Micronutrients fertilizers are used to increase the quality and yield of crops. These fertilizers are derived from various sources. They contain essential micronutrients that are vital for healthy nutrition and growth of plants. Micronutrients are needed by plants to promote healthy growth, to prevent disease, to increase resistance to pests, and to play a vital role in fruit setting and flowering. However, there are many micronutrient deficiencies that are observed globally. These deficiencies are usually observed in cereals, pulses, vegetables and oilseeds.
Market Statistics:
The Global Micronutrients Fertilizers Market is estimated to account for US$ 2821.1 Mn in terms of value by the end of 2021.
Global Micronutrients Fertilizers Market: Drivers
The increased awareness regarding the health benefits of foliar application is driving the foliar application segment's growth, this in turn augmenting micronutrients fertilizers market growth. The foliar application segment's growth is also expected to be driven by increasing agricultural productivity and increased use of genetically modified crops. In addition, the growing demand for fruits and vegetables is expected to drive the growth of micronutrients fertilizer market.
Global Micronutrients Fertilizers Market: Opportunities
Agricultural productivity and the need for high-yield crops is expected to offer significant growth opportunities for micronutrient fertilizers manufacturers. The degradation of soil in various parts of the world has also fuelled the demand for micronutrients. Farmers are working towards improving the quality of soil and increasing the yields. In addition, product manufacturers are investing in R&D activities to develop new products that can improve the overall efficiency of micronutrient fertilizers. This will result in robust growth over the next few years.
Global Micronutrients Fertilizers Market: Restraints
Unfavourable condition arising due to the negative impact of Covid-19 on the global economy is expected to pose challenge for the market growth.
Global Micronutrients Fertilizers Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of Covid-19 has affected agricultural value chain severely. The pandemic has adversely affected the supply chain and agriculture production. This condition has put restrictions on the international trade of food grains which has severely affected the agriculture sector. However, economic activity is up and running now which may support the agriculture industry to get back to its feet as soon as possible.
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https://www.coherentmarketinsights.com/market-insight/micronutrients-fertilizers-market-5422
Key Takeaways:
The global micronutrients fertilizers market was valued at US$ 2821.1 Mn in 2021 and is forecast to reach a value of US$ 4197.6 Mn by 2030 at a CAGR of 7.20% between 2022 and 2030.
Zinc segment held dominant position in the global micronutrients fertilizers market in 2021, accounting for 36.43% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Micronutrients Fertilizers Market Trends:
Increasing government initiatives to promote the use of micronutrients is a growing trend. The growing population is also driving the demand for micronutrients. The market will also be bolstered by the rise in consumer spending. This will lead to the upsurge in the consumption of foliar products. The market will also be driven by the increase in government subsidies.
Increasing focus on product innovation is another major trend observed in this market. For instance, in September 2021, Coromandel International Limited, known for its Gromor and Godavari Brand of fertilizers launched a new fertilizer GroShakti. Coromandel is striving continuously to serve farmers in all aspects by providing Bulk fertilizers, Specialty nutrients (micronutrients, fertigation grades, customized crop grades).
Global Micronutrients Fertilizers Market: Competitive Landscape
Yara International ASA, BASF SE, The Mosaic Company, FMC Corporation, Nouryon Cooperatief UA, Nutrien Limited, Haifa Group, Valagro SpA (Syngenta Group), Coromandel International Limited, Sapec Agro SA, Auriga Group, ATP Nutrition Ltd, Wilbur-Ellis Company LLC, BMS Micro-Nutrients NV, and UPL Limited (Arysta Lifescience Corporation)
Global Micronutrients Fertilizers Market: Recent Developments
In March 2020, Mosaic and the Technology Research Centre (FTRC) partnered in Australia will focus on developing fertilizers with enhanced spreading and handling qualities, and pairing fertilizers with plant traits, bio stimulants and microbial technologies for enhanced agronomic efficiency and minimized environmental impacts
In June 2019, The Mosaic launched new production facility in China. The new facility has several exciting features and capabilities, including an advanced soil lab, as the YMF team tests up to 1,200 soil samples annually.
In December 2018, The Mosaic opened a new crop nutrition pine bend facility in North America. Pine bend is a premier facility in North America and a flagship for Mosaic distribution.
In August 2018, The Mosaic Company acquired Vale Fertilizantes from Vale SA. This acquisition adds further strength to the company in all segments including Micro Nutrient Fertilizers.
In June 2019, FMC Corporation invested US$ 50 million in its global R&D headquarters in Newark, United States. This investment may further strengthen its research base for all its products, including micronutrient fertilizers.
