According to the report published by Mordor Intelligence, the global micronutrient fertilizers market accounted for USD 4169.0 million in 2017 and is expected to reach USD 6690.8 million, witnessing a CAGR of 8.2% during the forecast period, 2018-2023.
The report contains a detailed analysis on various parameters of the global micronutrient fertilizers market. The market has been segmented, based on the type, form, crop type, function, and by geography. For analyzing the competition in the industry, a detailed Porter’s five forces analysis is also carried out. The corporations in the micronutrient industry operate in B2B, as well as B2C business format. However, this report elucidates and analyzes the B2C format.
Based on type, market is segmented into zinc, manganese, copper, boron, molybdenum, iron and others, such as chlorine, nickel, cobalt, etc. Based on form, the micronutrient market is segmented into chelated and non-chelated. In terms of crop types, the market is divided in to grain & cereal, oilseed & pulses, fruit & vegetable, and others. By function, the market is segmented into soil, foliar, fertigation, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Africa.
To know more about the coverage of the Micronutrient Fertilizers Market report, click the below link:
Zinc has the largest market share, while Manganese is expected to be the fastest growing segment, based on type. Based on crop type, the global market is majorly dominated by grain & cereal with a market share of approximately 37%. However, the fruit & vegetable segment of the market is expected to register the fastest growth rate, in terms demand for micronutrients, during the forecast period. This is mainly because it is common for citrus crops to be given foliar zinc treatments one or more times per year. Other tree crops, such as grapes, beans, onions, tomatoes, cotton, rice, and corn, also require zinc fertilization. Manganese is also one of the important micronutrients for most of the crops in this segment. The foliar segment is expected to occupy the largest market share owing to lower application rates when compared to soil application, uniform application, and immediate response. By geography, the Asia-Pacific region holds the largest share in the market. Furthermore, North American agricultural micronutrients market holds the potential for significant growth during the forecast period.
Micronutrient Fertilizers Market Dynamics
Major factors favoring the growth of the micronutrient fertilizers market are growing demand for crops, shrinking land area, increasing micronutrient deficiency in the soil, and increased focus on agricultural productivity in the region. The constraints which limit the growth of the market are lack of awareness among the farmers and micronutrient toxicity. Owing to the various benefits of micronutrient fertilizers, R&D in this market has increased. Continuous support of governmental and non-governmental organizations worldwide in product development and farmer’s education is creating further opportunities for growth of this segment.
According to the report analysis, Yara International, FMC Corporation, Aksonobel NV, BASF SE, Haifa Chemicals Ltd., and The Mosaic Company are the top players in the global micronutrient fertilizers market. The greater market share of these players can be attributed to a highly diversified product portfolio and a large number of acquisitions and agreements taking place. These players are also focusing on R&D, large product portfolio, wide geographical presence and aggressive acquisition strategy. Other major players in the market are 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.