Global Micronutrient Fertilizers Market - Segmented by Product Type, Form, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global micronutrient fertilizers market was estimated at USD 4169 million in 2017, and is expected to exhibit a CAGR of 8.2% during the forecast period (2018 - 2023). Grains and cereal crops account for the most of the demand globally. With respect to the forms of the micronutrients, non-chelated forms are more common, as these are more stable, and easily soluble.
Increasing Micronutrient Deficiency in Soil Driving Demand
The global micronutrient fertilizer market is growing at an encouraging rate given the increasing occurrence of soil and micronutrient depletions across the regions. As the natural availability of micronutrients is declining, it is paving the way for greater market growth of micronutrient based fertilizers. The issue of food security along with shrinking farm lands further necessitate the usage and application of micronutrient fertilizers in fields. Low acceptance and lack of product knowledge among the farming community are the major hindrance in further growth in demand. Product and application innovation pertaining to region specific needs and growing awareness for upgraded agricultural practices involving environment friendly intensive farming would help the industry to penetrate further into developing regions.
Growing Food Demand and Shrinking Farm Land Leveraging the Market
The growing population, and the increase in the disposable income of the population in developing countries has increased the consumption of agricultural products, leading to an increase in the demand for agricultural micronutrients, like zinc, and manganese, to meet the increasing demand for food.
However, fruits & vegetables are expected to register the fastest growth in demand for micronutrients, during the forecast period, exhibiting a CAGR of 8.6%. Oil seeds, and pulses held the third position, in terms of market revenue in 2017. Other crop types such as decorative plants and flowers are also likely to offer opportunities for micronutrient manufacturers, as stated in the report. By geography, Asia-Pacific led the market in 2017, and held over 42% of the market. North America followed Asia-Pacific for the demand for micronutrients, but is expected to exhibit the fastest growth in the coming years.
Different Agencies Encouraging Micronutrient Use
Many national and international public health organizations, like UNICEF, and FAO, recommend achieving nutrient adequacy through consumption of a wide variety of nutritious foods, eventually, which is driving the demand of the micronutrient fertilizers throughout the world. The concerned international organizations, and NGOs are providing assistance in combating all aspects of micronutrient deficiency problems, through monitoring and surveillance, research and production, and consumption of micronutrient rich foods.
Key Developments in the Market
With the growing demand from the burgeoning population, the global micronutrient fertilizers market is experiencing a number of new product launches, mergers & acquisitions, and partnership between the global players.