Global Micronutrient Fertilizers Market - Growth, Trends, and Forecast (2019 - 2024)

The Micronutrient Fertilizers Market is segmented by type into zinc, manganese, copper, boron, molybdenum, iron and other types, by form into chelated and non-chelated, by crop type into grains and cereals, oilseeds and pulses, fruits and vegetables, and by function into soil, foliar, fertigation, and other functions. A geographical market analysis covering the top 15 countries across the world has also been included.

Market Snapshot

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Study Period:

2015-2024

Base Year:

2018

Fastest Growing Market:

Latin America

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The micronutrient fertilizers market was valued at USD 1.06 billion in the year 2018 and the market is projected to register a CAGR of 8.59%, over the forecast period (2019-2024). Increasing incidence of micronutrient deficiencies in soils around the world, coupled with increasing promotion of micronutrient usage by governmental and non-governmental organizations, are driving the market for micronutrient fertilizers.

 

Scope of the Report

Micronutrients play a significant role in ensuring balanced nutrition to the plants. The lack of any of the micronutrients may limit plant growth. Many micronutrient fertilizer products are available in the market and due to their low requirement, they are usually applied along with NPK fertilizers. Method of application, cost per unit, and other important factors influence the choice of micronutrient source.   

By Type
Zinc
Manganese
Copper
Boron
Molybdenum
Iron
Other Types
By Form
Chelated
Non - chelated
By Crop Type
Grains and Cereals
Oilseeds and Pulses
Fruits and Vegetables
Other Crop Types
By Function
Soil
Foliar
Fertigation
Other Functions
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Italy
Russia
Rest of Europe
Asia - Pacific
China
Japan
India
Australia
Rest of Asia - Pacific
South America
Brazil
Argentina
Rest of South America
Africa
South Africa
Rest of Africa

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Key Market Trends

Growing Food Demand and Shrinking Farm Land

Agricultural production across the world will need to be doubled over the next 36 years to meet the demand from 9 billion people. Certainly, technology will continue to play a major role in this progress. Increase in urbanization and lower availability of arable land are motivating farmers to adopt efficient techniques. There are broader acceptance and recognition of the collective benefits of micronutrient fertilizers. The amount of arable land per-person is declining and the population is expanding. Hence, crop-yields must increase to meet food production needs. As a result, the world is witnessing the most dramatic demand increase for micronutrient fertilizers and for agricultural production.

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Increasing Micronutrient Fertilizers Consumption in the Asia - Pacific Region

The Asia - Pacific micronutrient fertilizers market is the most developed and widespread in the global market. The distribution network of micronutrient fertilizers is well-established in major Asia - Pacific countries. This is further helping deepen the market of various micronutrients fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Government policies and subsidies in most Asia - Pacific countries support their expansion. It is estimated that micronutrient content in soil is very less in most Asia - Pacific countries, far less than the same in developed nations. In Asia - Pacific, 10% of the Indian soil has phosphorus content and the average potassium content in soil is low by international standards. Japan has a highly active research base in micronutrient fertilizers.

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Competitive Landscape

The key players in the market are focused on acquisitions and new product launches to cater to a wider consumer base and expand market share. Investment in the R&D of cheap effective products is considered one of the major strategies adopted by market leaders. Manufacturers are also investing in the production process to reduce the cost of production. The major players in the market are Yara International, FMC Corporation, Haifa Chemicals, Agrium, etc. Recently, BASF and Kingenta jointly addressed the problems of tough agricultural challenges and optimal plant nutrition using more efficient fertilizer in China. The market is fragmented, with several small players occupying a major portion of the market.

Major Players

  1. Yara International
  2. FMC Corporation
  3. BASF Agricultural Solutions
  4. Haifa Chemicals Ltd
  5. Mosaic Company

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of Substitute Products

      4. 4.4.4 Threat of New Entrants

      5. 4.4.5 Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Zinc

      2. 5.1.2 Manganese

      3. 5.1.3 Copper

      4. 5.1.4 Boron

      5. 5.1.5 Molybdenum

      6. 5.1.6 Iron

      7. 5.1.7 Other Types

    2. 5.2 By Form

      1. 5.2.1 Chelated

      2. 5.2.2 Non - chelated

    3. 5.3 By Crop Type

      1. 5.3.1 Grains and Cereals

      2. 5.3.2 Oilseeds and Pulses

      3. 5.3.3 Fruits and Vegetables

      4. 5.3.4 Other Crop Types

    4. 5.4 By Function

      1. 5.4.1 Soil

      2. 5.4.2 Foliar

      3. 5.4.3 Fertigation

      4. 5.4.4 Other Functions

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

        4. 5.5.1.4 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Spain

        5. 5.5.2.5 Italy

        6. 5.5.2.6 Russia

        7. 5.5.2.7 Rest of Europe

      3. 5.5.3 Asia - Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 Rest of Asia - Pacific

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Africa

        1. 5.5.5.1 South Africa

        2. 5.5.5.2 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 The Mosaic Company

      2. 6.3.2 FMC Corporation

      3. 6.3.3 Akzonobel NV

      4. 6.3.4 Yara International ASA

      5. 6.3.5 BASF SE

      6. 6.3.6 Agrium Inc.

      7. 6.3.7 Haifa Group

      8. 6.3.8 Valagro Spa

      9. 6.3.9 Coromandel International Limited

      10. 6.3.10 Wolf Trax

      11. 6.3.11 Sapec Group

      12. 6.3.12 Auriga Group

      13. 6.3.13 ATP Nutrition Ltd

      14. 6.3.14 Wilbur-Ellis Company (US)

      15. 6.3.15 The Andersons Plant Nutrition (Nulex Inc)

      16. 6.3.16 Stoller Enterprises Inc.

      17. 6.3.17 Zuari Agro Chemicals Ltd

      18. 6.3.18 BMS Micro-Nutrients Nv

      19. 6.3.19 Baicor L.C.

      20. 6.3.20 Arysta Lifescience Corporation

      21. 6.3.21 Aries Agro Ltd

      22. 6.3.22 Drexel Chemical

      23. 6.3.23 Old Bridge Chemicals Inc.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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