Market Overview:

The Global Micro-Nutrients Fertilizers Market Size Was Valued At USD 3.02 Billion In 2022 And USD 5.27 Billion By 2030 With CAGR Of 7.20% From 2022 To 2030. 

Fertilizer is any organic or inorganic material that is put on plants or soil to give it the nutrients it needs to grow properly. They are usually put into two groups, single nutrients and multiple nutrients, based on how many nutrients they contain.

The main things that are needed are fertilizers and pesticides. In the last ten years, the fertilizer market has grown a lot. In agriculture, chemical fertilizers and pesticides have been very important over the past 50 years. Pesticides have been used a lot in recent years to get higher crop yields. By changing how much fertilizer is used, you can change the quality of the product. Single-nutrient fertilizer and multi-nutrient fertilizer are the two main types of fertilizer.

A fertilizer that has only one nutrient and gives it to plants is called a single-nutrient fertilizer. Ammonia is one of the main sources of nitrogen, which helps the soil get the protein it needs. Urea is sometimes used as an alternative nitrogen source because it is solid and doesn't explode like ammonium nitrate and ammonia. Growers no longer use single-nutrient fertilizers because they only provide one source of nutrient. Instead, they use multi-nutrient fertilizers that provide two or more nutrients, such as nitrogen, potassium, and phosphorus.

Market Dynamics:

Market Trends:

• Increasing Demand for Balanced Nutrition

Multi-nutrient fertilizers are becoming more popular because they can give plants a balanced mix of the nutrients they need. Farmers and agricultural experts are starting to realize how important it is to deal with nutrient deficiencies in a complete way. This is driving up the demand for fertilizers that contain more than one nutrient.

• Growing Emphasis on Sustainable Agriculture

Concerns about the long-term health of the environment are making more people want fertilizers that have less of a negative effect on soil, water, and air quality. Multi-nutrient fertilizers are often made to increase the efficiency with which nutrients are used and decrease the amount of nutrients that run off. This makes them a good choice for sustainable agriculture.

Driving Factors:

• Growing Deficiency of Micronutrients in Soil

The global micronutrients fertilizers market is mostly driven by the growing lack of micronutrients in soil. This lack can cause crops to grow slowly and hurt them in other ways. In this case, micronutrient fertilizers are very important for giving crops a balanced diet. In the next few years, there will likely be a lot more demand for fertilizers with micronutrients.

Several groups are trying to get people to use micronutrient fertilizers, which is also expected to help the market grow. For example, in January 2019, the Micronutrients Manufacturers Association (MMA) teamed up with the Fertilizers Institute. Their main goal was to teach growers, agronomists, retailers, consumers, and environmentalists about the benefits of balanced nutrition for crops. They did this by putting a lot of emphasis on encouraging the use of micronutrients in crops.

• Higher Quality 

Organic fertilisers are made from things like plant waste, microorganisms, animal compost, animal waste, and herbal extracts. They are used to make farms more productive. These fertilizers keep the soil in good shape for a long time, help the soil hold on to water and nutrients, and have a long shelf life. The organic fertilizers don't have any man-made parts. Because there will be a rise in demand for organic fertilizers over the next few years, the global fertilizer market will grow and do well.

• Favourable Government Policies and Regulations

Government rules and policies have always been one of the most important things that push and encourage the production of a certain good or system.

Guidelines for labeling and making specialty fertilizers, which are a sign of a higher standard or trust, have been made mandatory in many countries, especially the US and Europe. Leaching and nutrient loss are bad for the environment and are promoted by domestic fertilizer regulatory agencies as part of government policy frameworks. For example, the 2011 edition of China's guiding catalog of Industrial Infrastructure Adjustment listed CRFs as "encouraging" items. This meant that the development of CRFs would speed up during China's 13th five-year plan, which ran from 2016 to 2020.

