Newark, May 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.5 Billion micronutrient fertilizers market will reach USD 9.02 Billion by 2033. Increased demand for effective fertilizers, rapidly growing strategic initiatives by the private players in the market may fuel the growth of the Micronutrient Fertilizers Market. Agrochemicals and plant growth regulators play pivotal roles in enhancing crop productivity amid rising agricultural activities to meet the demands of a growing population. Increased utilization of plant hormones is a consequence of this trend. Micronutrients, essential components in fertilizers, ensure balanced nutrient provision for optimal plant growth. Evolving food preferences drive the need for resource-intensive production methods, boosting demand for effective fertilizers. India's fruit production reached 99.07 million metric tonnes in 2019-20, cultivated across 6.66 million hectares. Micronutrients are indispensable for plant growth, contributing significantly to the expansion of the micronutrients market.
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Scope of Hanging Windrower Market
| Report Coverage | Details |
| CAGR | 7.2% from 2024 to 2033 |
| Market Size in 2023 | USD 4.5 Billion |
| Market Size by 2033 | USD 9.02 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Product, Application, Regions |
Micronutrients Fertilizers Market Size Product (Boron, Copper, Iron, Manganese, Molybdenum, Zinc and Others), by Application Mode (Fertigation, Foliar and Soil), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest global Micronutrients Fertilizers market, accounting for 55% of the total market. Owing to advancements in the technological industry in the region coupled with the adoption of intensive farming and advancements in irrigation systems. Whereas Asia Pacific exhibits the highest growth rate in the market owing to the rapidly growing population in the countries: India and China, increasing demand for food in the region.
Zinc emerges as the leading player in the global market throughout the forecast period, commanding a notable 50% market share by the year 2023
Zinc emerges as the leading player in the global market throughout the forecast period, commanding a notable 50% market share by the year 2023. This dominance can be attributed to the substantial demand for zinc micronutrients, given its pivotal role in protein synthesis, energy production, and growth regulation within plants. Additionally, the manganese segment is poised to experience substantial growth in the foreseeable future.
This growth is primarily driven by the widespread occurrence of manganese deficiency in soil, necessitating increased usage of manganese micronutrients.
Soil remains the dominant application method in the global market throughout the forecast period, capturing a substantial 57% market share by the year 2023
Soil remains the dominant application method in the global market throughout the forecast period, capturing a substantial 57% market share by the year 2023. This dominance is primarily due to the cost-effectiveness of soil application, making it the preferred method. Micronutrients such as copper, zinc, and boron are typically administered through soil application. However, the foliar segment is also projected to experience notable growth in the coming years. Foliar application is primarily utilized for applying micronutrients directly to crops, with manganese and iron being commonly administered through this method.
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Latest Development:
• In March 2023, Lucent Bio, a Canadian crop nutrition innovator, teamed up with AGT Food and Ingredients Inc. (AGT Foods), its subsidiary AGT Soileos Saskatchewan, and Federated Co-operatives Limited (FCL) to introduce a new crop nutrition solution called Soileos Zinc to Western Canadian farmers. FCL will feature this sustainable micronutrient fertilizer as its 2023 Innovation Product, marking a significant step in the partnership.
• In March 2021, ICL, a prominent global specialty chemicals company, acquired Compass Minerals Inc., a South American plant nutrition business, expanding its presence in the plant nutrition sector.
• In February 2022, The Mosaic Company completed a successful merger with the Ethos Institute, aimed at bolstering support for its supply chain partners in recognizing and addressing their environmental and social impact.
Market Dynamics
Drivers: Rapidly growing agriculture in the global market
In recent years, the agriculture industry has undergone significant transformation, embracing advanced technologies, sustainable practices, and eco-friendly production methods on a global scale. This evolution aims to ensure food security, meet the rising demand for diverse and nutritious food, and adapt to changing environmental conditions. Micronutrients play a crucial role in this evolution, as they are essential for vitamin synthesis and providing necessary minerals for plant growth. According to the United Nations Food and Agriculture Organization (FAO) Agricultural Outlook 2019-2028, there is a projected 15% increase in the global demand for agricultural products in the coming decade. Specifically, the demand for cereals for food purposes is expected to rise by 150 million tons during this period. However, challenges such as shifting climate patterns, the prevalence of crop diseases, and the adoption of new plant-breeding techniques necessitate the use of effective nutrient management practices, thereby driving the growth of the micronutrients market.
Restraints: Increased demand for organic fertilizers in the market
In recent years, the agriculture sector has seen a notable increase in demand for sustainable products, including organic fertilizers. These fertilizers, available in animal-based, plant-based, and mineral-based forms, have become popular for their ability to nourish plants and promote soil health. While they enhance water movement and fertility, it's crucial to carefully manage micronutrient applications. Overuse can lead to imbalances, necessitating a cautious approach. The rising preference for organic fertilizers may pose a challenge to the growth of the micronutrient market.
Opportunities: Increased demand for effective fertilizers
Agrochemicals and plant growth regulators play pivotal roles in enhancing crop productivity amid rising agricultural activities to meet the demands of a growing population. Increased utilization of plant hormones is a consequence of this trend. Micronutrients, essential components in fertilizers, ensure balanced nutrient provision for optimal plant growth. Evolving food preferences drive the need for resource-intensive production methods, boosting demand for effective fertilizers. India's fruit production reached 99.07 million metric tonnes in 2019-20, cultivated across 6.66 million hectares. Micronutrients are indispensable for plant growth, contributing significantly to the expansion of the micronutrients market.
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Challenge: Low adoption of micronutrients in various developing countries in the global market
Many small-scale farmers in developing nations might not recognize how micronutrient fertilizers can enhance crop yield and quality, leading to a reluctance to adopt these products. Furthermore, there's frequently a lack of support services and education for these farmers on the proper use of micronutrient fertilizers. This encompasses a need for a better understanding of the distinct micronutrient requirements for various crops and soil conditions.
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Some of the major players operating in the Micronutrient Fertilizers market are:
• BASF SE
• AkzoNobel
• Nufarm
• Nutrien Ltd
• Yara International ASA
• Coromandel International Limited
• Corteva Inc.
• Western Nutrients Corporation
• The Mosaic Company
• Nouryon
Key Segments cover in the market:
By Product:
• Boron
• Copper
• Iron
• Manganese
• Molybdenum
• Zinc
• Others
By Application:
• Fertigation
• Foliar
• Soil
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About the report:
The global Micronutrient Fertilizers market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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