Asia-Pacific Micronutrient Fertilizer Market Size

Asia-Pacific Micronutrient Fertilizer Market Analysis

The Asia-Pacific Micronutrient Fertilizer Market size is estimated at 1.85 billion USD in 2024, and is expected to reach 2.77 billion USD by 2030, growing at a CAGR of 6.96% during the forecast period (2024-2030).

Want to share this? Click here to share on social media or embed it on your website.

1.85 Billion

Market Size in 2024 (USD)

2.77 Billion

Market Size in 2030 (USD)

4.96 %

CAGR (2017-2023)

6.96 %

CAGR (2024-2030)

Largest Segment by Type

32.15 %

value share, Copper, 2023

Increasing copper deficiencies in the countries like China, India and Vietanm and growing awareness of micronutrient deficiencies including copper will drive the market.

Fastest Growing Type

8.17 %

Projected CAGR, Boron, 2024-2030

Most of the soils in the region are sandy, highly leached and calcarious soils making them boron deficient and thus driving the market growth during forecast period.

Largest Segment by Crop Type

83.83 %

value share, Field Crops, 2023

Shifting focus toward balanced nutrition, increasing area under field crops, and need to maintain micronutrient levels in the soil for the proper growth may drive the market

Largest segment by Country

41.50 %

value share, India, 2023

India dominated the market owing to adoption of intensive and modern cropping practices with high-yielding cultivars resulted in increased micronutrient deficiencies.

Leading Market Player

9.78 %

market share, Yara International ASA, 2022

Its success largely stems from the supply of its specialized foliar micronutrient products, branded as YaraVita, formulated with premium nutrient compounds.

Growing awareness and their importance in the agriculture production may drive the market in the region

Nutrient deficiencies and growing awareness among farmers regarding malnutrition problems may drive the market

Asia-Pacific Micronutrient Fertilizer Industry Segmentation

Boron, Copper, Iron, Manganese, Molybdenum, Zinc, Others are covered as segments by Product. Fertigation, Foliar, Soil are covered as segments by Application Mode. Field Crops, Horticultural Crops, Turf & Ornamental are covered as segments by Crop Type. Australia, Bangladesh, China, India, Indonesia, Japan, Pakistan, Philippines, Thailand, Vietnam are covered as segments by Country.

• Boron was the most consumed micronutrient in the region, with a consumption volume share of 26.5% in 2022. The majority of boron consumption is attributed to the region's soils, which have reduced water content and higher nitrogen levels that limit boron uptake by plants, leading to increased utilization of boron micronutrients.
• In Asia-Pacific, zinc held the second-largest market share in terms of consumption, with a share of 26.2% and a volume of 159.1 thousand metric tons in 2022. The demand for zinc is anticipated to continue rising in the coming years due to its vital role in the growth and development of plants.
• Copper accounted for 28.6% of the Asia-Pacific micronutrient market's value in the region in 2022. It is an important micronutrient needed in small quantities. It acts as a catalyst in many important plant reactions during growth and plays a key role in protein formation.
• Iron was the third most-consumed micronutrient fertilizer in the region, accounting for a 20.8% share among all micronutrients in 2022. Iron plays an important role in a plant's growth and development as it contains many enzymes and acts as a catalyst in chlorophyll formation. The growing iron deficiency in the soil is expected to fuel the growth of the market.
• Hence, owing to factors like the need for higher yield and productivity and the growing knowledge among farmers about their importance in crop cultivation, the market for micronutrients in the region is anticipated to grow between 2023 and 2030 with a value CAGR of 6.8%.