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Micronutrient Fertilizer Market Size

The Micronutrient Fertilizer Market is experiencing growth driven by the increasing recognition of micronutrient deficiencies and their impact on plant health. This market expansion is supported by government initiatives encouraging the use of micronutrients to enhance soil and plant health. The Asia-Pacific region leads in market share, attributed to its established distribution networks and rising demand for food grains amidst declining soil nutrients. Zinc, a significant component, plays a crucial role in addressing widespread deficiencies, particularly in regions like China. The market's growth trajectory reflects a global response to these agricultural challenges, with a notable emphasis on improving nutrient availability to boost crop productivity.

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Market Size of micronutrient fertilizer Industry

Micronutrient Fertilizer Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 5.6 Billion
svg icon Market Size (2030) USD 8.25 Billion
svg icon Largest Share by Product Copper
svg icon CAGR (2024 - 2030) 6.69 %
svg icon Largest Share by Region Asia-Pacific
svg icon Market Concentration Medium

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Micronutrient Fertilizer Market Analysis

The Micronutrient Fertilizer Market size is estimated at 5.6 billion USD in 2024, and is expected to reach 8.25 billion USD by 2030, growing at a CAGR of 6.69% during the forecast period (2024-2030).

5.6 Billion

Market Size in 2024 (USD)

8.25 Billion

Market Size in 2030 (USD)

5.38 %

CAGR (2017-2023)

6.69 %

CAGR (2024-2030)

Largest Segment by Type

23.57 %

value share, Copper, 2023

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Copper sulfate is the preferred source of copper fertilizer because they are cheaper and more readily available in the market than chelated copper sources.

Fastest Growing Type

7.56 %

Projected CAGR, Boron, 2024-2030

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Boron is an important micronutrient for plant growth, the rising need to address deficiency to improve crop yield and quality is driving the demand for boron fertilizers.

Largest Segment by Crop Type

84.37 %

value share, Field Crops, 2023

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The need for high productivity and higher resistance to biotic and abiotic stresses of the crops has increased the demand for micronutrients in field crop segment.

Largest segment by Country

13.35 %

value share, United States, 2023

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Farmers in the United States are increasingly aware of soil nutrient deficiencies impacting crop health and yields which has contributed to the it's dominance in the market.

Leading Market Player

25.04 %

market share, Yara International ASA, 2022

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Yara International has expanded its micronutrient product portfolio and production facilities to meet the growing demand which has contributed to secure a significant share

The rising micronutrient deficiency in soil is expected to fuel the growth of the micronutrient fertilizer market

  • Micronutrients play an important role in many plant metabolic activities, such as cell wall formation, pollen formation, germination, chlorophyll production, nitrogen fixation, and the synthesis of the essential parts of proteins. The global micronutrient fertilizer market value is anticipated to register a CAGR of 6.6% during 2023-2030.
  • Zinc accounted for a major share of 26.6% of the global micronutrient fertilizer market value in 2022. Of the total value share held by zinc fertilizers, conventional zinc fertilizers accounted for about 87.5%, and specialty zinc fertilizers accounted for about 12.5%. Specialty zinc fertilizers have the advantage of uniform distribution and fast acting on crops compared to conventional fertilizers.
  • The Asia-Pacific region dominated the global market, accounting for 33.3% of the market value share in 2022. The distribution network of micronutrient fertilizers is well-established in the major Asia-Pacific countries, further boosting the market for various micronutrient 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. Recent studies have indicated that zinc deficiency is China's most widespread micronutrient deficiency. More than 50.0% of the arable soils are low in zinc, thereby limiting agricultural growth and improvement in human nutrition.
  • Widespread micronutrient deficiencies worldwide are becoming a rising concern for plant health, coupled with increasing encouragement from various government agencies and other organizations to improve the use of micronutrients to enhance plant and soil health, which is driving the growth of the market.
Global Micronutrient Fertilizer Market

