South America Micronutrient Fertilizer Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 492.8 Million |
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Market Size (2030) | USD 690.2 Million |
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Largest Share by Product | Zinc |
|
|
CAGR (2024 - 2030) | 5.78 % |
|
Largest Share by Country | Brazil |
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|
Market Concentration | Low |
Major Players |
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|
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*Disclaimer: Major Players sorted in alphabetical order. |
South America Micronutrient Fertilizer Market Analysis
The South America Micronutrient Fertilizer Market size is estimated at 492.8 million USD in 2024, and is expected to reach 690.2 million USD by 2030, growing at a CAGR of 5.78% during the forecast period (2024-2030).
492.8 Million
Market Size in 2024 (USD)
690.2 Million
Market Size in 2030 (USD)
4.34 %
CAGR (2017-2023)
5.78 %
CAGR (2024-2030)
Largest Segment by Type
27.33 %
value share, Zinc, 2023
Zinc deficiency being a widespread problem in the region, particularly in the northwestern region of South America, is anticipated to drive the market during forecast period.
Fastest Growing Type
7.29 %
Projected CAGR, Molybdenum, 2024-2030
Foliar molybdenum application acts quickly on the crop and is the best option for correcting molybdenum deficiencies during critical growth stages of various crops.
Largest Segment by Crop Type
94.03 %
value share, Field Crops, 2023
Shifting focus toward balanced nutrition, increasing area under field crops, and need to maintain micronutrient levels in the soil for the proper growth may drive the market.
Largest segment by Country
54.14 %
value share, Brazil, 2023
The key drivers for this market are the availability of expandable acreage, the rising demand for micronutrient fertilizers, and increasing government subsidies.
Leading Market Player
15.66 %
market share, The Mosaic Company, 2022
The Mosaic Co. has proprietary Fusion technology that packs all of the key micronutrients of MicroEssentials into a single granule making it leading market player.
The demand for zinc is higher in the region due to the need to address deficiency to optimize crop yield
- Micronutrients are vital for many plant metabolic activities, such as cell wall development, pollen creation, germination, chlorophyll production, nitrogen fixation, and protein synthesis. Micronutrient fertilizers account for less than two percent of the total fertilizer market value, which amounted to about USD 547.7 million in 2022.
- Among micronutrient fertilizers, iron is one of the most commonly used micronutrient fertilizer in the region in 2022. Iron accounted for about 8.5% of the total micronutrient fertilizer market value, amounting to about USD 46.6 million in 2022. Iron is a component of many enzymes associated with energy transfer, nitrogen reduction and fixation, and lignin formation.
- The application of zinc as a micronutrient fertilizer is the highest in the region, after iron. Zinc deficiency is a widespread problem in the region, particularly in the northwestern region of South America. Zinc accounts for about 27.5% of the total micronutrient fertilizer market value, which amounted to about USD 150.5 million in 2022.
- Soybean and wheat cultivation accounts for about 61.13% of the total agricultural land in the region. These two crops are most likely to suffer from manganese deficiency. Manganese accounted for about 3.7% of the total micronutrient fertilizer market value in 2022.
- Nickel, cobalt, selenium, and chloride are the other micronutrients. The total other micronutrient segment accounts for 11.8% of the region's total micronutrient fertilizer market value, which amounted to about USD 64.6 million in 2022.
- Even though most micronutrients are available in soils, most are immobile in nature and not available for plant uptake. Hence, the demand for micronutrient fertilizers is increasing in the region.
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Nutrient deficiencies in the country’s soils translate to a major market share for Brazil
- Brazil dominated the South American micronutrient fertilizer market, accounting for about 60.6% of the total market value, amounting to USD 331.7 million in 2022. The Brazilian micronutrient fertilizer market segment is anticipated to increase to USD 382.2 million by the end of 2030, owing to the growing cultivation area, which increased by about 14.8% from 2017 to 2022.
- Field crops dominated the Argentine micronutrient fertilizer market with a 97.7% market value share in 2022. This dominance was attributed to the larger area occupied by field crops in the country. Major field crops grown in Argentina are soybean, wheat, and maize, which together account for 97.7% of the total crop area. Meanwhile, micronutrient fertilizers consumption by horticultural crops in Argentina was valued at USD 2.84 million in 2022 and is anticipated to reach USD 3.9 million by 2030.
