June 14, 2024
Micronutrients Fertilizers Market

The Global Micronutrients Fertilizers Market Is Driven By Demand For High Yielding Crops

Micronutrients fertilizers play a vital role in improving crop nutrient deficiencies in soils and promoting overall plant growth. Micronutrients like zinc, iron, manganese, copper, and others are essential for several biochemical plant functions such as photosynthesis and improving disease resistance. Micronutrients fertilizers come in different formulations like chelated and non-chelated forms to increase nutrient uptake efficiency by plants. The growing organic and hydroponic farming practices are also fueling the demand for customized micronutrient mixtures as per the crop requirements.

The Global Micronutrients Fertilizers Market Size is estimated to be valued at US$ 3734.74 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 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 development of innovative formulations. Manufacturers are focusing on developing techniques to enhance nutrient solubility and availability for extended periods. This includes the use of chelating agents that form stable ring structures with micronutrients, protecting them from reactions with salts and ensuring consistent supply to crops. Nano-encapsulated formulations are also gaining traction as they prevent leaching and increase nutrient uptake efficiency. Such technologically advanced products cater to the rising demand for sustainable and high-efficiency fertilizers.

Porter’s Analysis

Threat of new entrants: The micronutrients fertilizers market requires huge capital investments in establishing manufacturing facilities and distribution networks. Thus, the threat of new entrants is moderate.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple suppliers in the market. Buyers can easily switch between suppliers based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in micronutrients fertilizers such as zinc, boron, iron, and manganese have few substitutes and switching costs are high for buyers.

Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for micronutrients in fertilizers.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional players competing on factors such as product quality, pricing, innovation, and distribution.

Key Takeaways

The global Micronutrients Fertilizers market is expected to witness high growth.

Regional analysis: North America dominated the market in 2024 accounting for around 35% of global share due to growth in demand for high-value crops and awareness regarding soil nutrition. Asia Pacific is anticipated to grow at the fastest rate during the forecast period owing to rising population, growth in exports of fruits and vegetables, and supportive government policies.

Key players operating in the Micronutrients Fertilizers 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. Micronutrients fertilizers help improve crop yield and quality. Rising concerns about food security are prompting growers and farmers to adopt precision farming techniques which require micronutrients.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it