Micronutrients Fertilizers Market is Estimated to Witness High Growth Owing to Increasing Demand and Government Initiatives
The Micronutrients Fertilizers Market is estimated to be valued at USD 5.60 billion in 2024 at a CAGR of 6.7% over the forecast period (2024-2031). Micronutrients play a vital role in plant metabolism. Plant growth is stimulated and crop yields are enhanced when micronutrients are made available in optimal amounts. Furthermore, governments across the globe have taken initiatives to promote the usage of micronutrient fertilizers to increase overall agricultural productivity.
Increasing demand for food
With the growing population worldwide, the demand for food is rising rapidly. Micronutrients fertilizers help boost crop yields and improve the nutritional quality of food produced. They play a crucial role in meeting the escalating global food demand.
Government support
Many governments offer subsidies and promote awareness about the importance of micronutrients in agriculture. They encourage farmers to use micronutrient-enriched products to fight issues like malnutrition and hidden hunger. Government initiatives aim to ensure national food security through enhanced soil fertility and greater agricultural productivity.
Increasing demand for nutritional and high-yield crops
The growing global population is putting immense pressure on the agriculture sector to increase crop yields in order to meet the rising food demand. Micronutrients such as zinc, iron and boron play a vital role in plant metabolism and help boost crop productivity when applied in the right amount. With micronutrient deficiencies common in soil across the world, farmers are increasingly adopting micronutrients fertilizers to nourish the soil and maximize crop yields per acre. This rising focus on maximizing agricultural output through optimum nutrient management is a major growth driver for the micronutrients fertilizers market.
Shift towards balanced fertilization and precision farming
Traditionally farmers have primarily focused on applying nitrogen, phosphorus and potassium-based fertilizers. However, indiscriminate use of such macronutrient fertilizers has led to depletion of micronutrients from soil over time. This has highlighted the need for balanced fertilization approach involving foliar spray and soil application of micronutrients. The precision farming trend is also influencing farmers to adopt localized and need-based fertilizer practices. This allows for judicious application of micronutrients based on soil testing, thus minimizing costs and preventing over-usage. The shift towards balanced fertilization and precision agriculture is positively impacting the sale of micronutrients fertilizers.
High costs associated with micronutrients fertilizers
Micronutrients are required by plants in very small quantities as compared to macronutrients. However, the costs of producing micronutrients fertilizers are relatively high since they have to be formulated and blended with other fertilizers and applied in precise quantities. Producing specialty formulations of micronutrient mixtures that suit varied soil and crop conditions also adds to production expenses. Moreover, smallholder and resource-poor farmers often cannot afford the costs of micronutrients fertilizers. This high-cost factor is a major challenge hampering the wide adoption of micronutrients fertilizers in developing countries.
Lack of awareness about benefits of micronutrients
While deficiencies of micronutrients like zinc and boron are common in many soils across the world, there remains a lack of understanding among farmers about the importance and advantages of incorporating micronutrient fertilizers in crop management practices. Many farmers especially in developing nations still consider nitrogen, phosphorus and potassium as the main nutrients needed for plant growth. This calls for increased farmer outreach through awareness campaigns, demonstration plots and guidance from agricultural experts to highlight yield and quality gains from judicious micronutrient usage. The lack of farmer education restricts the growth of micronutrients fertilizers uptake.
Rising focus on soil remediation and replenishment
Intensive cultivation over years without replenishing essential soil micronutrients through organic and inorganic sources has led to declining soil health globally. This is prompting increased R&D investments, product innovation, and introduction of advanced chelated micronutrient formulations that can effectively restore micronutrient levels in depleted and degraded soils. Governments and agricultural organizations worldwide are also promoting various soil remediation initiatives involving the application of customized micronutrients fertilizer blends. Consequently, the need for sustainable soil management through micronutrient enrichment presents lucrative opportunities for players in this market.
Growth in precision farming and digital agriculture
Advancements in precision farming technologies such as sensors, GPS, drones, and big data analytics are enabling customized and need-based soil and crop micronutrient management. Various digital agriculture startups are developing innovative solutions that can precisely analyze micronutrient deficiencies on field, prescribe custom fertilizer blends, and enable automated fertilizer dispensing. This confluence of precision farming and digitalization is creating new frontiers of opportunity for micronutrients fertilizers industry to engage with smart farming users and ensure optimal fertilizer application.
Link - https://www.coherentmarketinsights.com/market-insight/micronutrients-fertilizers-market-5422
Key Developments
- In 2023, The Andersons Inc. launched MicroMark DG, a new line of granular micronutrients featuring dispersing granule (DG) technology, which enables homogeneous spherical granules for easier blending, spreading, and increased efficacy.
- In 2023, ICL launched Water-Soluble Micronutrient and N-P-K Fertilizers in North America
- In 2021, Khetiwalo launched Dharti Shakti, an organic fertilizer. This eco-friendly fertilizer helps promote sustainable farming practices and provides a natural alternative to synthetic fertilizers, contributing to a healthier environment and more productive crops.
- In July 2020, Yara expanded its product reach to farmers in African countries. Yara’s premium fertilizer, YaraMila, produced in Porsgrunn, was shipped to reach smallholders in Kenya, Uganda, Rwanda, Tanzania, Zambia, Malawi, and Mozambique. The fertilizer and agronomic support will help farmers produce food for one million people for one year.
Key Players
Yara International ASA, FMC Corporation, BASF SE, The Mosaic Company, Coromandel International Limited, Akzo Nobel N.V., Haifa Negev technologies LTD, Helena Agri-Enterprises, LLC, Indian Farmers Fertiliser Cooperative Limited, Compass Minerals, Southern Petrochemical Industries Corporation, Nouryon Coöperatief UA, Valagro Spa, UPL Limited, Koch Agronomic Services, LLC., Aries Agro Limited, Nufarm Malaysia, AgroLiquid, ChemSol, LLC, and Mangalore Chemicals & Fertilizers Limited
