Asia-Pacific Micronutrient Fertilizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

New York, June 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Micronutrient Fertilizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06079790/?utm_source=GNW
This resulted in a shortage of supply of raw materials required to produce micronutrient fertilizer over a shorter term. Owing to often insufficient micronutrient fertilization during the pandemic restrictions, the steady growth of crop yields is anticipated to compound the problem by progressively depleting soils of their micronutrient supply.

The decreasing arable land and increasing demand for food are propelling growers to increase their agricultural productivity and build sustainable food systems globally, and this is expected to augment the growth of micronutrient fertilizers in the region. Among all the countries in the region, China is the largest market for micronutrient fertilizer consumption, followed by India.

Micronutrient deficiency is widespread in the Asia-Pacific region, which is one of the major regions where crop yield is affected by the deficiency. More than half of the cereal crop soils are zinc deficient and around one-third of the cultivated soil is iron deficient. It is estimated that 40-55% of the soils are moderately deficient in zinc, 25-35% in boron, and approximately 10-15% in other micronutrients. Paddy rice soils are the most susceptible to zinc deficiency and hence, there is a high demand for zinc fertilizers from key rice growing areas of Thailand, Philippines, India, and China among others. Hence, there is growing demand for zinc-based micronutrient fertilizers in these areas over the years.

Key Market Trends
Growing Deficiency of Micronutrients in Soil

Micronutrient deficiencies are frequently observed in intensively grown cereals, oilseeds, pulses, and vegetable crops. Hence, in order to obtain quality products and better yields, farmers are starting to increasingly adopt the use of micronutrients in their crops. The organic matter content in the soil is very low in most of the parts in India, resulting in poor soil fertility, lower output, and increasing import dependency on chemical fertilizers. The impact of particular micronutrients differs from crop to crop and across regions. For instance, in the case of wheat, the major micronutrient deficiencies are copper and manganese. In countries like China, India, and Japan, boron and molybdenum are identified to be deficient in wheat.

As reported by the All India Coordinated Research Project on "Micro and Secondary Nutrients and Pollutant Elements in Soils and Plants" (2016), nearly 49% of the soil samples across the country had a deficiency in Zinc, followed by 33% of the soil being deficient in Boron.

In addition to soil nutrition deficiency, the imbalanced application of different plant nutrient fertilizers is a major problem in most of the developing countries like India. The demand for high-quality soil across the country is driving the overall micronutrient fertilizer market in the Asia-Pacific region since India is one of the largest micronutrient fertilizer consumers in the world.

China is the Largest Market in Micronutrient Fertilizer Consumption

Among all the countries in the Asia-Pacific region, China holds the largest share in terms of consumption, accounting for about 33% of the micronutrient fertilizer market. Increased focus on agricultural productivity and government support strategies are the major factors for the growth of the Chinese micronutrient fertilizer segment. The Ministry of Agriculture of the People’s Republic of China in 2016 proposed the plan to reduce the reliance and usage of pesticides such as fertilizers by 2020 and further promote the development and usage of environmentally friendly products such as micronutrient fertilizers owing to the increasing demand for novel chemicals in the agricultural sector to enhance the production.

Micronutrient deficiencies are widespread in China because of the generally low micronutrient availability in soils and also because of increasing nutrient demands from increasingly intensive cropping practices. Manganese deficiency is a widespread problem, most often occurring in sandy soils, organic soils with a pH above 6, and heavily weathered, tropical soils, particularly in Northern China.

Although fertilizer usage in the country has been increasing over the years, micronutrient deficiency such as zinc deficiency in the soil has been increasing along with the expansion in the agricultural production. High micronutrient deficiency and increasing demand for crops have encouraged the farmers to adopt more micronutrients, in order to increase soil health and enhance crop productivity.

Competitive Landscape
The market for micronutrient fertilizers in the Asia-Pacific region is moderately consolidated with the international players such as The Mosaic Company, FMC Corporation, AkzoNobel NV, Yara International ASA, BASF SE, Haifa Chemicals Ltd., Coromandel International Limited, Valagro SpA, and others along with many small regional players occupying and capturing the overall market. The most adopted strategies for these players have been mergers and acquisitions as well as the expansion of the market base in the Asia-Pacific region.

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