North America Micronutrient Fertilizers Market Analysis

North America Micronutrient Fertilizers Market Analysis

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 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.
 

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. 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.
 

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.