Restraints/Challenges:

• Improper Management of Controlled-Release Fertilizers

CRFs have relatively low application costs because less labor is needed and the application process takes less time. But CRFs need to be trained on and managed before the technology can be used. If these fertilizers are not used and stored correctly, they may not work as well as they should. Also, because the market isn't well organized, people don't know much about the brands that are out there. Even though agronomists have tried hard, most farmers don't like CRFs.

Fertilizers need to be mixed at the right rate for fertigation or soil application to make sure the nutrients get into the soil and don't wash away. On the other hand, managing conventional fertilizers doesn't require many special conditions. Because of this, farmers are more likely to use conventional fertilizers. Farmers need to be given the right training and knowledge about controlled-release technology and how to use and manage these fertilizers in order to get the most out of them and increase crop productivity. CRFs should be labeled in a regulated way, like they are in the US, with directions for use and warnings about the dangers of improper management, such as serious soil degradation, nitrogen leaching, soil compaction, loss of soil organic matter, and loss of soil carbon. This should be encouraged all over the world.

• Stringent Regulations to Hinder Market Growth

The laws and rules that the fertiliser industry has to follow, like those of other industries, both speed up and slow down the growth of the global market. If these laws and rules aren't followed, people in the market will get in trouble. Because of this, strict government rules are slowing the growth of the global fertilizer industry.

• Low Adoption of Micronutrients

Low awareness of micronutrients in developing countries is expected to slow the growth of the micronutrients fertilizers market over the next few years. Another thing that limits the use of micronutrient fertilizers and slows the growth of the market is the growing popularity of organic fertilizers.

Opportunities:

• Increasing Focus on the Research &Development Activities

The fact that key players are putting more effort into research and development to create new and better micronutrients products is expected to create a lot of growth opportunities. For example, in 2018, BRANDT, a company that makes specialty products for the agriculture industry, bought two new micronutrient formulations: Brandt Smart Quatro Plus, a high-efficiency foliar 5-0-0 with zinc, manganese, boron, and sulfur, and Brandt Smart Mn Plus, a high-efficiency foliar manganese that can be used with dicamba and 2, 4-D herbicides.

• Growing Development of Application Tool

Key players in the market are likely to find growth opportunities in the growing development of application tools that monitor the level of micronutrient deficiencies in plants. For example, Yara International ASA released the YaraIrix app for phones in March 2019. The app is used to scan a crop's leaves and estimate how much nitrogen and other micronutrients it needs. This lets the farmers know about the problems and makes it easier for them to buy the right Yara products.

• Crop-Specific Nutrient Management through Precision Farming

Precision agriculture focuses on growing crops in a way that makes the most of the space they are in. This is done with the help of special equipment that helps keep water and nutrients in the root zone.

Precision farming can increase production and make better use of nutrients. It can also make sure that nutrients don't leak out of or build up in too many places on the field. Precision farming is becoming more important in developed countries so that fertigation can be used more effectively. The release patterns and coating technology of CRFs can be put into the information system to get an accurate analysis of the nutrients crops need, the application rate, and the mixing ratio needed in the fertigation system. Precision agriculture uses a growing number of digital tools to make farming more productive and improve the quality and yield of crops.

Strategic Development:

• In 2017 - ISREAL AGRI, a company that makes fertilizers with multiple nutrients, showed off all of its new ideas and products at Arava Open Day. Most of the new products were fertilizers and pesticides for plants and soil that had more than one nutrient. A polynutrient organic fertilizer is also part of the new product. Growers will learn from this launch why they should use fertilizers with more than one nutrient instead of single-nutrient fertilizers.
• In March 2019 - Yara International ASA put out an app for smartphones called YaraIrix. The app is used to scan a crop's leaves and estimate how much nitrogen and other micronutrients it needs. This lets the farmers know about the problems and makes it easier for them to buy the right Yara products.
• In March 2017 - Yara International ASA bought Agronomic Technology Corp. (ATC), which makes and sells software for hydroponics and precision farming. This helped Yara sell its micronutrient fertilizers to farmers who grow plants in water.
• In March 2019 - BASF Canada formed a partnership with Quadra Chemicals Ltd, a major distributor of chemicals and ingredients, to sell micronutrient fertilizer products in Canada.
• In June 2019 - BASF SE put money into a factory in Theodore, Alabama, and one in Ludwigshafen, Germany. This should help the company make more chelating micronutrient fertilizers so that it can offer more products and grow in the market.
• In June 2019 - BASF SE's new Agrochemical Application Research Center (AARC) opened in Research Triangle Park, North Carolina, USA. This should help the company make better products in all of its markets, including the micronutrients market, in the future.

