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

micronutrient fertilizers market
Study Period:


Base Year:


Fastest Growing Market:

North America

Largest Market:

Asia Pacific

Key Players:

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Micronutrient Fertilizers Market

The global micronutrient fertilizers market is estimated to witness significant growth, as they improve soil quality and increase crop productivity, remarkably, while registering a CAGR of 8.3%, over the period, 2019-2024.

  • Micronutrients play a vital role in ensuring balanced nutrition to crops, and the lack of these may limit the crop growth. Increasing incidences of micronutrient deficiencies in soils around the world are one of the major factors driving the growth of the market.
  • The micronutrient fertilizers market is consolidated and the top seven players accounted for around 56% of the market in 2018. Yara International ASA,  Mosaic Company, BASF SE, FMC Corporation, and Zurari Agri Chemicals Ltd are the major players in the global micronutrient fertilizers market.

  • Asia-Pacific was the largest market for micronutrient fertilizers, which accounted for 37% share in the global market in 2018. Further, North America, the second-largest market accounting for 28.5% share, is projected to be the fastest-growing market, witnessing a CAGR of 8.8%, during the forecast period

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
Other Types
By Form
Non - chelated
By Crop Type
Grains and Cereals
Oilseeds and Pulses
Fruits and Vegetables
Other Crop Types
By Function
Other Functions
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Asia - Pacific
Rest of Asia - Pacific
South America
Rest of South America
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.

micronutrient fertilizers market

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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.

micronutrient fertilizers market

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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

micronutrient fertilizers market

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    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


    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. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.5.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Spain

        5. Italy

        6. Russia

        7. Rest of Europe

      3. 5.5.3 Asia - Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. Rest of Asia - Pacific

      4. 5.5.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.5.5 Africa

        1. South Africa

        2. Rest of Africa


    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 Nouryon Coöperatief U.A.

      4. 6.3.4 Yara International ASA

      5. 6.3.5 BASF SE

      6. 6.3.6 Nutrien Limited

      7. 6.3.7 Haifa Group

      8. 6.3.8 Valagro Spa

      9. 6.3.9 Coromandel International Limited

      10. 6.3.10 Sapec Agro SA

      11. 6.3.11 Auriga Group

      12. 6.3.12 ATP Nutrition Ltd

      13. 6.3.13 Wilbur-Ellis Company LLC

      14. 6.3.14 The Andersons Inc.

      15. 6.3.15 Stoller Enterprises Inc.

      16. 6.3.16 Zuari Agro Chemicals Ltd

      17. 6.3.17 BMS Micro-Nutrients Nv

      18. 6.3.18 Baicor LLC

      19. 6.3.19 UPL Limited (Arysta Lifescience Corporation)

      20. 6.3.20 Aries Agro Ltd

      21. 6.3.21 Drexel Chemical

      22. 6.3.22 Old Bridge Chemicals Inc.


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