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Micronutrient Fertilizer Market Opportunities, Strategies, Size, Share And Analysis 2024-2034
Micronutrient Fertilizer Market Opportunities
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According to The Business Research Company's, The micronutrient fertilizer market size has grown strongly in recent years. It will grow from $4.05 billion in 2023 to $4.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased crop yields, soil depletion, growing awareness, increasing government support, rising demand for high-value crops, and improved fertilizer distribution networks
The micronutrient fertilizer market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising population, growing sustainable farming practices, climate change, increased crop diversity, expansion of agricultural land, increasing focus on soil health, and growing adoption of precision agriculture. Major trends in the forecast period include the adoption of precision agriculture, the development of advanced micronutrient formulations, the integration of digital technologies for nutrient management, the expansion of e-commerce for fertilizer distribution, and the development of customizable fertilizer blends.
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Market Drivers and Trends:
The increasing degradation of soil is expected to propel the growth of the micronutrient fertilizer market going forward. Soil degradation is the decline in soil quality and productivity caused by various factors, leading to reduced agricultural output and environmental health. Soil degradation is primarily caused by unsustainable agricultural practices, deforestation, and industrial activities, leading to erosion, nutrient depletion, and the loss of organic matter. Climate change and overgrazing further exacerbate the decline in soil health. Micronutrient fertilizers help combat soil degradation by replenishing essential nutrients, enhancing soil fertility, and promoting sustainable crop growth. For instance, in April 2022, according to the United Nations Convention to Combat Desertification (UNCCD), a Germany-based international trade and development organization, up to 40% of Earth's land had been degraded, impacting half of the global population. By 2050, land degradation is projected to encompass 16 million square kilometers, an area roughly equivalent to South America. Therefore, increasing soil degradation is driving the growth of the micronutrient fertilizer market.
Major companies operating in the micronutrient fertilizer market are focusing on developing innovative solutions, such as water-soluble fertilizers, to enhance nutrient availability and improve crop yields. Water-soluble fertilizers refer to fertilizers that completely dissolve in water, allowing for efficient nutrient delivery directly to plants through irrigation systems. For instance, in June 2023, ICL Group Ltd., an Israel-based chemical manufacturing company, launched a new line of water-soluble micronutrient and N-P-K fertilizers in North America, targeting improved crop nutrition through advanced foliar and fertigation methods. This range features flagship products such as Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW, all designed to offer high-purity, water-soluble nutrients tailored to specific crop needs, ensuring optimal solubility and compatibility with a variety of herbicides and crop protectants.
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Major Key Players of the Market:
Koch Industries Inc., BASF SE, Nutrien Ltd., Yara International ASA, The Mosaic Company, Corteva Inc., Akzo Nobel N.V., Israel Chemicals Ltd., K+S AG, FMC Corporation, Nouryon Specialty Chemicals B.V., Coromandel International Limited, Nufarm Limited, Compass Minerals International Inc., Haifa Negev Technologies Ltd., Aries Agro Ltd., AgroLiquid, Kugler Company, Van Iperen International B.V., Graco Fertilizer Company, Solufeed Ltd., Western Nutrients Corporation, Baicor LLC
Micronutrient Fertilizer Market 2024 Key Insights:
• The micronutrient fertilizer market size is expected to see strong growth in the next few years. It will grow to $5.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Increasing Soil Degradation Drives Growth In Micronutrient Fertilizer Market
• Innovative Water-Soluble Fertilizers Revolutionize Crop Nutrition
• North America was the largest region in the micronutrient fertilizer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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