Key Vendors:

Top market players are

• Israel AGRI

Israel Corporation Ltd. (ICL) is a company that owns investments. The company makes special minerals for the agriculture, food, and engineered materials markets. ICL also sells fuel products, raw materials for the petrochemical industry, materials for the plastics industry, oils, wax, and products that go with them.

• Potash Corporation of Saskatchewan Inc.

Fertilizers are made and sold by Potash Corporation of Saskatchewan Inc. The company sells potash, phosphate, and nitrogen to farmers and businesses.

• Syngenta AG.

Syngenta AG makes products that are used in agriculture. Herbicides, insecticides, fungicides, and seeds for field crops, vegetables, and flowers are made by the company.

• The Mosaic Company

The Mosaic Co. (also called "Mosaic") is a crop nutrition company. It makes and sells concentrated phosphate, potash, and ingredients for animal feed for the agricultural industry around the world. Its products are used as fertilizers, to make water softeners work again, and to melt ice. They are also used to make mixed crop nutrients.

• Uralkali

Uralkali PJSC makes potash and runs mines and mills that process ore in Russia's Perm Territory. The company takes potassium ore and turns it into muriate of potash, which it sells to the chemical and agricultural industries. The main places where Uralkali sells its products are Brazil, India, China, Southeast Asia, the United States, Europe, and Russia.

• Agrium Inc.

Agrium Inc. makes and sells chemicals used in farming. The company sells products with nitrogen, potash, and phosphate.

• SQM

Sociedad Quimica y Minera de Chile SA (SQM) is a mining company that doesn't work with metals. The company gets minerals out of the ground, processes them, and sells them to industries that need them. In northern Chile, it mines and processes caliche ore and brine deposits.

• Nutrien

Sociedad Quimica y Minera de Chile SA (SQM) is a mining company that doesn't work with metals. The company gets minerals out of the ground, processes them, and sells them to industries that need them. In northern Chile, it mines and processes caliche ore and brine deposits.

• Israel Chemicals Ltd.

ICL is a leading global specialty minerals company that works in the food, agriculture, and industrial markets to solve the world's sustainability problems. The company has a unique set of natural resources, a passionate team of talented employees, and innovative technology.

• Aries Agro Limited

Aries Agro Limited (Cn) (AAL) is a leading Public Limited Indian Non-Government Company. It was founded in India on November 27, 1969, and has a long and successful history of 53 years and six months. Its main office is in Mumbai, which is in the Indian state of Maharashtra.

Segmentation Analysis:

The market is segmented on the basis of nutrient, form, crop type, application and region.

By Nutrient:

The market is split into Zinc, Manganese, Copper, Boron, Molybdenum, Iron, and Other Nutrients based on the nutrients. Zinc is expected to lead the global market over the next few years. This is because there is a high demand for zinc micronutrient, which is important for making proteins, making energy, and controlling growth. In 2020, the zinc micronutrient fertilizer market was worth USD 956.2 million. By 2026, it is expected to be worth USD 1,452.2 million, with a CAGR of 7.2% during the period of the forecast.

Manganese is another segment that is expected to grow a lot in the near future. This is because soils often don't have enough manganese. Inorganic soils with a pH above 6 and calcareous soils with a pH above 6.5 also have deficiencies. In 2020, the manganese micronutrient fertilizer market was worth USD 354.9 million. By 2026, it is expected to be worth USD 559.7 million, growing at a CAGR of 7.9%.

