Micronutrient fertilizers Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Micronutrient fertilizers Market Size - Analysis

Micronutrient fertilizers Market Trends

Micronutrients play a vital role in improving the physiological functions of plants which directly impact crop yields and quality. Lack of essential micronutrients like zinc, iron, and manganese can adversely affect photosynthesis, nitrogen fixation, and metabolism in plants.

As a key component of enzymes related to transfer of electrons in photosynthesis, manganese deficiency severely limits this process. Provision of manganese through fertilizers restores normal photosynthetic capacity. Similarly, iron is integral to formation of proteins involved in nitrogen fixation by leguminous crops. Its deficiency causes disruption in nitrogen fixation causing legumes to become nitrogen deficient and less productive.

Lack of micronutrients like zinc severely inhibits root initiation and development processes by disturbing biosynthesis of growth hormones regulating these functions. Application of balanced micronutrient mixes addresses such deficiencies by providing essential micronutrients to roots. It supports formation of root primordia, elongation of root hairs and proliferation of lateral roots. This augments the rooting volume and ability to extract soil nutrients efficiently.

Enhanced root growth offers resilience against lodging and other stress-induced damages. These multifaceted benefits of micronutrients in promoting root functions and overall immunity of crops are a key driver spurring greater adoption of micronutrient fertilizers globally.

One of the key challenges being faced by the micronutrient fertilizers market is the limited awareness among farmers, especially in developing regions. Many smallholder and resource-poor farmers in these regions have low levels of education and lack access to information regarding the importance and benefits of applying balanced micronutrients in soils.

Overcoming this awareness gap requires increased investments in rural outreach programs, simplifying technical concepts for ease of understanding and leveraging local agencies and communities to raise awareness at the grassroots level in local languages. This remains a major bottleneck that needs to be addressed to stimulate demand and uptake of micronutrient fertilizers in developing country markets.

Market Opportunity - Bio-activated Fertilizers for Regenerative Farming

Bio-activated or bio-stimulant fertilizers containing beneficial microbes are increasingly being used by regenerative farmers to foster nutrient cycling processes in soil. These next generation micronutrient fertilizers have been shown to improve soil structure and fertility while enhancing crop yields in a sustainable manner.

Leading companies in the micronutrient fertilizers market can capitalize on this opportunity by developing tailored product portfolios. They can also focus on conducting extensive on-farm trials and promoting the multiple agronomic and environmental benefits of regenerative micronutrient fertilizers programs.

Key winning strategies adopted by key players of Micronutrient fertilizers Market

The micronutrient fertilizers market has seen many new product launches catering to specific crop and soil needs. For example, in 2022, Yara International launched YaraVita Boron 4%, a water-soluble fertilizer specifically designed for boron deficient crops like apples, almonds, and grapes.

Strategy 2: Strategic acquisitions

With maturity in developed markets, companies have focused on high growth developing regions. For example, between 2015-2020, ICL Fertilizers expanded its production capacity in Latin America, India and Africa to cater to rising micronutrient demand.

Strategy 4: Digital innovations

Segmental Analysis of Micronutrient fertilizers Market

In terms of nutrient, zinc contributes 34% share of the micronutrient fertilizers market in 2024, owing to the crucial role it plays in plant growth and immunity. Zinc is essential for various metabolic functions in crops including protein synthesis, DNA synthesis, and cell division.

Additionally, the emergence of precision farming enables precise and targeted application of zinc fertilizers only to zinc-deficient fields or parts of a field. This cost-effective approach is further catalyzing the sales of zinc-based micronutrient fertilizers, and ultimately, growth of the micronutrient fertilizer market.

In terms of form, chelated micronutrient fertilizers account for 65% share of the micronutrient fertilizers market in 2024, owing to its superior agronomic qualities. Chelated micronutrients such as zinc, manganese, and iron form stable molecules with organic acids that protect the micronutrient from being tied up or rendered unavailable in soil. This high stability allows chelated micronutrients to remain in soluble and plant-available forms for extended periods in different soil pH levels.

In terms of crop type, grains and cereals contribute the highest share of the micronutrient fertilizers market owing to the scale at which they are grown globally. Wheat, rice, maize, and other cereal crops collectively dominate the world's cropland area and agricultural production volumes. Recognizing yield constraints due to hidden hunger, farmers are increasingly adopting soil and foliar applications of micronutrient fertilizers for cereals.

Additional Insights of Micronutrient fertilizers Market

• The significant adoption of AI in micronutrient fertilizer application to reduce environmental impact by predicting nutrient levels and optimizing fertilization cycles.
• Asia Pacific, particularly China and India, has seen strong growth in micronutrient fertilizer consumption due to the region's large population and agricultural needs.
• North America held the largest share of 39% in micronutrient fertilizers market in 2023, largely due to established agricultural practices and government recommendations.
• Precision Agriculture Adoption: The increasing use of precision agriculture technologies is optimizing micronutrient fertilizer application, leading to better crop performance and reduced waste.
• Government Initiatives: Various governments are implementing policies and subsidies to promote the use of micronutrient fertilizers, recognizing their role in improving food security and agricultural sustainability.

Competitive overview of Micronutrient fertilizers Market

The major players operating in the micronutrient fertilizers market include CF Industries Holdings, Inc., CHS Inc., Coromandel International Ltd, Haifa Group, ICL GROUP LTD, Indian Farmers Fertiliser Cooperative Limited, Rashtriya Chemicals and Fertilizers Limited, Nouryon, SABIC Agri-Nutrients, Sociedad Quimica Y Minera De Chile SA, The Mosaic Company, Unikeyterra Chemical, Yara International ASA, Nutrien Ltd., BASF SE, Compass Minerals International, Inc., AkzoNobel N.V., Helena Agri-Enterprises, LLC, and Valagro.

Recent Developments in Micronutrient fertilizers Market

Micronutrient fertilizers Market Segmentation

• By Nutrient
  • Zinc
  • Manganese
  • Copper
  • Boron
  • Molybdenum
  • Iron
• By Form
  • Chelated
  • Non-Chelated
• By Crop Type
  • Grains & Cereals
  • Pulses & Oilseeds
  • Commercial Crops
  • Fruits & Vegetables
  • Other Crop Types