Micronutrient Fertilizers Market Size To Grow At A CAGR Of 7.10% In The Forecast Period Of 2024-2032

Micronutrient Fertilizers Market Outlook

According to a new report by Expert Market Research titled, “Micronutrient Fertilizers Market Size, Share, Analysis, Report and Forecast 2024-2032″, the micronutrient fertilizers market is projected to grow at a CAGR of 7.10% between 2024 and 2032. Aided by the growing food security concerns and increasing acknowledgment of the importance of micronutrients for plant growth, the market is expected to grow significantly by 2032.

Micronutrient fertilizers contain vital elements such as zinc, boron, manganese, iron, molybdenum, and others in minute quantities that are essential for plant growth and development. These fertilizers help in enhancing crop yield and quality while reducing susceptibility to diseases, fostering their demand in agriculture, horticulture, floriculture, and other related sectors. The micronutrients enhance the metabolic processes of plants, leading to better growth, flowering, and fruiting, besides imparting resistance against environmental stress.

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The primary driver steering the global micronutrient fertilizers market growth is the escalating demand for nutrient-rich food products. With rising health consciousness and an increasing understanding of the nutritional benefits of micronutrient-enriched food, there has been a significant shift towards diets rich in micronutrient-dense crops, sparking the need for micronutrient fertilizers. This trend is further backed by the growing wave of fitness and well-being, with micronutrient fertilizers gaining recognition for their role in producing nutritionally potent crops.

Expanding applications of micronutrient fertilizers in numerous sectors also boost the micronutrient fertilizers market development. The agriculture industry primarily uses these fertilizers to increase crop yield and quality, while in horticulture and floriculture, they are employed to improve the quality and longevity of ornamental plants and flowers. Besides, these fertilizers find utility in hydroponics, where they provide the required nutrient mix for optimal plant growth.

Furthermore, the escalating demand for high-yield crops amid food security concerns has intensified the focus on micronutrient fertilizers as a solution for nutrient management in crops, thus increasing the micronutrient fertilizers market demand. Coupled with the growing popularity of precision farming and customised fertilization practices, micronutrient fertilizers have emerged as an essential ingredient for modern-day farming.

Simultaneously, initiatives from government bodies and international organisations to educate farmers about the importance of balanced fertilization and the role of micronutrients are further promoting the use of micronutrient fertilizers. Such efforts have helped address micronutrient deficiency issues in soils across the globe, thereby propelling the micronutrient fertilizers market expansion iganony.

The market is also set to benefit from technological advancements in fertilizer production and the introduction of slow-release and nanoscale micronutrient fertilizers, which ensure efficient nutrient uptake by crops and minimise environmental impact.

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Micronutrient Fertilizers Market Segmentation

The market can be divided based on nutrient, form, application, crop type, and region.

Market Breakup by Nutrient

• Zinc
• Manganese
• Copper
• Boron
• Molybdenum
• Iron
• Others

Market Breakup by Form

• Chelated
  • Dry
  • Liquid
• Non-Chelated
  • Dry
  • Liquid

Market Breakup by Application

• Soil
• Foliar
• Fertigation
• Others

Market Breakup by Crop Type

• Grains and Cereals
• Pulses and Oilseeds
• Commercial Crops
• Fruits and Vegetables
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global micronutrient fertilizers companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Yara International ASA
• Haifa Negev technologies LTD
• Coromandel International Limited
• UPL LTD
• BASF SE
• Israel Chemicals Ltd.,
• Others

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