Global Market Insight: Micronutrient Fertilizers Market To Reach $1.7 Billion By 2027

Source: Global Market Insights

North America Micronutrient Fertilizers Market size was around $1 billion in 2020 and is anticipated to grow at a CAGR of 7.8% from 2021 to 2027 owing to the growing awareness among farmers regarding the importance of micronutrient fertilizer usage in the production of crops and plants.
Agriculture production across North America is anticipated to rise in the coming years to keep a steady flow of food production, maintain food prices, and increase the production of crops & plants. The use of micronutrient fertilizers aids in combating serious micronutrient deficiencies that may arise due to an insufficient supply of micronutrient to the crops.

For instance, copper is a constituent of chloroplast proteins that are required for electron transport during the photosynthetic process. Copper participates in protein & carbohydrate metabolism and nitrogen fixation. It is also a part of oxidase enzymes, which reduce molecular oxygen including those that are required for lignin formation. Various types of micronutrients are required to perform different activities in the crops. Even though the quantity of micronutrients that are required is low, the absence of these micronutrients in the soil can hamper the quality and quantity of the agricultural produce.
The use of technology in the agriculture industry is naturally expected to play an important role. However, the growing demand for food production and increasing strain on agricultural land are expected to create some headwinds for food production in the region. According to the American Farmland Trust (AFT), in the last 20 years, farmlands in the U.S. decreased by 31 million acres, a territory equivalent to the state of New York.

Moreover, the growing focus on using NPK fertilizers for producing crops and neglecting the use of micronutrients fertilizers will impact crop production in the region. The arable land in the U.S. has been on a steady decline over the last few years. With the addition of nutrient-deficient farmlands, the production of crops is expected to fall further.
Micronutrient deficiencies are usually observed during the cultivation of cereals, vegetables, pulses, and oilseeds. To maintain the quality of the products and produce better yields, farmers use micronutrient fertilizers in their crops.
The shifting focus toward sustainable methods of farming and maintaining the ecological balance in soil organic fertilizers has become a viable option. Moreover, organic fertilizers improve the soil structure by stimulating microbial activity in the soil. However, the need to maintain micronutrient levels in the soil for the proper growth of crops will drive the North America micronutrient fertilizers market during the projected period.

Zinc will create opportunities for the North America micronutrient fertilizers market

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The Zinc nutrient segment was valued at USD 500 million in 2020 and is expected to reach over USD 900 million by 2027. Zinc is an important component for at least four plant enzyme systems. Zinc plays a specific role in carbonic anhydrase. It aids in the activation of different types of enzymes, boosting carbohydrate metabolism. Zinc deficiency is particularly common in Washington orchards, maize, wheat, etc. Zinc deficiency primarily causes stunted growth and little leaf disorder. Furthermore, the growing product demand in the region will drive the North America micronutrient fertilizers market share during the anticipated period.

Dry form to lead the market size

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Dry form micronutrient fertilizers was valued at over USD 550 million in 2020 and is anticipated to reach over USD 940 million by 2027. The dry form of micronutrient fertilizers is usually formulated to be incorporated into the soil and help in the release of micronutrients to the crops over a longer time duration. Moreover, the handling & storage of dry micronutrient fertilizers is easy and requires minimum care during transportation & handling of the micronutrient fertilizers.

Fertigation to gain interest among industry players

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The fertigation application segment will grow at a CAGR of 8% through 2027. The fertigation method involves the incorporation of fertilizers into the irrigation water via a drip system. Micronutrient fertilizers present in this system are then distributed evenly during irrigation. The availability of nutrients is good; hence, the efficiency is more. The fertigation method can be done using liquid fertilizers and water-soluble fertilizers.

The U.S. will continue to dominate the overall industry share

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The U.S. micronutrient fertilizers market will be valued at over USD 1.4 billion by 2027. The reduction in arable land in the U.S. is a serious cause of concern as the demand for agricultural produce continues to rise. Many farmers in the country are working on boosting their farm yields by utilizing different types of fertilizers.
The usage of micronutrient fertilizers has also started to grow owing to increasing awareness of the benefits of using micronutrient fertilizers and the effects they can have on the quality & growth of the crops. Various agricultural industries in the country are focusing on producing crops that have a proper number of micronutrients present in them.

Mergers & acquisitions among industry participants to drive market competitiveness

The North American micronutrient fertilizers industry is fragmented as many industry players are associated with the production and development of micronutrient fertilizers in the region. Various industry players are adopting new strategies such as product development, mergers & acquisitions, enhancing their distribution network, entering online platforms to drive their sales, etc.
For instance, in May 2021, Koch Agronomic Services (KAS) acquired the micronutrient assets of Compass Minerals North American. Through this acquisition, the company gained access to the global intellectual property rights along with trademarks & patents and certain other types of assets that are associated with Hydro Bullet, Wolf Train, and Rocket Seeds product platforms. This helped the company to deliver quality & more efficient products to customers.
Industry players associated with the North American micronutrient fertilizers market are Yara International, Haifa Group, BASF SE, FMC Corporation, Nutrien Ltd., The Andersons, Inc., The Mosaic Company, AgroLiquid, Wilbur-Ellis Company LLC, Baicor, LLC, Nouryon Cooperatief U.A., ChemSol, LLC, Helena Agri-Enterprise, LLC, Simplot Turf & Horticulture, Koch Agronomic Services, etc.
The North America micronutrient fertilizers market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2021 to 2027 for the following segment:

By Nutrient

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

By Form

• Dry
• Liquid

By Mode of Application

• Soil
• Foliar
• Fertigation
• Others

By Country

• U.S.
• Canada