What are the Historical Developments and Current Growth Metrics of the Micronutrient Fertilizer Market?
The micronutrient fertilizer market has seen considerable growth due to a variety of factors.
• There has been a significant growth in the size of the micronutrient fertilizer market in the past few years. The market is expected to expand from $4.33 billion in 2024 to $4.63 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.0%.
Factors contributing to the growth during the historical period include amplified crop yields, soil exhaustions, augmented awareness, growing government backing, increased demand for high-value crops, and enhanced networks for fertilizer distribution.
What Is The Projected Growth Of The Micronutrient Fertilizer Template Market?
The micronutrient fertilizer market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for micronutrient fertilizers is anticipated to witness robust growth, expanding to $6.02 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%.
The projected growth during the forecast period can be ascribed to factors such as population surge, the rise in sustainable farming methods, climate change, amplified crop diversity, expansion of farming land, renewed focus on soil health, and the escalating adoption of precision farming. As for the trends expected during the forecast period, these include precision agriculture adoption, the creation of improved micronutrient formulations, the deployment of digital technology for nutrient control, the broadening of e-commerce in fertilizer distribution, and the production of customized fertilizer blends.
What Are The Key Drivers Fueling Growth In The Micronutrient Fertilizer Market?
Soil degradation, a rising issue affecting the quality and productivity of soil, is set to fuel the expansion of the micronutrient fertilizer market. This deterioration of soil is a result of various factors that diminish its agricultural value and damage the environment. The primary culprit is unsustainable farming practices, coupled with deforestation and industrial exploits, leading to erosion, nutrient exhaustion, and a loss of organic matter. Climate shifts and overgrazing intensify the worsening soil condition. Micronutrient fertilizers serve as a beneficial tool in this battle, as they restore vital nutrients and enrich soil fertility, thereby paving the way for sustainable crop growth. The United Nations Convention to Combat Desertification (UNCCD), a German international trade and development organization, reported in April 2022 that up to 40% of Earth's land has deteriorated, affecting half of the global population. By 2050, the area of land degradation is predicted to span 16 million square kilometers, approximately the size of South America. Thus, the escalation of global soil degradation triggers the growth of the micronutrient fertilizer market.
What Are The Principal Market Segments In The Global Micronutrient Fertilizer Industry?
The micronutrient fertilizermarket covered in this report is segmented –
1) By Type: Zinc (Zn), Boron (Bo), Iron (Fe), Manganese (Mn), Copper (Cu), Molybdenum (Mo), Silicon (Si), Nickel (Ni), Cobalt (Co), Other Types
2) By Form: Chelated, Non Chelated
3) By Crop Type: Grains And Cereals, Pulses And Oilseeds, Commercial Crops, Fruits And Vegetables, Other Crop Types
4) By Application Methods: Soil Application, Foliar Application, Fertigation, Other Applications
Subsegments:
1) By Zinc (Zn): Zinc Sulfate, Zinc Oxide, Zinc Chelates, Zinc Nitrate
2) By Boron (Bo): Borax, Boric Acid, Sodium Borate, Boron Chelates
3) By Iron (Fe): Iron Sulfate, Iron Chelates, Iron Oxide, Iron EDTA
4) By Manganese (Mn): Manganese Sulfate, Manganese Chelates, Manganese Oxide
5) By Copper (Cu): Copper Sulfate, Copper Chelates, Copper Oxide
6) By Molybdenum (Mo): Ammonium Molybdate, Sodium Molybdate, Molybdenum Oxide
7) By Silicon (Si): Calcium Silicate, Potassium Silicate, Sodium Metasilicate
8) By Nickel (Ni): Nickel Sulfate, Nickel Nitrate, Nickel Chelates
9) By Cobalt (Co): Cobalt Sulfate, Cobalt Nitrate, Cobalt Chloride
10) By Other Types: Selenium Fertilizers, Chlorine Fertilizers, Vanadium Fertilizers
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What Trends Are Reshaping The Future Of The Micronutrient Fertilizer Market?
Leading companies in the micronutrient fertilizer market are concentrating their efforts on creating innovative methodologies, including water-soluble fertilizers, in order to increase nutrient accessibility and boost crop output. Water-soluble fertilizers are those that can easily dissolve in water, making nutrient distribution to plants through irrigation systems more effective. An example includes a move made by ICL Group Ltd., a chemical manufacturing company based in Israel. In June 2023, they introduced a new series of water-soluble micronutrient and N-P-K fertilizers in North America with the goal of enhancing crop nutrition through cutting-edge foliar and fertigation techniques. This collection includes premier products like Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW, all specially crafted to provide high-purity, water-soluble nutrients that cater to unique agricultural needs. These products also ensure utmost solubility and are compatible with an assortment of herbicides and crop protectants.
Who Are the Key Players In The Micronutrient Fertilizer Market?
Major companies operating in the micronutrient fertilizer market are:
• Koch Industries Inc.
• BASF SE
• Nutrien Ltd.
• Yara International ASA
• The Mosaic Company
• Corteva Inc.
• Akzo Nobel N.V.
• Israel Chemicals Ltd.
• K+S AG
• FMC Corporation
• Nouryon Specialty Chemicals B.V.
• Coromandel International Limited
• Nufarm Limited
• Compass Minerals International Inc.
• Haifa Negev Technologies Ltd.
• Aries Agro Ltd.
• AgroLiquid
• Kugler Company
• Van Iperen International B.V.
• Graco Fertilizer Company
• Solufeed Ltd.
• Western Nutrients Corporation
• Baicor LLC
What Are The Regional Insights Into The Micronutrient Fertilizer Market?
North America was the largest region in the micronutrient fertilizer market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the micronutrient fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