- By application type, soil application dominated micronutrient consumption, accounting for 95.1% of the total volume, followed by fertigation with a 2.5% share and foliar application with a 2.3% share in 2022.
- Farmers are adopting micronutrient fertilizers for their crops to achieve high-quality produce and better yields. Deficiency in micronutrients that are essential for plant growth can lead to lower crop yields. During the past decade, soil micronutrient deficiencies were noticed primarily for zinc, boron, and molybdenum. Soil deficiencies of zinc are widespread in the northwestern region of South America. Hence, the micronutrient fertilizers market in Brazil is expected to grow from 2023 to 2030.
South America Micronutrient Fertilizer Market Trends
The government's initiatives to achieve self-sufficiency have significantly contributed to the increased field crop cultivation
- The cultivation area for field crops in South America witnessed growth from 111.6 million ha in 2017 to 126.1 million ha in 2022, marking a 12.8% increase. This expansion in cultivation is projected to drive up the demand for fertilizers in the region. Field crops dominated the landscape, accounting for a substantial 96.8% share. In 2022, Brazil held the lion's share of the market at 56.9%, with Argentina trailing at 29.3%. Brazil, known as the global leader in soy production and exports, saw its soy output touch nearly 135 million tonnes in 2021. Out of this, a significant 105.5 million tonnes, or 82%, was exported, with 82% in raw soybean form, 16% as soybean cake, and 2% as soybean oil.
- Soybean cultivation reigns supreme in South America, with Brazil and Argentina leading the pack, accounting for 64.4% and 26.1% of the cultivated area, respectively. However, the region is currently grappling with an extended drought, leading to alarmingly low water levels in major rivers. This has far-reaching consequences, hampering both harvests and the transportation of crucial summer crops, especially soybeans. Consequently, this situation amplifies the urgency of increasing fertilizer applications in South America.
- Driven by robust global demand and favorable profitability, soybean cultivation in the Mercosur region has witnessed a surge. The price surge in raw materials, including soy, has incentivized producers to expand their operations, investing in new lands and equipment to enhance their scale and efficiency. As a result, the region is poised for further expansion in its field crop cultivation, aligning with the growth in both domestic and international markets.
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In 2022, the highest average application rate among micronutrients is for manganese, approximately 12.2 kg/hectare
- Oxisols and ultisols dominate the South American soil landscape. Oxisols, characterized by high weathering, uniform texture, and abundant iron and aluminum oxides, contrast with ultisols, which are less weathered but more acidic. However, both soil types necessitate micronutrient supplementation for optimal crop yields, given the immobility of most micronutrients in the soil. Micronutrient deficiencies are increasingly limiting annual crop production in South America. Crops like rice, corn, wheat, soybean, and common bean have reported deficits in essential micronutrients such as zinc, copper, boron, manganese, and iron.
- In 2022, the average application rate of micronutrient fertilizers in field crops stood at 4.3 kg/hectare. Despite the presence of iron in these soils, its availability to plants is hampered by its binding with excessive phosphates. Consequently, the average iron application rate in field crops across the region is 3.3 kg/hectare. Manganese, with an average application rate of 12.2 kg/hectare in 2022, leads among the micronutrients. While it is prevalent in upland rice, it is less common in rainfed or lowland rice, as its solubility increases under submerged conditions. Manganese-deficient plants exhibit stunted growth, fewer leaves, reduced weight, and smaller root systems during tillering.
- Rapeseed, a prominent field crop in South America, demands higher micronutrient quantities compared to others. In 2022, its average micronutrient fertilizer application rate reached 4.40 kg/hectare. Given the growing emphasis on balanced crop nutrition and the pivotal role of micronutrients in overall yield, an uptick in micronutrient application is anticipated in the coming years.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The shift to field crop cultivation coupled with Free Trade Agreements have resulted in reduced horticultural crop cultivation in the region
- Irrigation agriculture is majorly dominated by the Brazil in the region
- The average micronutrient application in the South American region for vegetable crops is 4.4 kg/hectare in 2022
South America Micronutrient Fertilizer Industry Overview
The South America Micronutrient Fertilizer Market is fragmented, with the top five companies occupying 32.79%. The major players in this market are EuroChem Group, K+S Aktiengesellschaft, Nortox, The Mosaic Company and Yara International ASA (sorted alphabetically).
