Press release
Micronutrients Fertilizers Market 2023: Industry Size, Emerging Trend, Regional Overview, Key Players, Forecast by-2030 | Yara International ASA, BASF SE, The Mosaic Company
Micronutrients Fertilizers Market
Market Overview:
Micronutrients fertilizers contain essential elements like zinc, boron, copper, manganese, and molybdenum required by plants in small amounts. These fertilizers help improve crop yield and quality by enabling plant metabolism.
Market Dynamics:
Growing demand for nutrient-rich food is driving the need for micronutrients in fertilizers. According to the United Nations World Food Programme, over 800 million people worldwide suffer from malnutrition. Furthermore, rising population and decreasing arable land are increasing the need to boost crop yields per unit area. Micronutrients play a vital role in photosynthesis, nitrogen fixation, enzyme activity, and hormone production in plants. This significantly helps in increasing crop yield. Moreover, shifting consumer preference towards organic foods is augmenting demand for organic micronutrients fertilizers. However, lack of awareness among farmers especially in developing nations regarding importance of micronutrients is a key factor restraining market growth.
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Top Companies Covered In This Report:
★ 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
★ UPL Limited (Arysta Lifescience Corporation)
Detailed Segmentation:
By Nutrient:
★ Zinc
★ Manganese
★ Copper
★ Boron
★ Molybdenum
★ Iron
★ Other Nutrients
By Form:
★ Chelated
★ Non-chelated
By Crop Type:
★ Grains and Cereals
★ Pulses and Oilseeds
★ Commercial Crops
★ Fruits and Vegetables
★ Other Crop Types
By Applications:
★ Soil
★ Foliar
★ Fertigation
★ Other Applications
Key Region/Countries are Classified as Follows:
◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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Market Drivers for Micronutrients Fertilizers Market
1. Increasing Adoption of Micronutrient Deficiency Supplementation Programs
The adoption of micronutrient deficiency supplementation programs by various governments across the globe is a major market driver. Several developing nations are actively working towards supplementation programs that provide micronutrients to the food crops as well as directly to the affected population. This is aimed at reducing the prevalence of deficiencies related to zinc, iron, iodine, and vitamins. The initiatives assist in creating heightened awareness about micronutrient deficiency and its consequences. This increases the demand for micronutrient fertilizers from the agriculture sector.
2. Growing Emphasis on Improving Crop Yield and Quality
Farmers are increasingly realizing the role of micronutrients in boosting crop yield and quality. Micronutrient fertilizers help in improving various growth parameters and crop resilience against biotic and abiotic stresses. They facilitate optimal plant metabolism, photosynthesis, nitrogen fixation, and enzyme activity. This enables higher biomass production and better crop characteristics. The focus on maximizing productivity per unit area is a major factor augmenting the adoption of micronutrient fertilizers.
Market Restrain for Micronutrients Fertilizers Market: Fluctuations in Raw Material Prices
The prices of key raw materials used in the production of micronutrient fertilizers such as zinc, copper, manganese, and boron exhibit volatility depending on their availability in the market. Mining activities and geopolitical uncertainties influence the prices of these metals. Unanticipated hikes in raw material costs adversely impact the operating margins of manufacturers. This deters them from undertaking capacity expansions and new product launches. The pricing uncertainty acts as a major restrain restricting the market's growth potential.
Market Opportunity for Micronutrients Fertilizers Market: Scope for Product Innovation to Address Site-Specific Needs
Micronutrient requirements vary significantly across regions depending on soil characteristics, climatic conditions, and crop varieties. There exists vast scope for agrochemical companies to develop innovative and customized formulations tailored for the micronutrient needs of particular crops/varieties in certain geographic locations. Site-specific fertilizer solutions can help optimize nutrient usage and realization of full yield potential. It also aids in addressing the hidden hunger challenge in a focused manner. Product differentiation focusing on precision nutrition is a major business opportunity in the market.
Market Trend for Micronutrients Fertilizers Market: Rising Demand for Organic Micronutrient Sources
With the growing consumer preference for chemical-free food, the demand for organic agriculture inputs including organic micronutrient fertilizers is increasing steadily. Organic sources such as manures, seaweeds, and mined minerals are gaining traction as sustainable alternatives to conventional synthetic fertilizers. They enrich the soil, improve its biological activity, and boost long-term fertility while being environment-friendly. The trend signifies the market participants' focus on developing organic or natural formulations using plant and animal extracts. It establishes micronutrient fertilizers as a vital component of integrated organic farming practices.
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Key Questions Answered in This Report on Micronutrients Fertilizers Market
• How much revenue will the global Micronutrients Fertilizers Market generate by the end of the forecast period?
• What regions currently contribute the maximum share to the overall global market?
• What are the indicators expected to drive the global Micronutrients Fertilizers Market?
• Which region is likely to be a lucrative market during the forecast period?
• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?
• What are the major advancements witnessed in the global Micronutrients Fertilizers Market?
• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Some of the Major Points of TOC cover:
Chapter 1: Techniques & Scope
1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources
Chapter 2: Latest Trends Summary
2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends
Chapter 3: Micronutrients Fertilizers Market Insights
3.1 Market fragmentation
3.2 Market landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape
Chapter 4: Micronutrients Fertilizers Market, By Region
Chapter 5: Company Profiles
5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook
Chapter 6: Assumptions and Acronyms
Chapter 7: Research Methodology
Chapter 8: Contact (Continue . . .)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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