Market Trends of united states micronutrient fertilizer Industry
Soybean and corn are the two largest crops grown in the United States
- In the United States, the population increased from 335.9 million in 2020 to 338.2 million in 2022. From 2000 onward, the total farmland area has decreased by almost 50 million acres, reaching a total of 893.4 million acres, as of 2022. The limited farmland indicates the need to increase agricultural productivity with the use of agri inputs. Fertilizers have been used for a long time to increase the productivity of crops. The four major crops in the United States are corn, cotton, soybean, and wheat, which accounted for more than 65.7% of the principal crop acreage in 2022.
- Soybean and corn are the two largest crops grown in the United States. In 2022, soybean had the highest area under cultivation, accounting for 25.8% of the total arable land in the United States, followed by corn at 25.7% and wheat at 11.1%. The majority of these crops are grown in a region known as the "Corn Belt," which covers western Indiana, Illinois, Iowa, Missouri, eastern Nebraska, and Eastern Kansas. The production of corn (maize) and soybeans dominates this area. Additionally, the United States is a major exporter of rice, with most of the cultivation happening in four regions, three of which are in the South and one in California, according to the USDA.
- Manufacturers of farm inputs are innovating to aid farmers in precise fertilizer application. This not only trims cultivation costs but also bolsters efficiency. The field crop sector in the United States holds substantial market potential. Coupled with increased government funding and support, it is poised for positive growth.
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Micronutrients are pivotal in equipping crops to combat both biotic and abiotic stresses
- Micronutrients are necessary for plant growth and play a critical role in crop nutrition. Micronutrient fertilizers contain trace amounts of elements such as boron, copper, manganese, zinc, and cobalt, which plants require in small amounts. Micronutrient requirements by the crop vary depending on the soil condition across the United States. Boron deficiency is more common in sandy soils of the southeast, which are low in organic matter content and more susceptible to leaching.
- In the United States, the average application rate for micronutrients in field crops stands at 4.2 kg per hectare. Manganese, with an application rate of 11.0 kg per hectare in 2022, is crucial for boosting the productivity of key field crops such as soybean, wheat, sugarcane, and maize. As a result, manganese dominates the micronutrient fertilizer market, accounting for 33.0% of the total consumption in 2022. Following manganese, copper and zinc have application rates of 7.2 and 6.7 kg per hectare, respectively. These micronutrients are pivotal in equipping crops to combat both biotic and abiotic stresses, underscoring the importance of addressing their deficiencies through artificial means.
- In 2022, the field crops segment held the lion's share, contributing 87.6% in value and 87.5% in volume to the overall micronutrient fertilizer market. Among these crops, soybean led the pack with an application rate of 4.5 kg per hectare. The shifting focus toward sustainable methods of farming and the need to maintain micronutrient levels in the soil for the proper growth of crops are expected to drive the US micronutrient fertilizers market's growth during 2023-2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The horticultural crops segment acreage accounted for 2.8% of the overall area in 2022
- Expanding irrigation areas under major crops like corn and soybeans may drive irrigation agriculture in the country
- Calcium, copper, and boron application has resulted in higher crop yield.
