The Russia Micronutrient Fertilizer Market is projected to register a CAGR of 7.31%
Largest Segment by Type - Zinc : Zinc deficiency in soils is a wide spread issue in the country. The staples like maize and wheat cultivation demand more zinc micronutrient fertilizer application.
Fastest growing segment by Type - Manganese : Manganese is very little mobile in the plants and can not remobilize from older leaves to manganese deficient young leaves. This results in more demand for manganese.
Largest Segment by Crop Type - Field Crops : The domination of field crops in Fertilizers market is mainly due to its large cultivation area in the country. They account for more than 95% of total crop area.
Largest segment by Application Mode - Foliar : Micronutrient deficiency can be quickly addressed by the foliar spraying as it directly sprayed on plant leaves, the micronutrients directly act on the plant foliages.
Key Market Trends
Zinc is the largest segment by Product.
Micronutrients play an important role in many plant metabolic activities, such as cell wall formation, pollen formation, germination, chlorophyll production, nitrogen fixation, and synthesis of essential parts of proteins.
In 2021, zinc micronutrient fertilizers dominated the Russian micronutrient fertilizer market and accounted for about 32.3% of the total micronutrient market. The zinc market value in the country increased by about 46.0% during the study period. Zinc is a major component of plant enzyme systems. Zinc aids in the activation of different types of enzymes, boosting carbohydrate metabolism.
Copper is the second-largest micronutrient consumed in Russia, and it accounted for about 27.8% of the total micronutrient fertilizer value in 2021. Copper takes part in the formation of chlorophyll and plays a crucial role in multiple enzyme processes. The deficiency of copper significantly affects crop yield, resulting in poor grain filling and deformed or shriveled kernels.
Manganese accounted for about 19.0% of the total micronutrient fertilizer market value in 2021. In the total manganese fertilizer market, conventional manganese fertilizers accounted for about 52.52%, and specialty manganese fertilizers accounted for about 47.48% in 2021. Manganese is effective against phosphate fertilizers, and it is advisable to produce superphosphate enriched with manganese.
Iron is a component of many enzymes associated with energy transfer, nitrogen reduction and fixation, and lignin formation. Iron accounted for 12.6% of the total market value in 2021.
Thus, the micronutrient fertilizers market is anticipated to experience growth during the forecast period owing to their importance in plant metabolism.
The Russia Micronutrient Fertilizer Market is fairly consolidated, with the top five companies occupying 95.82%. The major players in this market are Biolchim SPA, Eurochem Group, ICL Speciality Fertilizers, Valagro and Yara International ASA (sorted alphabetically).
The market estimate (ME) sheet in Excel format
3 months of analyst support