1. Market Research
  2. > Agriculture
  3. > Agricultural Input
  4. > Agrochemical
  5. > Fertilizer Market Trends
Micronutrient Fertilizers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Micronutrient Fertilizers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2021
  • 174 pages
  • ID: 6028474
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Global Micronutrient Fertilizer Market was valued at USD 2,627.0 million in 2020 and is projected to register a CAGR of 7.2%, over the forecast period (2021-2026). COVID-19 has affected all the processes that connect farm production to the final consumer. Farmers were facing a shortage of agricultural inputs like seed, fertilizer, and pesticides. China is one of the major fertilizer producers and exporters in the world. When lockdown began in China, the impact was huge in terms of production cuts due to the labor shortage. Problems with transportation also had a big impact up and down the fertilizer chain, resulting in stockpiling up.

- 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 36.7% share in the global market in 2020. North America, the second-largest market for micronutrients.
- By nutrient type zinc is widely applied nutrient, owing to the important role played by zinc in protein synthesis, growth regulation, and energy production is the major factor driving the market for zinc micronutrient fertilizers. China’s Ministry of Agriculture (MoA) added zinc to its national fertilizer recommendation, which has recently been extended for summer crops, like rice and corn, at a rate of 15 to 30 kg ZnSO4/ha.

Therefore, widespread micronutrient deficiency across the world, with iron and zinc deficiencies becoming a rising concern for plant health coupled with increasing encouragement from various government agencies and other organizations to increase the use of micronutrient to enhance the plant and soil health are the prominent factors that are driving the market growth.

Key Market Trends
Need For Improving Productivity in Declining Arable 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. Micronutrient deficiencies are frequently observed in intensively-grown cereals, oilseeds, pulses, and vegetable crops. Hence, in order to obtain quality products and better yields, farmers are tending to adopt the use of micronutrients in their crops.

Soil deficiencies of the micronutrients that are essential for plant growth can lead to lower crop yields. During the past decade, soil micronutrient deficiencies have been noticed primarily for zinc, and to a lesser extent for boron and molybdenum. Soil deficiencies of zinc are widespread in Asia (Turkey, India, China, and Indonesia), sub-Saharan Africa and the northwestern region of South America.

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.

Asia-Pacific Dominates the Market

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. Recent studies have indicated that zinc deficiency is the most widespread micronutrient deficiency in China. More than 50% of arable soils are low in zinc, limiting agricultural growth and improvement in human nutrition. Israel Chemicals Ltd and Yara China Limited are the major companies offering products related to micronutrients in the country.

Furthermore, 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. Government policies and subsidies in most Asia - Pacific countries also support their expansion.

Competitive Landscape
The micronutrient fertilizer market is consolidated and the key players such as Yara International ASA, BASF SE, FMC Corporation, UPL Limited, and Coromandel International Limited, dominate 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. Manufacturers are also investing in the production process to reduce the cost of production.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

United States Fertilizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • $ 3250
  • April 2021
  • 112 pages

The US fertilizers market was valued at USD 18,602.0 million in 2020, and it is estimated to reach USD 20,520.5 million by 2026, registering a CAGR of 1.7%, during the forecast period (2021-2026). COVID-19 ...

  • United States
  • Fertilizer
  • Inorganic Fertilizer
  • Industry analysis
  • Fertilizer Consumption
  • Agricultural Area

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on