• Zinc
• Manganese
• Copper
• Boron
• Molybdenum
• Iron
• Other Nutrients

By Form:

Chelated and non-chelated are the two main types of the market. Chelated is expected to lead the global market over the next few years. This is because dry chelated has many benefits, such as being easy to store and quickly dissolving in water to make a nutrient solution. In 2020, the dry chelated micronutrient fertilizer market was worth USD 334.5 million. By 2026, it is expected to be worth USD 550.4 million, with a CAGR of 8.9% during the period of the forecast.

The dry non-chelated segment is also expected to grow a lot in the near future. This is because it includes specialty fertilizers with important nutrients like iron, zinc, manganese, boron, and copper. In 2020, the dry non-chelated micronutrient fertilizer market was worth USD 1,037 million. By 2026, it is expected to be worth USD 1,550 million, with a CAGR of 6.8% during the period of the forecast.

• Chelated
• Non-chelated

By Crop Type:

The market is divided into Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, and Other Crop Types based on the type of crop. Over the next few years, the global market for micronutrient fertilizer is expected to be led by grains and cereals. This is because corn, wheat, and rice make up the largest part of the market, while other grains and cereals like oats and barley make up a smaller part. In 2020, the grains and cereals micronutrient fertilizer market was worth USD 1,161.1 million. By 2026, it is expected to be worth USD 1,727.7 million, with a CAGR of 6.8% during the forecast period.

In the near future, the commercial crops segment is also expected to grow a lot. In 2020, the micronutrient fertilizer market for commercial crops was worth USD 164.2 million. By 2026, it is expected to be worth USD 269.4 million, growing at a CAGR of 8.5%.

• Grains and Cereals
• Pulses and Oilseeds
• Commercial Crops
• Fruits and Vegetables
• Other Crop Types

By Application Outlook:

Soil, Foliar, Fertigation, and Other Applications are the different ways the market is used. Soil is expected to have the biggest share of the global market over the next few years. This is because it is the cheapest way to use the technology. Most of the time, copper, zinc, and boron are put into the soil. In 2020, the soil-applied micronutrient fertilizer market was worth USD 986.2 million. By 2026, it is expected to be worth USD 1,466.8 million, with a CAGR of 6.7% during the forecast period.

Foliar segment is also likely to grow a lot in the next few years. Most of the time, foliar is used to give micronutrients to plants. Foliar methods are often used to add micronutrients like manganese and iron. The foliar application of micronutrient fertilizers was worth USD 1,070.5 million in 2020, and it is expected to be worth USD 1,617.8 million in 2026, which is a CAGR of 7.1% during the forecast period.

• Soil
• Foliar
• Fertigation
• Other Applications

Regional Insights:

The global Multi-Nutrient Fertilizer market has been broken down by geography into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA).

A big part of the Multi-Nutrient Fertilizer market is in Asia and the Pacific. Agriculture is a big part of life in places like China and India, so these countries have a lot of land for farming. Pesticide use in the region has gone up because people are learning more about crop and soil nutrition. Countries like China, India, and Indonesia need more fertilizer to improve crop yields and soil fertility because their populations are growing and the government is giving them money in the form of subsidies. This is expected to boost the market because these fertilizers will work better than mononutrient fertilizers.

North America and Europe are both expected to grow steadily over the next few years. To keep the soil from getting dirty, strict environmental laws in the area have limited the use of fertilizers. Multi-nutrient fertilizers can cut down on the amount of fertilizer needed by a lot. This is because the market for fertilizers with many nutrients has grown in North America and Europe.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• This study gives an in-depth look at the micro nutrient market, including current trends and predictions for the future.
• The report gives information about the key drivers, barriers, and opportunities in the market, as well as a detailed analysis of the market share.
• In the competitive landscape, there is information about the companies that sell products, their finances, new developments, and their strategies.