by The global micronutrients fertilizers market comprises a wide variety of micronutrients such as zinc, boron, iron, manganese, molybdenum, copper and others that are essential for plant growth. Micronutrients help improve the quality and quantity of agricultural produce by enabling key physiological functions in crops. They play a vital role in photosynthesis, protein synthesis and energy production in plants. The demand for food is continuously rising with the growing population, necessitating higher crop productivity through improved nutrient management practices. Micronutrients deficiencies in soil can reduce crop yields significantly. To meet the target yields, farmers are increasingly adopting micronutrient fertilizers for a balanced fertilization program.
The global micronutrients fertilizers market is estimated to be valued at US$ 3241.96 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the micronutrients fertilizers market is the shift towards water soluble fertilizers. Water soluble fertilizers dissolve quickly in water and are rapidly absorbed by plants. They are more efficient as less product is required and there is reduced risk of nutrient run-off. Moreover, they can be easily applied through irrigation systems. Many farmers prefer water soluble micronutrients due to their convenience and advantages over conventional fertilizers. Their adoption is steadily rising across major agricultural markets to improve nutrient use efficiency and boost crop productivity.
Porter’s Analysis
Threat of new entrants: The micronutrients fertilizers market has moderate threat from new entrants due to high capital requirements for setting up production facilities. However, ease of global sourcing owing to fragmented supply base poses a medium threat.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and undifferentiated products. However, buyers prefer well established brands thus restricting bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used in production are easily available globally. However, suppliers prefer long term contracts and stability in demand-supply.
Threat of new substitutes: The threat of new substitutes is moderate as other fertilizer types offer comparable benefits. However, micronutrients offer balanced nutrition thus restricting threats.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering undifferentiated products. However, industry shift toward sustainability and efficiency reduces rivalry.
Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth. The growth can be attributed to rising demand for high-yield and balanced crops. The global micronutrients fertilizers market is estimated to be valued at US$ 3241.96 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific dominates the market and is expected to grow at fastest pace during the forecast period. Rising population, arable land area and adoption of advanced farming practices in countries like India and China drives the regional market. North America and Europe also offer sizeable opportunities owing to large agricultural output and developed agricultural infrastructure.
Key players:
Key players operating in the Micronutrients Fertilizers market are Square Inc., Lightspeed POS Inc., Booklog, Capterra, Librairie, Basil Bookseller Software, BookNet Canada, Booker Software, Booklogix, Alfa Ebooks Manager, IBID Info, Bookmanager, EPOS Now, BookSeller, IndieCommerce. Major players are focusing on new products with customized nutrient mixes, expanding global footprint and promoting sustainable agriculture through integrated solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
