North America Micronutrient Fertilizers Market Size, Share, and COVID-19 Impact Analysis By Nutrient (Zinc, Manganese, Copper, Iron, Boron and Others), By Application (Soil, Foliar, Fertigation and Others), By Form (Dry and Liquid), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030Industry: Agriculture
North America Micronutrient Fertilizers Market Insights Forecasts to 2030
- The North America Micronutrient Fertilizers Market was valued at USD 22.27 Billion in 2021.
- The Market is growing at a CAGR of 2.0% from 2021 to 2030
- The North America Micronutrient Fertilizers Market is expected to reach USD 26.61 Billion by 2030
- Asia-Pacific is expected to grow the fastest during the forecast period.
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The North America Micronutrient Fertilizers Market is expected to reach USD 26.61 Billion by 2030, at a CAGR of 2.0% during the forecast period 2021 to 2030. The North America Micronutrient Fertilizers Market will expand more quickly as a result of the rising demand for sustainable agricultural methods. Fertilizers are organic or synthetic materials that are added to the soil to help plants grow and develop. The rise of the Micronutrient Fertilizers Market will be driven by both the growing need for food and the expanding world population.
Micronutrients are present in low concentrations in the plant, and shortages in these nutrients can cause illnesses in crops. Micronutrient imbalances and shortages affect soils all around the world; the main culprits are soil pH, temperature, and humidity. Higher soil pH levels decrease micronutrient availability in the soil. To stop the shortages, governmental and non-governmental organisations are emphasising using mineral fertilisers. According to FAO, nations like China, the US, and India utilise almost 50% of the nutrients found in mineral fertilisers. Many nations today have achieved national food sufficiency, yet there is still a need to supply people with nutrient-rich food via improving farming techniques. "Integrated Nutrient Practices" is increasingly becoming more popular across the nations. The difficulties of malnutrition that humanity is currently facing are related to the dwindling amount of micronutrients in soils. However, these can be balanced using a variety of solutions on the market, for straight, chelated micronutrient combinations, which significantly aid in restoring the balance of soils. The sector's rise will be driven by both the growing need for food and the expanding world population. The compounds have several benefits, including increased agricultural output in constrained locations and improved soil nutrient availability. Farmers can use manures more effectively now that new, creative products like water-soluble fertilisers have been created, reducing the possibility of overusing them. To maintain a regular flow of food production, maintain food costs, and increase the output of crops and plants, agriculture production is projected to expand across North America in the future years. By providing crops with enough micronutrients, using micronutrient fertilisers helps prevent serious micronutrient deficits. Technological utilisation in the agriculture sector will be significant. However, the North American region's food production is anticipated to face certain challenges due to the rising demand for food and the increasing demand on agricultural land. The American Farmland Trust (AFT) estimates that during the past 20 years, farmland in the United States has shrunk by 31 million acres, an area almost equal to the size of the state of New York. Organic fertilisers are now a realistic alternative due to the shift in emphasis toward farming practices that are sustainable and that preserve the ecological balance in the soil. Additionally, organic fertilisers enhance soil structure by promoting microbial activity. However, North America's market for micronutrient fertilisers is expected to be driven by the requirement to maintain soil micronutrient levels for healthy crop development.
This research report categorizes the Market for North America Micronutrient Fertilizers based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Micronutrient Fertilizers Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each North America Micronutrient Fertilizers Market sub-segments.
North America Micronutrient Fertilizers Market Report Coverage
|Market Size in 2021:||USD 22.27 Billion|
|Forecast Period 2021-2030 CAGR:||2.0%|
|2030 Value Projection:||USD 26.61 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||206|
|Tables, Charts & Figures:||89|
|Segments covered:||By Nutrient, By Application, By Form, By Region, COVID-19 Impact Analysis|
|Companies Covered:||BASF Cognis, Evonik Industries, Ecover, Lion Corporation, Croda International PLC, Biotensidon GmbH, AkzoNobel N.V., Saraya Co., Ltd., Jeneil Biotech, Inc., and Givaudan SA (Soliance).|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the market|
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- In 2021, the Zinc segment dominated the Market with the largest Market share of 21.1% and Market revenue of 4.69 Billion.
