Europe Micronutrient Fertilizer Market is projected to grow at a CAGR of 6.9% during the forecast period (2020-2025). Increase in Research activities for launching new products that cater to the needs of farmers in this region, favorable government policies such as Common Agricultural Policy (CAP) to encourage the agricultural sector to use products with better formulation, and micronutrients, such as boron, manganese, zinc, and others are some of the factors driving the market for micronutrient fertilizers in the region. FMC Corporation, Yara International ASA, BASF SE and UPL Limited (Arysta Lifescience Corporation) are some of the major players who are operating in this market.
Key Market Trends
Increase in Focus on Research and Product Innovation
Micronutrient deficiency in plants and soil has been increasing constantly and has become a serious issue of concern in Europea Union. To address the increasing micronutrient deficiencies in crops, various major players active in the market are involved in R&D and are bringing out new and improved micronutrient products in the market. For instance, Italian company Valagro created a line of specific nutrient formulations, with rapid absorption and very low environmental impact, to offer plant organisms all the elements they need to grow healthy and strong. Additionally, these players are coming up with customized fertilizers, which are multi-nutrient carriers designed for specific crops and specific geographies that contain macro, secondary and micronutrients both from organic and inorganic sources. These fertilizers are becoming prominent among farmers as they include primary and secondary micro-nutrients that are manufactured using fusion-blend granulation.
United Kingdom is Leading the Market
The United Kingdom is one of the major markets for micronutrient fertilizers in the region. The magnitude of the soil micronutrient fertilizer deficit in the country has been constantly increasing over the years, as nitrogen-responsive and higher-yielding crops have eliminated a large number of elements. Therefore, this increases the demand for micronutrient fertilizers in the country. Zinc deficiency is witnessed in 10-15% of field crops, mostly on sandy soils with, both, a high pH and phosphate status, while molybdenum deficiency is associated only with acid soils, where it is said to cause a condition known as “whiptail” in cauliflowers. Companies are focusing on introducing chemical fertilizers, comprising micronutrients, in the country. For instance, Tracegrow Oy launched ZM-Grow, a liquid foliar fertilizer, comprising zinc and manganese, in April 2019. This is likely to inflate the need and demand for micronutrient fertilizers in the long run.
FMC Corporation, Yara International ASA, BASF SE and UPL Limited (Arysta Lifescience Corporation) are some of the major players who are operating in this market. These players are expanding their presence and investly heavily in R&D activities and are coming up with innovate micronutrient fertilizers products in the region.
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