Micronutrient Fertilizer Market Size

Micronutrient Fertilizer Market Analysis

The Micronutrient Fertilizer Market size is estimated at 5.6 billion USD in 2024, and is expected to reach 8.25 billion USD by 2030, growing at a CAGR of 6.69% during the forecast period (2024-2030).

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5.6 Billion

Market Size in 2024 (USD)

8.25 Billion

Market Size in 2030 (USD)

5.38 %

CAGR (2017-2023)

6.69 %

CAGR (2024-2030)

Largest Segment by Type

23.57 %

value share, Copper, 2023

Copper sulfate is the preferred source of copper fertilizer because they are cheaper and more readily available in the market than chelated copper sources.

Fastest Growing Type

7.56 %

Projected CAGR, Boron, 2024-2030

Boron is an important micronutrient for plant growth, the rising need to address deficiency to improve crop yield and quality is driving the demand for boron fertilizers.

Largest Segment by Crop Type

84.37 %

value share, Field Crops, 2023

The need for high productivity and higher resistance to biotic and abiotic stresses of the crops has increased the demand for micronutrients in field crop segment.

Largest segment by Country

13.35 %

value share, United States, 2023

Farmers in the United States are increasingly aware of soil nutrient deficiencies impacting crop health and yields which has contributed to the it's dominance in the market.

Leading Market Player

25.04 %

market share, Yara International ASA, 2022

Yara International has expanded its micronutrient product portfolio and production facilities to meet the growing demand which has contributed to secure a significant share

The rising micronutrient deficiency in soil is expected to fuel the growth of the micronutrient fertilizer market

The increase in micronutrient deficiencies increases the demand for micronutrient fertilizers

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. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

• Micronutrients play an important role in many plant metabolic activities, such as cell wall formation, pollen formation, germination, chlorophyll production, nitrogen fixation, and the synthesis of the essential parts of proteins. The global micronutrient fertilizer market value is anticipated to register a CAGR of 6.6% during 2023-2030.
• Zinc accounted for a major share of 26.6% of the global micronutrient fertilizer market value in 2022. Of the total value share held by zinc fertilizers, conventional zinc fertilizers accounted for about 87.5%, and specialty zinc fertilizers accounted for about 12.5%. Specialty zinc fertilizers have the advantage of uniform distribution and fast acting on crops compared to conventional fertilizers.
• The Asia-Pacific region dominated the global market, accounting for 33.3% of the market value share in 2022. The distribution network of micronutrient fertilizers is well-established in the major Asia-Pacific countries, further boosting the market for various micronutrient fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Recent studies have indicated that zinc deficiency is China's most widespread micronutrient deficiency. More than 50.0% of the arable soils are low in zinc, thereby limiting agricultural growth and improvement in human nutrition.
• Widespread micronutrient deficiencies worldwide are becoming a rising concern for plant health, coupled with increasing encouragement from various government agencies and other organizations to improve the use of micronutrients to enhance plant and soil health, which is driving the growth of the market.