Based on the Nutrient, the North America Micronutrient Fertilizers Market is categorized into Zinc, Manganese, Copper, Iron, Boron and Others. In 2021, the Zinc segment dominated the Market with the largest Market share of 21.1% and Market revenue of 4.69 Billion. The Zinc segment is anticipated to be the leading category during the forecast period. This is because at least four plant enzyme systems depending on zinc as a key component. Carbonic anhydrase has a special function for zinc. It supports the activation of several enzymes, enhancing the metabolism of carbohydrates. Washington orchards, maize, wheat, and other crops are particularly prone to zinc shortages. Little leaf disorder and stunted growth are the main effects of zinc deficiency. Additionally, during the expected period, the region's expanding product demand will drive the market share for North American micronutrient fertilisers.
- In 2021, the Fertigation segment accounted for the largest share of the Market, with 33.3% and a Market revenue of 1.22 Billion.
Based on the Application, the North America Micronutrient Fertilizers Market is categorized into Soil, Foliar, Fertigation and Others. In 2021, the Fertigation segment accounted for the largest share of the Market, with 33.3% and a Market revenue of 1.22 Billion. Throughout the forecast period, the Fertigation segment is anticipated to maintain its leading position while expanding at the fastest CAGR by using a drip system, fertilisers are added to irrigation water using the fertigation technique. The system's micronutrient fertilisers are then equally dispersed during watering. The efficiency is higher since there are more nutrients available. Both liquid and water-soluble fertilisers can be used in the fertigation approach.
- In 2021, the Dry segment accounted for the largest share of the Market, with 63.3% and a Market revenue of 14.09 Billion.
Based on the Form, the North America Micronutrient Fertilizers Market is categorized into dry and liquid. In 2021, the Dry segment accounted for the largest share of the Market, with 63.3% and a Market revenue of 14.09 Billion. Throughout the forecast period, the Dry segment is anticipated to maintain its leading position while expanding at the fastest CAGR. In order to help the release of micronutrients to the crops over a longer period of time, dry micronutrient fertilisers are often designed to be absorbed into the soil. Additionally, dried micronutrient fertilisers are simple to handle and store and require little caution when being transported and handled.
Regional Segment Analysis of the North America Micronutrient Fertilizers Market
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North America emerged as the largest Market for the North America Micronutrient Fertilizers Market, with a Market share of around 23.3% and 5.18 Billion of the Market revenue in 2021.
- U.S. emerged as the largest Market for the North America Micronutrient Fertilizers Market, with a Market share of around 23.3% and 5.18 Billion of the Market revenue in 2021. Given the rising demand for agricultural products, the shrinkage of arable land in the U.S. is a major source of worry. A lot of farmers in the nation are attempting to increase their farm yields by using various fertilisers. Due to growing knowledge of the advantages of using micronutrient fertilisers and the impacts they can have on the quality & growth of crops, the use of these fertilisers has also begun to increase. The countries agricultural sectors concentrate on growing foods with the right balance of micronutrients.
The report offers the appropriate analysis of the key organizations/companies involved within the North America Micronutrient Fertilizers Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- BASF Cognis
- Evonik Industries
- Lion Corporation
- Croda International PLC
- Biotensidon GmbH
- AkzoNobel N.V.
- Saraya Co., Ltd.
- Jeneil Biotech, Inc.
- Givaudan SA (Soliance)
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In May 2021, Compass Minerals North American's micronutrient assets were purchased by Koch Agronomic Services (KAS). Through this transaction, the business got access to the worldwide intellectual property rights, trademarks, patents, and other assets related to the product platforms for Hydro Bullet, Wolf Train, and Rocket Seeds. This aided the business in providing clients with higher-quality, more effective products.
- In July 2020, Farmers in African nations will now be able to purchase Yara's products. Produced in Porsgrunn, the high-end fertiliser YaraMila was transported to smallholders in Kenya, Uganda, Rwanda, Tanzania, Zambia, Malawi, and Mozambique. This is the initial 20,000 metric tonne shipment of YaraMila to East Africa.
- In July 2019, Theodore, Alabama and Ludwigshafen production facilities owned by BASF SE helped the business create chelating micronutrient fertilisers to increase its product line and market share.
This study forecasts global, regional, and country revenue from 2021 to 2030. Spherical Insights has segmented the North America Micronutrient Fertilizers Market based on the below-mentioned segments:
North America Micronutrient Fertilizers Market, By Nutrient
North America Micronutrient Fertilizers Market, By Application
North America Micronutrient Fertilizers Market, By Form
North America Micronutrient Fertilizers Market, Regional Analysis
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