The Micronutrients Fertilizers Market Is Estimated To Witness High Growth Owing To Increased Usage Of Micronutrients In Cereals, Grains And Pulses.
The Micronutrients Fertilizers Market Is estimated to be valued at Us$ 3241.96 Mn in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Micronutrients fertilizers are used as soil conditioners to enhance plant tolerance against drought and disease and also improve crop quality. The micronutrients such as zinc, copper, manganese, boron, iron and molybdenum are used as micronutrients fertilizers to provide essential elements to plants and increase the yields of food grains, fruits and vegetables.
Market key trends:
One of the major trends in the micronutrients fertilizers market is increased usage of micronutrients in cereals, grains and pulses. Micronutrients such as zinc, boron and manganese play an important role in growth and development functions in cereals, grains and pulses crops. The deficiency of micronutrients negatively impacts the yields of these crops. In order to overcome deficiency and increase crop production, farmers are increasingly using micronutrients fertilizers for cereals, grains and pulses which is fueling the market growth. In addition, growing awareness about soil health management and benefits of micronutrients based fertilizers is another key trend supporting the increased demand of micronutrients fertilizers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investment is required to enter into production and set up distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high as micronutrients fertilizers products are commoditized and buyers can easily switch between vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as switching costs are low for buyers to find alternative suppliers.
Threat of new substitutes: Threat of new substitutes is low as micronutrients such as zinc, boron, and manganese do not have close substitutes that provide comparable benefits.
Competitive rivalry: High as the market is dominated by few large players.
SWOT Analysis
Strengths: Micronutrients play a vital role in maximizing crop yield and quality. Growing awareness regarding deficiencies in soil is driving the demand.
Weaknesses: High production costs and volatility in raw material prices can impact profit margins. Dependence on climatic conditions for crops affects demand.
Opportunities: Rising global population is increasing demand for food which will drive usage. Governments globally are supporting adoption of micronutrients to boost farm productivity.
Threats: Stringent environmental regulations regarding chemical usage can hamper growth. Substitutes such as organic micronutrients pose competition.
Key Takeaways
The Global Micronutrients Fertilizers Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing awareness regarding soil deficiencies and roles of micronutrients. The Asia Pacific region currently dominates the market, with China being the global leader in fertilizer consumption.
Key players operating in the micronutrients fertilizers market are Yara International ASA, BASF SE, The Mosaic Company, FMC Corporation, Nouryon Cooperatief UA, Nutrien Limited, Haifa Group, Valagro SpA (Syngenta Group), Coromandel International Limited, Sapec Agro SA, Auriga Group, ATP Nutrition Ltd, Wilbur-Ellis Company LLC, BMS Micro-Nutrients NV, and UPL Limited (Arysta Lifescience Corporation). These companies are focused on expanding production capacity and product portfolios.
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