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Global Micronutrient Fertilizers Market: By Nutrient: Zinc, Manganese, Copper, Boron, Molybdenum, Iron, Others; By Form: Chelated, Non-Chelated; By Application: Soil, Foliar, Others; By Crop Type; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Micronutrient Fertilizers Market Outlook
The global micronutrient fertilizers market reached a value of about USD 2.82 billion in 2021. The market is further estimated to grow at a CAGR of 7.10% in the forecast period of 2023-2028 to reach a value of around USD 4.23 billion by 2027.
Rising Incidences of Zinc Deficiency in Plants to Propel the Market Growth of Micronutrient Fertilizers
Zinc deficiency is the most prevalent micronutrient deficiency in crops worldwide. Zinc plays a critical role in plant development as it drives the metabolic reactions in all crops and boosts the formation of carbohydrates, proteins, and chlorophyll; thus, a continuous supply of zinc is required for optimum growth and high yield. Limited availability and uptake of zinc, which can be the result of environmental and crop management practices like liming to reduce soil acidity, reduced tillage systems and low soil temperature, early crop-planting windows, and low organic content, lead to stunted plant growth.
There has been a rise in the incidences of zinc deficiency in plants due to the introduction of modern varieties, increased Zn removal, and crop intensification, which is aiding the micronutrient fertilizers market growth. Moreover, the growing consumption of cereal-based food that is low in zinc content is resulting in zinc deficiency among the human population, which is expected to accelerate the market for zinc fertilizers over the forecast period.
Market Segmentation
Micronutrient fertilizers are used by plant growers to promote plant processes. It contains micronutrients such as zinc, boron, manganese, iron, copper, and others, which are required by plants in limited quantities for their optimum growth. The deficiency of these nutrients can affect the quality of crops and lead to low yields, thereby resulting in farm losses.
The market for micronutrient fertilizers, by nutrient, is divided into:
- Zinc
- Manganese
- Copper
- Boron
- Molybdenum
- Iron
- Others
Based on form, the market is segmented into:
- Chelated
- Dry
- Liquid
- Non-Chelated
- Dry
- Liquid
On the basis of application, the market is classified into:
- Soil
- Foliar
- Fertigation
- Others
Based on crop type, the market is divided into:
- Grains and Cereals
- Pulses and Oilseeds
- Commercial Crops
- Fruits and Vegetables
- Others
The regional markets for micronutrient fertilizers can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Growing Demand for Food and Declining Arable Land to Drive the Market Growth of Micronutrient Fertilizers
The expanding population and the need to meet their rising food needs are leading to the increased utilisation of micronutrient fertilizers to enhance the nutritional quality of crops and maximise crop yields. The declining arable land and the increasing incidences of micronutrient deficiencies in most areas are invigorating the growth of the micronutrient fertilizers market. The increasing soil or plant tissue testing to know the micronutrient status of soils by local soil or field crop specialists is resulting in the adequate use of micronutrient fertilizers. Additionally, the rising inclination towards home gardening to boost mental health is resulting in the increased utilisation of micronutrient fertilizers to support healthy plant growth and provide protection from pests or diseases. The government initiatives towards encouraging the use of micronutrient fertilizers to address the critical issue of micronutrient deficiency are providing impetus to the market development. For instance, the Government of India offers a separate per tonne subsidy for micronutrients like Boron and Zinc to promote their application along with other nutrients. Moreover, the market players are increasingly investing in research and development (R&D) activities to develop effective micronutrient fertilizers and launch new products to expand their global reach. This is expected to further augment the market growth over the forecast period.