South America Micronutrient Fertilizer Market Leaders
EuroChem Group
K+S Aktiengesellschaft
Nortox
The Mosaic Company
Yara International ASA
Other important companies include BMS Micro-Nutrients NV, Grupa Azoty S.A. (Compo Expert), Haifa Group, ICL Group Ltd, Inquima LTDA.
*Disclaimer: Major Players sorted in alphabetical order.
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South America Micronutrient Fertilizer Market News
- March 2022: EuroChem Group has purchased 51.48% of the shares of the Brazilian distributor Fertilizantes Heringer SA, this purchase will further strengthen its production and distribution capacity in Brazil.
- March 2022: The Haifa Group entered a purchase agreement with HORTICOOP BV to acquire Horticoop Andina, the distributor of nutritional products for agriculture. Through this acquisition of the brand, Haifa intends to expand its market presence in the Latin American market and strengthen its position as a global superbrand in advanced plant nutrition.
- August 2020: EuroChem Group and Fertilizantes Tocantins (FTO) completed the trade integration agreement which will help EuroChem to offer farmers the full range of products in the Brazilian market.
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South America Micronutrient Fertilizer Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Acreage Of Major Crop Types
2.1.1. Field Crops
2.1.2. Horticultural Crops
2.2. Average Nutrient Application Rates
2.2.1. Micronutrients
2.2.1.1. Field Crops
2.2.1.2. Horticultural Crops
2.3. Agricultural Land Equipped For Irrigation
2.4. Regulatory Framework
2.5. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Product
3.1.1. Boron
3.1.2. Copper
3.1.3. Iron
3.1.4. Manganese
3.1.5. Molybdenum
3.1.6. Zinc
3.1.7. Others
3.2. Application Mode
3.2.1. Fertigation
3.2.2. Foliar
3.2.3. Soil
3.3. Crop Type
3.3.1. Field Crops
3.3.2. Horticultural Crops
3.3.3. Turf & Ornamental
3.4. Country
3.4.1. Argentina
3.4.2. Brazil
3.4.3. Rest of South America
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. BMS Micro-Nutrients NV
4.4.2. EuroChem Group
4.4.3. Grupa Azoty S.A. (Compo Expert)
4.4.4. Haifa Group
4.4.5. ICL Group Ltd
4.4.6. Inquima LTDA
4.4.7. K+S Aktiengesellschaft
4.4.8. Nortox
4.4.9. The Mosaic Company
4.4.10. Yara International ASA
5. KEY STRATEGIC QUESTIONS FOR FERTILIZER CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- CULTIVATION OF FIELD CROPS IN HECTARE, SOUTH AMERICA, 2017 - 2022
- Figure 2:
- CULTIVATION OF HORTICULTURAL CROPS IN HECTARE, SOUTH AMERICA, 2017 - 2022
- Figure 3:
- CONSUMPTION OF MICRONUTRIENTS BY FIELD CROPS IN KG/HECTARE, SOUTH AMERICA, 2022
- Figure 4:
- CONSUMPTION OF MICRONUTRIENTS BY HORTICULTURAL CROPS IN KG/HECTARE, SOUTH AMERICA, 2022
- Figure 5:
- AGRICULTURAL LAND EQUIPPED FOR IRRIGATION IN HECTARE, SOUTH AMERICA, 2022
- Figure 6:
- MICRONUTRIENTS FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 7:
- MICRONUTRIENTS FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 8:
- FERTILIZER CONSUMPTION BY MICRONUTRIENTS IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 9:
- FERTILIZER CONSUMPTION BY MICRONUTRIENTS IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 10:
- FERTILIZER CONSUMPTION VOLUME BY MICRONUTRIENTS IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 11:
- FERTILIZER CONSUMPTION VALUE BY MICRONUTRIENTS IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 12:
- BORON FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 13:
- BORON FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 14:
- BORON FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 15:
- COPPER FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 16:
- COPPER FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 17:
- COPPER FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 18:
- IRON FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 19:
- IRON FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 20:
- IRON FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 21:
- MANGANESE FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 22:
- MANGANESE FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 23:
- MANGANESE FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 24:
- MOLYBDENUM FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 25:
- MOLYBDENUM FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 26:
- MOLYBDENUM FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 27:
- ZINC FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 28:
- ZINC FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 29:
- ZINC FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 30:
- OTHERS FERTILIZER CONSUMPTION IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 31:
