Micronutrient Fertilizers Market: Introduction
- Seven essential plant nutrient elements are micronutrients: boron (B), zinc (Zn), manganese (Mn), iron (Fe), copper (Cu), molybdenum (Mo), chlorine (Cl). They constitute in total less than 1% of the dry weight of most plants.
- Micronutrients play a vital role in ensuring balanced nutrition to crops, and the lack of these may limit crop growth
- Increase in incidence of micronutrient deficiencies in soils around the world is one of the major factors driving the micronutrient fertilizers market
Key Drivers and Restraints of Micronutrient Fertilizers Market
The micronutrient fertilizers market has been expanding, due to the rise in demand for food, lower availability of arable land, growth in population, and rise in government funding for the usage of advanced techniques and fertilizers for high productivity. Additionally, effectiveness of micronutrients for crop yield and productivity, increased awareness among growers about the benefits of micronutrients, and shrinkage of agricultural land are driving the global micronutrient fertilizers market. However, mining of micronutrient reserves, availability of cheap alternatives and counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients are the restraining factors of the micronutrient fertilizers market.
Micronutrient Fertilizers Market: Crop Type Segment
- Based on crop type, the global micronutrient fertilizers market can be segmented into pulses & oilseeds, fruits & vegetables, turf & ornamentals, and others
- The fruits & vegetables segment is projected to expand at a rapid pace during the forecast period
- Rise in export of fruits and vegetables has led to an increase in crop plantation area. This has resulted in a rise in their production levels. Hence, the fruits & vegetables segment is projected to expand significantly in the near future.
Micronutrient Fertilizers Market: Product Type Segment
- Based on product type, the global micronutrient fertilizers market can be divided into zinc, boron, iron, manganese, molybdenum and others (chlorine and nickel)
- The zinc segment is projected to dominate the micronutrient fertilizers market during the forecast period
- Soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China, and Indonesia), Sub-Saharan Africa, and the northwestern region of South America
- The mineral reserves for raw material supply seem to be most restrictive for zinc. At the current production rates of mining, the known reserves are sufficient for just 21 years. Thus, the zinc segment has been expanding, as it is an important micronutrient and the governments across the globe are making efforts to curb its deficiency by increasing its content in the agricultural produce.
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Micronutrient Fertilizers Market: Form Type Segment
- Based on form, chelated is projected to be a rapidly-growing segment of the micronutrient fertilizers market during the forecast period
- Chelated micronutrients are organic molecules that combine with metal cation to form a ring-like structure. Chelated micronutrients are available in different ranges of soil pH.
- Commonly used chelating agents during the production of synthetic micronutrient chelates are ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, N¡ä-bis (2-hydroxyphenyl acetic acid) (EDDHA)
COVID-19 Impact on Global Micronutrient Fertilizers Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Farmers have been facing a shortage of agricultural raw materials such as fertilizer, seeds, and pesticides due to the COVID-19 pandemic
- Despite many hardships due to the COVID-19 pandemic, the micronutrient fertilizers market has been recovering with the tightening of global micronutrients supply-demand balance
- Supplies have struggled to keep pace with demand in many countries, including the U.S., during the pandemic. Major players such as Nutrien Ltd. and K+S AG are ramping up their production capacities to cater to the rising demand.
Asia Pacific to Hold Leading Share of Global Micronutrient Fertilizers Market
- In terms of region, the micronutrient fertilizers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global micronutrient fertilizers market, followed by North America and Europe, during the forecast period
- The distribution network of micronutrient fertilizers is well-established in major Asia Pacific countries. This is boosting the demand for various micronutrients fertilizer products in the region. Rise in demand for food grains and decrease in nutrients in the soil are major factors driving the market in the region. Recent studies have indicated that zinc deficiency is the most widespread micronutrient deficiency in China.
Key Manufacturers Operating in Global Micronutrient Fertilizers Market
The micronutrient fertilizers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the micronutrient fertilizers market include:
- Nutrien Ltd. (Potash Corp)
- Potash Corporation of Saskatchewan
- Belaruskali Company
- K+S AG
- CF Industries
- Uralkali PJSC
- Israel Chemicals
- Yara International
- The Mosaic Company
Micronutrient Fertilizers: Research Scope
Micronutrient Fertilizers Market, by Product Type
Micronutrient Fertilizers Market, by Crop Type
- Cereals & Grains
- Pulses & Oilseeds
- Fruits & Vegetables
- Turf & Ornamentals
Micronutrient Fertilizers Market, by Form Type
Micronutrient Fertilizers Market, by Application
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