The increase in micronutrient deficiencies increases the demand for micronutrient fertilizers

  • The global micronutrient fertilizer market grew at a stable rate during the study period, with a value of USD 5.70 billion in 2022. Asia-Pacific occupied the largest market share of 38.8% in 2022, followed by Europe and North America.
  • Countries such as India and China are the major micronutrient fertilizer markets, accounting for 13.9% and 10.5% of the market share in 2022, respectively. The increase in micronutrient deficiency in Chinese crops resulted in 31.4% of micronutrient fertilizer consumption in 2022. The Ministry of Agriculture (MoA) of China added zinc, at a rate of 15-30 ZnSO4 kg/ha, to its national fertilizer recommendation, which was recently extended for summer crops like rice and corn.
  • France is the major market for micronutrient fertilizer in Europe, followed by Ukraine, with a market value of USD 218.4 million in 2022. The area under the cultivation of horticultural crops decreased from 17.4 million hectares in 2017 to 15.6 million hectares in 2022. However, the figure is expected to increase further in the following years.
  • Apart from Asia, zinc and iron deficiency in the soil is quite widespread in Sub-Saharan Africa and northwest South America. The overall advantages of micronutrient fertilizers are being widely accepted and recognized. The global export value of zinc in 2021 amounted to USD 1.6 million, with the Netherlands as the top exporter of the micronutrients, with a value of USD 275.6 thousand.
  • The market is growing because of the widespread micronutrient deficiencies around the world, with iron and zinc deficiencies becoming a rising concern for plant health, and also due to the increasing encouragement from various government agencies to increase the use of micronutrients.

Micronutrient Fertilizer Industry Segmentation

Boron, Copper, Iron, Manganese, Molybdenum, Zinc, Others are covered as segments by Product. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

  • Micronutrients play an important role in many plant metabolic activities, such as cell wall formation, pollen formation, germination, chlorophyll production, nitrogen fixation, and the synthesis of the essential parts of proteins. The global micronutrient fertilizer market value is anticipated to register a CAGR of 6.6% during 2023-2030.
  • Zinc accounted for a major share of 26.6% of the global micronutrient fertilizer market value in 2022. Of the total value share held by zinc fertilizers, conventional zinc fertilizers accounted for about 87.5%, and specialty zinc fertilizers accounted for about 12.5%. Specialty zinc fertilizers have the advantage of uniform distribution and fast acting on crops compared to conventional fertilizers.
  • The Asia-Pacific region dominated the global market, accounting for 33.3% of the market value share in 2022. The distribution network of micronutrient fertilizers is well-established in the major Asia-Pacific countries, further boosting the market for various micronutrient 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. Recent studies have indicated that zinc deficiency is China's most widespread micronutrient deficiency. More than 50.0% of the arable soils are low in zinc, thereby limiting agricultural growth and improvement in human nutrition.
  • Widespread micronutrient deficiencies worldwide are becoming a rising concern for plant health, coupled with increasing encouragement from various government agencies and other organizations to improve the use of micronutrients to enhance plant and soil health, which is driving the growth of the market.
Product
Boron
Copper
Iron
Manganese
Molybdenum
Zinc
Others
Application Mode
Fertigation
Foliar
Soil
Crop Type
Field Crops
Horticultural Crops
Turf & Ornamental
Region
Asia-Pacific
Australia
Bangladesh
China
India
Indonesia
Japan
Pakistan
Philippines
Thailand
Vietnam
Rest of Asia-Pacific
Europe
France
Germany
Italy
Netherlands
Russia
Spain
Ukraine
United Kingdom
Rest of Europe
Middle East & Africa
Nigeria
Saudi Arabia
South Africa
Turkey
Rest of Middle East & Africa
North America
Canada
Mexico
United States
Rest of North America
South America
Argentina
Brazil
Rest of South America
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Micronutrient Fertilizer Market Size Summary

