figure 15:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, COPPER, USD, 2016 - 2028
- Figure 16:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 17:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, IRON, METRIC TON, 2016 - 2028
- Figure 18:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, IRON, USD, 2016 - 2028
- Figure 19:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 20:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, MANGANESE, METRIC TON, 2016 - 2028
- Figure 21:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, MANGANESE, USD, 2016 - 2028
- Figure 22:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 23:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, MOLYBDENUM, METRIC TON, 2016 - 2028
- Figure 24:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, MOLYBDENUM, USD, 2016 - 2028
- Figure 25:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 26:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, ZINC, METRIC TON, 2016 - 2028
- Figure 27:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, ZINC, USD, 2016 - 2028
- Figure 28:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 29:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, OTHERS, METRIC TON, 2016 - 2028
- Figure 30:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY PRODUCT, OTHERS, USD, 2016 - 2028
- Figure 31:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 32:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, VOLUME, METRIC TON, 2016 - 2028
- Figure 33:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, VALUE, USD, 2016 - 2028
- Figure 34:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VOLUME SHARE(%), BY APPLICATION MODE, 2016 - 2028
- Figure 35:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY APPLICATION MODE, 2016 - 2028
- Figure 36:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, FERTIGATION, METRIC TON, 2016 - 2028
- Figure 37:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, FERTIGATION, USD, 2016 - 2028
- Figure 38:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 39:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, FOLIAR, METRIC TON, 2016 - 2028
- Figure 40:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, FOLIAR, USD, 2016 - 2028
- Figure 41:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 42:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, SOIL, METRIC TON, 2016 - 2028
- Figure 43:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY APPLICATION MODE, SOIL, USD, 2016 - 2028
- Figure 44:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 45:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, VOLUME, METRIC TON, 2016 - 2028
- Figure 46:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, VALUE, USD, 2016 - 2028
- Figure 47:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VOLUME SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 48:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 49:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, FIELD CROPS, METRIC TON, 2016 - 2028
- Figure 50:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, FIELD CROPS, USD, 2016 - 2028
- Figure 51:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY PRODUCT, 2016 - 2028
- Figure 52:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, HORTICULTURAL CROPS, METRIC TON, 2016 - 2028
- Figure 53:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, HORTICULTURAL CROPS, USD, 2016 - 2028
- Figure 54:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY PRODUCT, 2016 - 2028
- Figure 55:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, TURF & ORNAMENTAL, METRIC TON, 2016 - 2028
- Figure 56:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY CROP TYPE, TURF & ORNAMENTAL, USD, 2016 - 2028
- Figure 57:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY PRODUCT, 2016 - 2028
- Figure 58:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, VOLUME, METRIC TON, 2016 - 2028
- Figure 59:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, VALUE, USD, 2016 - 2028
- Figure 60:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VOLUME SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 61:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY COUNTRY, 2016 - 2028
- Figure 62:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, ARGENTINA, METRIC TON, 2016 - 2028
- Figure 63:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, ARGENTINA, USD, 2016 - 2028
- Figure 64:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 65:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, BRAZIL, METRIC TON, 2016 - 2028
- Figure 66:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, BRAZIL, USD, 2016 - 2028
- Figure 67:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 68:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, REST OF SOUTH AMERICA, METRIC TON, 2016 - 2028
- Figure 69:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, BY COUNTRY, REST OF SOUTH AMERICA, USD, 2016 - 2028
- Figure 70:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, VALUE SHARE(%), BY CROP TYPE, 2016 - 2028
- Figure 71:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 72:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 73:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET SHARE(%), BY MAJOR PLAYERS, 2021
South America Micronutrient Fertilizer Industry Segmentation
Boron, Copper, Iron, Manganese, Molybdenum, Zinc, Others are covered as segments by Product. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type. Argentina, Brazil are covered as segments by Country.| Product | |
| Boron | |
| Copper | |
| Iron | |
| Manganese | |
| Molybdenum | |
| Zinc | |
| Others |
| Application Mode | |
| Fertigation | |
| Foliar | |
| Soil |
| Crop Type | |
| Field Crops | |
| Horticultural Crops | |
| Turf & Ornamental |
| Country | |
| Argentina | |
| Brazil | |
| Rest Of South America |
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Market Definition
- AVERAGE NUTRIENT APPLICATION RATE - This refers to the average volume of nutrient consumed per hectare of farmland in each country.
- CROP TYPES COVERED - Field Crops: Cereals, Pulses, Oilseeds, Fiber Crops, and Forage Crops, Horticulture: Fruits, Vegetables, Plantation Crops and Spices, Turf Grass and Ornamentals
- MARKET ESTIMATION LEVEL - Market Estimations for various types of fertilizers has been done at the product-level and not at the nutrient-level.
- NUTRIENT TYPES COVERED - Micronutients: Zn, Mn, Cu, Fe, Mo, B, and Others
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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