The Global Micronutrient Fertilizer Market is projected to register a CAGR of 8.3%, over the forecast period (2020-2025.
- Micronutrients play a vital role in ensuring balanced nutrition to crops, and the lack of these may limit crop growth. Increasing incidences of micronutrient deficiencies in soils around the world are one of the major factors driving the growth of the market.
- Asia-Pacific was the largest market for micronutrient fertilizers, which accounted for 37% share in the global market in 2019. Further, North America, the second-largest market accounting for 28.5% share.
Key Market Trends
Growing Food Demand and Shrinking Farm Land
Agricultural production across the world will need to be doubled over the next 36 years to meet the demand from 9 billion people. Certainly, technology will continue to play a major role in this progress. An increase in urbanization and lower availability of arable land are motivating farmers to adopt efficient techniques. There are broader acceptance and recognition of the collective benefits of micronutrient fertilizers. The amount of arable land per person is declining and the population is expanding. Hence, crop-yields must increase to meet food production needs. As a result, the world is witnessing the most dramatic demand increase for micronutrient fertilizers and for agricultural production.
Increasing Micronutrient Fertilizers Consumption in the Asia-Pacific Region
The Asia - Pacific micronutrient fertilizers market is the most developed and widespread in the global market. The distribution network of micronutrient fertilizers is well-established in major Asia - Pacific countries. This is further helping deepen the market of various micronutrients fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Government policies and subsidies in most Asia - Pacific countries support their expansion. It is estimated that micronutrient content in soil is very less in most Asia - Pacific countries, far less than the same in developed nations. In Asia - Pacific, 10% of the Indian soil has phosphorus content and the average potassium content in soil is low by international standards. Japan has a highly active research base in micronutrient fertilizers.
The micronutrient fertilizer market is consolidated and the top seven players accounted for around 56% of the market in 2018. Yara International ASA, BASF SE, FMC Corporation, UPL Limited, and Coromandel International Limited, are the major players in the Global Micronutrient Fertilizer Market. The key players in the market are focused on acquisitions and new product launches to cater to a wider consumer base and expand market share. Investment in the R&D of cheap effective products is considered one of the major strategies adopted by market leaders. Manufacturers are also investing in the production process to reduce the cost of production.
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