The Micronutrient Fertilizer Market is poised for significant growth, driven by the essential role micronutrients play in plant metabolic activities such as chlorophyll production and nitrogen fixation. The market is experiencing a robust expansion, with a notable increase in demand due to widespread micronutrient deficiencies affecting plant health globally. The Asia-Pacific region leads the market, supported by a well-established distribution network and a rising need to address soil nutrient depletion. This region's dominance is further bolstered by countries like China and India, where micronutrient deficiencies are prevalent, prompting increased fertilizer consumption. The market's growth is also fueled by government initiatives encouraging the use of micronutrients to enhance agricultural productivity and soil health.

Globally, the demand for micronutrient fertilizers is on the rise as farmers seek to boost crop yields to meet the food production demands of a growing population. The market is moderately consolidated, with major players like Coromandel International Ltd., ICL Group Ltd, K+S Aktiengesellschaft, The Mosaic Company, and Yara International ASA leading the charge. Recent strategic acquisitions and product launches by these companies indicate a proactive approach to expanding their market presence and enhancing their product offerings. The increasing application rates of micronutrients in various regions, particularly in Asia-Pacific, South America, and North America, highlight the growing recognition of the benefits of micronutrient fertilizers in improving crop yields and soil health.

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Micronutrient Fertilizer Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Product

      1. 1.1.1 Boron

      2. 1.1.2 Copper

      3. 1.1.3 Iron

      4. 1.1.4 Manganese

      5. 1.1.5 Molybdenum

      6. 1.1.6 Zinc

      7. 1.1.7 Others

    2. 1.2 Application Mode

      1. 1.2.1 Fertigation

      2. 1.2.2 Foliar

      3. 1.2.3 Soil

    3. 1.3 Crop Type

      1. 1.3.1 Field Crops

      2. 1.3.2 Horticultural Crops

      3. 1.3.3 Turf & Ornamental

    4. 1.4 Region

      1. 1.4.1 Asia-Pacific

        1. 1.4.1.1 Australia

        2. 1.4.1.2 Bangladesh

        3. 1.4.1.3 China

        4. 1.4.1.4 India

        5. 1.4.1.5 Indonesia

        6. 1.4.1.6 Japan

        7. 1.4.1.7 Pakistan

        8. 1.4.1.8 Philippines

        9. 1.4.1.9 Thailand

        10. 1.4.1.10 Vietnam

        11. 1.4.1.11 Rest of Asia-Pacific

      2. 1.4.2 Europe

        1. 1.4.2.1 France

        2. 1.4.2.2 Germany

        3. 1.4.2.3 Italy

        4. 1.4.2.4 Netherlands

        5. 1.4.2.5 Russia

        6. 1.4.2.6 Spain

        7. 1.4.2.7 Ukraine

        8. 1.4.2.8 United Kingdom

        9. 1.4.2.9 Rest of Europe

      3. 1.4.3 Middle East & Africa

        1. 1.4.3.1 Nigeria

        2. 1.4.3.2 Saudi Arabia

        3. 1.4.3.3 South Africa

        4. 1.4.3.4 Turkey

        5. 1.4.3.5 Rest of Middle East & Africa

      4. 1.4.4 North America

        1. 1.4.4.1 Canada

        2. 1.4.4.2 Mexico

        3. 1.4.4.3 United States

        4. 1.4.4.4 Rest of North America

      5. 1.4.5 South America

        1. 1.4.5.1 Argentina

        2. 1.4.5.2 Brazil

        3. 1.4.5.3 Rest of South America

Micronutrient Fertilizer Market Size FAQs

The Global Micronutrient Fertilizer Market size is expected to reach USD 5.60 billion in 2024 and grow at a CAGR of 6.69% to reach USD 8.25 billion by 2030.

In 2024, the Global Micronutrient Fertilizer Market size is expected to reach USD 5.60 billion.

Micronutrient Fertilizer Market Report Snapshots

Micronutrient Fertilizer Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030