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Micronutrient Fertilizers Market: Introduction

  • Seven essential plant nutrient elements are micronutrients: boron (B), zinc (Zn), manganese (Mn), iron (Fe), copper (Cu), molybdenum (Mo), chlorine (Cl). They constitute in total less than 1% of the dry weight of most plants.
  • Micronutrients play a vital role in ensuring balanced nutrition to crops, and the lack of these may limit crop growth
  • Increase in incidence of micronutrient deficiencies in soils around the world is one of the major factors driving the micronutrient fertilizers market

Key Drivers and Restraints of Micronutrient Fertilizers Market

The micronutrient fertilizers market has been expanding, due to the rise in demand for food, lower availability of arable land, growth in population, and rise in government funding for the usage of advanced techniques and fertilizers for high productivity. Additionally, effectiveness of micronutrients for crop yield and productivity, increased awareness among growers about the benefits of micronutrients, and shrinkage of agricultural land are driving the global micronutrient fertilizers market. However, mining of micronutrient reserves, availability of cheap alternatives and counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients are the restraining factors of the micronutrient fertilizers market.

Micronutrient Fertilizers Market: Crop Type Segment

  • Based on crop type, the global micronutrient fertilizers market can be segmented into pulses & oilseeds, fruits & vegetables, turf & ornamentals, and others
  • The fruits & vegetables segment is projected to expand at a rapid pace during the forecast period
  • Rise in export of fruits and vegetables has led to an increase in crop plantation area. This has resulted in a rise in their production levels. Hence, the fruits & vegetables segment is projected to expand significantly in the near future.

Micronutrient Fertilizers Market: Product Type Segment

  • Based on product type, the global micronutrient fertilizers market can be divided into zinc, boron, iron, manganese, molybdenum and others (chlorine and nickel)
  • The zinc segment is projected to dominate the micronutrient fertilizers market during the forecast period
  • Soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China, and Indonesia), Sub-Saharan Africa, and the northwestern region of South America
  • The mineral reserves for raw material supply seem to be most restrictive for zinc. At the current production rates of mining, the known reserves are sufficient for just 21 years. Thus, the zinc segment has been expanding, as it is an important micronutrient and the governments across the globe are making efforts to curb its deficiency by increasing its content in the agricultural produce.

Micronutrient Fertilizers Market: Form Type Segment

  • Based on form, chelated is projected to be a rapidly-growing segment of the micronutrient fertilizers market during the forecast period
  • Chelated micronutrients are organic molecules that combine with metal cation to form a ring-like structure. Chelated micronutrients are available in different ranges of soil pH.
  • Commonly used chelating agents during the production of synthetic micronutrient chelates are ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, N¡ä-bis (2-hydroxyphenyl acetic acid) (EDDHA)

COVID-19 Impact on Global Micronutrient Fertilizers Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
  • Farmers have been facing a shortage of agricultural raw materials such as fertilizer, seeds, and pesticides due to the COVID-19 pandemic
  • Despite many hardships due to the COVID-19 pandemic, the micronutrient fertilizers market has been recovering with the tightening of global micronutrients supply-demand balance
  • Supplies have struggled to keep pace with demand in many countries, including the U.S., during the pandemic. Major players such as Nutrien Ltd. and K+S AG are ramping up their production capacities to cater to the rising demand.

Asia Pacific to Hold Leading Share of Global Micronutrient Fertilizers Market

  • In terms of region, the micronutrient fertilizers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is expected to hold major share of the global micronutrient fertilizers market, followed by North America and Europe, during the forecast period
  • The distribution network of micronutrient fertilizers is well-established in major Asia Pacific countries. This is boosting the demand for various micronutrients fertilizer products in the region. Rise in demand for food grains and decrease in nutrients in the soil are major factors driving the market in the region. Recent studies have indicated that zinc deficiency is the most widespread micronutrient deficiency in China.

Key Manufacturers Operating in Global Micronutrient Fertilizers Market

The micronutrient fertilizers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the micronutrient fertilizers market include:

  • BASF
  • Nutrien Ltd. (Potash Corp)
  • Potash Corporation of Saskatchewan
  • Belaruskali Company
  • K+S AG
  • CF Industries
  • Uralkali PJSC
  • Israel Chemicals
  • Yara International
  • The Mosaic Company
  • Agrium

Micronutrient Fertilizers: Research Scope

Micronutrient Fertilizers Market, by Product Type

  • Zinc
  • Boron
  • Iron
  • Manganese
  • Molybdenum
  • Others

Micronutrient Fertilizers Market, by Crop Type

  • Cereals & Grains
  • Pulses & Oilseeds
  • Fruits & Vegetables
  • Turf & Ornamentals
  • Others

Micronutrient Fertilizers Market, by Form Type

  • Chelated
  • Non-Chelated

Micronutrient Fertilizers Market, by Application

  • Soil
  • Foliar
  • Fertigation
  • Others

Global Micronutrient Fertilizers Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Global Micronutrient Fertilizers Market

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