- OTHERS FERTILIZER CONSUMPTION IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 32:
- OTHERS FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 33:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY APPLICATION MODE IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 34:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY APPLICATION MODE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 35:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VOLUME BY APPLICATION MODE IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 36:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY APPLICATION MODE IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 37:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 38:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 39:
- FERTIGATION APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 40:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 41:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 42:
- FOLIAR APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 43:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 44:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 45:
- SOIL APPLICATION OF MICRONUTRIENTS FERTILIZER IN VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 46:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY CROP TYPE IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 47:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY CROP TYPE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 48:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VOLUME BY CROP TYPE IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 49:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 50:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY FIELD CROPS IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 51:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY FIELD CROPS IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 52:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 53:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY HORTICULTURAL CROPS IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 54:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY HORTICULTURAL CROPS IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 55:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 56:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY TURF & ORNAMENTAL IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 57:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY TURF & ORNAMENTAL IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 58:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY PRODUCT IN %, SOUTH AMERICA, 2023 VS 2030
- Figure 59:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY COUNTRY IN METRIC TON, SOUTH AMERICA, 2017 - 2030
- Figure 60:
- MICRONUTRIENTS FERTILIZER CONSUMPTION BY COUNTRY IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 61:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VOLUME BY COUNTRY IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 62:
- MICRONUTRIENTS FERTILIZER CONSUMPTION VALUE BY COUNTRY IN %, SOUTH AMERICA, 2017 VS 2023 VS 2030
- Figure 63:
- ARGENTINA FERTILIZER CONSUMPTION IN METRIC TON, ARGENTINA, 2017 - 2030
- Figure 64:
- ARGENTINA FERTILIZER CONSUMPTION IN USD, ARGENTINA, 2017 - 2030
- Figure 65:
- ARGENTINA FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, ARGENTINA, 2023 VS 2030
- Figure 66:
- BRAZIL FERTILIZER CONSUMPTION IN METRIC TON, BRAZIL, 2017 - 2030
- Figure 67:
- BRAZIL FERTILIZER CONSUMPTION IN USD, BRAZIL, 2017 - 2030
- Figure 68:
- BRAZIL FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, BRAZIL, 2023 VS 2030
- Figure 69:
- REST OF SOUTH AMERICA FERTILIZER CONSUMPTION IN METRIC TON, REST OF SOUTH AMERICA, 2017 - 2030
- Figure 70:
- REST OF SOUTH AMERICA FERTILIZER CONSUMPTION IN USD, REST OF SOUTH AMERICA, 2017 - 2030
- Figure 71:
- REST OF SOUTH AMERICA FERTILIZER CONSUMPTION VALUE BY CROP TYPE IN %, REST OF SOUTH AMERICA, 2023 VS 2030
- Figure 72:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, SOUTH AMERICA, 2017 - 2030
- Figure 73:
- SOUTH AMERICA MICRONUTRIENT FERTILIZER MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 74:
- MARKET SHARE OF MAJOR PLAYERS IN %, SOUTH AMERICA, 2022
South America 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. Argentina, Brazil are covered as segments by Country.
- Micronutrients are vital for many plant metabolic activities, such as cell wall development, pollen creation, germination, chlorophyll production, nitrogen fixation, and protein synthesis. Micronutrient fertilizers account for less than two percent of the total fertilizer market value, which amounted to about USD 547.7 million in 2022.
