Micronutrients fertilizers play a vital role in plant nutrition and health, as they help in improving the overall yield and quality of crops by regulating different metabolic activities in plants. Micronutrients such as iron, manganese, zinc, copper, molybdenum, and boron are vital for photosynthesis, enzyme activity, and protein synthesis in plants. Precision farming technologies have enabled farmers to assess field variability and apply micronutrients fertilizers more precisely according to soil needs.
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:
The increasing adoption of precision farming techniques is one of the major trends positively impacting the growth of the micronutrients fertilizers market. Precision farming utilizes technologies like GPS, GIS, remote sensing, variable-rate technology, and robotics to optimize agricultural production. It helps farmers to gather data about their fields and apply fertilizer more targeted and precisely according to the need of crops in different parts of the field. This reduces fertilizer wastage while maximizing yields. Precision farming is enabling more efficient micronutrient fertilizer usage and management, thereby driving the demand in the market.
Strength: Micronutrients fertilizers help increase crop yield and enhance soil quality. They provide essential micronutrients to plants for their proper growth and development.
Weakness: High dependency on imports of raw materials for production of micronutrients fertilizers. Fluctuating raw material prices in the global market pose challenges.
Opportunity: Growing awareness among farmers about role of micronutrients in sustaining soil health and increasing crop productivity. This will boost demand for micronutrients fertilizers.
Threats: Availability of substitutes like enriched NPK fertilizers can pose a threat. Natural calamities affecting crop production activities can impact market demand.
Global Micronutrients Fertilizers Market Size is expected to witness high growth. 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.
North America dominates the global market currently owing to large-scale farming practices and developed agricultural infrastructure in countries like the US and Canada. The Asia Pacific region is expected to witness fastest growth supported by factors such as growing population, rising farming activities, and government initiatives to boost fertilizer usage.
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.. Major players are focusing on expanding their regional presence through partnerships and collaborations with regional distributors. They are also investing in developing application-specific fertilizer formulations catering to micronutrient deficiency prevalent in different crops and geographies.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it