Key Players in the Global Market for Micronutrient Fertilizers
The report gives a detailed analysis of the following key players in the global micronutrient fertilizers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Yara International ASA
- Haifa Negev technologies LTD
- Coromandel International Limited
- UPL LTD
- BASF SE
- Israel Chemicals Ltd.,
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Nutrient |
|
| Breakup by Form |
|
| Breakup by Application |
|
| Breakup by Crop Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Micronutrient Fertilizers Market Analysis
8.1 Key Industry Highlights
8.2 Global Micronutrient Fertilizers Historical Market (2018-2022)
8.3 Global Micronutrient Fertilizers Market Forecast (2023-2028)
8.4 Global Micronutrient Fertilizers Market by Nutrient
8.4.1 Zinc
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Manganese
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Copper
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Boron
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Molybdenum
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Iron
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Others
8.5 Global Micronutrient Fertilizers Market by Form
8.5.1 Chelated
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.1.4 Breakup by Chelated Type
8.5.1.4.1 Dry
8.5.1.4.2 Liquid
8.5.2 Non-Chelated
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.2.4 Breakup by Non-Chelated Type
8.5.2.4.1 Dry
8.5.2.4.2 Liquid
8.6 Global Micronutrient Fertilizers Market by Application
8.6.1 Soil
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Foliar
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Fertigation
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Micronutrient Fertilizers Market by Crop Type
8.7.1 Grains and Cereals
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Pulses and Oilseeds
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Commercial Crops
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Fruits and Vegetables
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Others
8.8 Global Micronutrient Fertilizers Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Micronutrient Fertilizers Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Micronutrient Fertilizers Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Micronutrient Fertilizers Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Micronutrient Fertilizers Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Micronutrient Fertilizers Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Yara International ASA
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Haifa Negev technologies LTD
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Coromandel International Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 UPL LTD
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 BASF SE
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Israel Chemicals Ltd.,
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Micronutrient Fertilizers Market: Key Industry Highlights, 2018 and 2028
2. Global Micronutrient Fertilizers Historical Market: Breakup by Nutrient (USD Billion), 2018-2022
3. Global Micronutrient Fertilizers Market Forecast: Breakup by Nutrient (USD Billion), 2023-2028
4. Global Micronutrient Fertilizers Historical Market: Breakup by Form (USD Billion), 2018-2022
5. Global Micronutrient Fertilizers Market Forecast: Breakup by Form (USD Billion), 2023-2028
6. Global Micronutrient Fertilizers Historical Market: Breakup by Crop Type (USD Billion), 2018-2022
7. Global Micronutrient Fertilizers Market Forecast: Breakup by Crop Type (USD Billion), 2023-2028
8. Global Micronutrient Fertilizers Historical Market: Breakup by Application (USD Billion), 2018-2022
9. Global Micronutrient Fertilizers Market Forecast: Breakup by Application (USD Billion), 2023-2028
10. Global Micronutrient Fertilizers Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Micronutrient Fertilizers Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Micronutrient Fertilizers Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Micronutrient Fertilizers Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Micronutrient Fertilizers Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Micronutrient Fertilizers Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Micronutrient Fertilizers Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Micronutrient Fertilizers Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Micronutrient Fertilizers Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Micronutrient Fertilizers Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Micronutrient Fertilizers Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Micronutrient Fertilizers Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Micronutrient Fertilizers Market Structure.
Key Questions Answered in the Report
In 2021, the global micronutrient fertilizers market attained a value of nearly USD 2.82 billion.
The market is assessed to grow at a CAGR of 7.10% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach almost USD 4.23 billion by 2027.
The major market drivers include the declining arable land, rising demand for food, increasing soil or plant tissue testing, inclination towards home gardening, importance of micronutrients in plant growth, and micronutrient deficiency among the human population.
The key trends guiding the growth of the market include the government initiatives to promote the use of micronutrient fertilizers, new product launches by market players, and growing research activities to develop effective micronutrient fertilizers.
The major regions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant nutrients of micronutrient fertilizers, include zinc, manganese, copper, boron, molybdenum, and iron, among others.
The different forms of micronutrient fertilizers include chelated and non-chelated.
The various applications of micronutrient fertilizers include soil, foliar, and fertigation, among others.
The major crop types in the micronutrient fertilizers market include grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, among others.
The major players in the market are Yara International ASA, Haifa Negev technologies LTD, Coromandel International Limited, UPL LTD, BASF SE, and Israel Chemicals Ltd., among others.
Analyst Review
The global micronutrient fertilizers market attained a value of nearly USD 2.82 billion in 2021, driven by the increasing prevalence of micronutrient deficiency in plants and soils worldwide. Aided by the government initiatives to promote the use of micronutrient fertilizers, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 7.10%. The market is estimated to reach about USD 4.23 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for micronutrient fertilizers, by nutrient, is divided into zinc, manganese, copper, boron, molybdenum, and iron, among others. Based on form, the market is segmented into chelated and non-chelated. On the basis of application, the market is classified into soil, foliar, and fertigation, among others. Based on crop type, the market is divided into grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, among others. The major regional markets for micronutrient fertilizers are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Yara International ASA, Haifa Negev technologies LTD, Coromandel International Limited, UPL LTD, BASF SE, and Israel Chemicals Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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