- Among micronutrient fertilizers, iron is one of the most commonly used micronutrient fertilizer in the region in 2022. Iron accounted for about 8.5% of the total micronutrient fertilizer market value, amounting to about USD 46.6 million in 2022. Iron is a component of many enzymes associated with energy transfer, nitrogen reduction and fixation, and lignin formation.
- The application of zinc as a micronutrient fertilizer is the highest in the region, after iron. Zinc deficiency is a widespread problem in the region, particularly in the northwestern region of South America. Zinc accounts for about 27.5% of the total micronutrient fertilizer market value, which amounted to about USD 150.5 million in 2022.
- Soybean and wheat cultivation accounts for about 61.13% of the total agricultural land in the region. These two crops are most likely to suffer from manganese deficiency. Manganese accounted for about 3.7% of the total micronutrient fertilizer market value in 2022.
- Nickel, cobalt, selenium, and chloride are the other micronutrients. The total other micronutrient segment accounts for 11.8% of the region's total micronutrient fertilizer market value, which amounted to about USD 64.6 million in 2022.
- Even though most micronutrients are available in soils, most are immobile in nature and not available for plant uptake. Hence, the demand for micronutrient fertilizers is increasing in the region.
| Product | |
| Boron | |
| Copper | |
| Iron | |
| Manganese | |
| Molybdenum | |
| Zinc | |
| Others |
| Application Mode | |
| Fertigation | |
| Foliar | |
| Soil |
| Crop Type | |
| Field Crops | |
| Horticultural Crops | |
| Turf & Ornamental |
| Country | |
| Argentina | |
| Brazil | |
| Rest of South America |
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Market Definition
- MARKET ESTIMATION LEVEL - Market Estimations for various types of fertilizers has been done at the product-level and not at the nutrient-level.
- NUTRIENT TYPES COVERED - Micronutients: Zn, Mn, Cu, Fe, Mo, B, and Others
- AVERAGE NUTRIENT APPLICATION RATE - This refers to the average volume of nutrient consumed per hectare of farmland in each country.
- CROP TYPES COVERED - Field Crops: Cereals, Pulses, Oilseeds, and Fiber Crops Horticulture: Fruits, Vegetables, Plantation Crops and Spices, Turf Grass and Ornamentals
| Keyword | Definition |
|---|---|
| Fertilizer | Chemical substance applied to crops to ensure nutritional requirements, available in various forms such as granules, powders, liquid, water soluble, etc. |
| Specialty Fertilizer | Used for enhanced efficiency and nutrient availability applied through soil, foliar, and fertigation. Includes CRF, SRF, liquid fertilizer, and water soluble fertilizers. |
| Controlled-Release Fertilizers (CRF) | Coated with materials such as polymer, polymer-sulfur, and other materials such as resins to ensure nutrient availability to the crop for its entire life cycle. |
| Slow-Release Fertilizers (SRF) | Coated with materials such as sulfur, neem, etc., to ensure nutrient availability to the crop for a longer period. |
| Foliar Fertilizers | Consist of both liquid and water soluble fertilizers applied through foliar application. |
| Water-Soluble Fertilizers | Available in various forms including liquid, powder, etc., used in foliar and fertigation mode of fertilizer application. |
| Fertigation | Fertilizers applied through different irrigation systems such as drip irrigation, micro irrigation, sprinkler irrigation, etc. |
| Anhydrous Ammonia | Used as fertilizer, directly injected into the soil, available in gaseous liquid form. |
| Single Super Phosphate (SSP) | Phosphorus fertilizer containing only phosphorus which has lesser than or equal to 35%. |
| Triple Super Phosphate (TSP) | Phosphorus fertilizer containing only phosphorus greater than 35%. |
| Enhanced Efficiency Fertilizers | Fertilizers coated or treated with additional layers of various ingredients to make it more efficient compared to other fertilizers. |
| Conventional Fertilizer | Fertilizers applied to crops through traditional methods including broadcasting, row placement, ploughing soil placement, etc. |
| Chelated Micronutrients | Micronutrient fertilizers coated with chelating agents such as EDTA, EDDHA, DTPA, HEDTA, etc. |
| Liquid Fertilizers | Available in liquid form, majorly used for application of fertilizers to crops through foliar and fertigation. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: IDENTIFY KEY VARIABLES: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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