by Micronutrients fertilizers are specialty fertilizers that supply plants with essential elements in the micronutrient form. They are important for plants as they aid in photosynthesis, enzyme activity, and metabolism. The growing demand for high-value cash crops like fruits and vegetables has driven the need for micronutrients fertilizers to ensure optimal yields. 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:
The increased demand for high-value crops is one of the major trends driving growth in the micronutrients fertilizers market. Micronutrients play a vital role in fruit and vegetable production as deficiencies can reduce both yields and crop quality. Farmers growing high-value crops are increasingly relying on micronutrients fertilizers to boost agricultural productivity. This is evident from their rising application in fruit orchards and vegetable farms globally. The demand is further expected to grow over the forecast period as consumers spend more on nutrition-rich fresh produce items.
SWOT Analysis
Strength: Micronutrients help increase crop yields and quality which benefits farmers. Micronutrients such as boron and zinc are essential for plant growth and improve soil fertility.
Weakness: Application of excessive micronutrients can harm soil quality and pose environmental issues. High research and development costs are involved in developing new micronutrient formulations.
Opportunity: Growing awareness among farmers about importance of micronutrients for balanced plant nutrition opens up opportunities. Adoption of precision farming and protected agriculture boosts micronutrients demand.
Threats: Stringent regulations surrounding micronutrient levels in soil and food crops act as a challenge. Supply chain disruptions and price volatility of raw materials threaten market.
Key Takeaways
The global micronutrients fertilizers market is expected to witness high growth. The market size for 2024 is projected to reach US$ 3734.74 billion, growing at a CAGR of 11% during the forecast period of 2024 to 2030.
Regional analysis comprises Asia Pacific dominates the market and is expected to continue its dominance during the forecast period. Countries such as India, China, and Indonesia have widespread micronutrient deficiencies in soil and high crop production which drives regional demand. North America and Europe are other major regional markets supported by advanced agricultural practices.
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. These companies have a significant market share and are focused on expanding their product portfolio and global presence through mergers and acquisitions.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
