According to a new research report by Global Market Insights Inc., the North America Micronutrient Fertilizers Market size is anticipated to reach around USD 1.7 billion by 2027 owing to the growing demand for food across the region.
Micronutrient fertilizers provide several advantages including higher crop production in limited areas along with improving soil nutrient availability. The development of advanced micronutrient fertilizer product portfolios, such as water-soluble micronutrient fertilizers, enable farmers in the efficient usage of micronutrient fertilizers, thus further minimizing the risks of excess usage of micronutrient fertilizers.
Several industry participants are expanding their regional reach with the establishment of new sales & marketing facilities across the globe. Additionally, mergers & acquisitions along with new product developments are key strategies adopted by product manufacturers to enhance their profitability and support North America micronutrient fertilizers market growth in the coming years.
The popularity and consumption of micronutrient fertilizers in the region have been consistently growing over the last few years. This can be related to meeting the necessary nutrient requirements for various crops and driving farming productivity. The growing awareness among farmers regarding the importance of using micronutrients in their fields and the impacts of micronutrient deficiency on crop production is driving the micronutrient fertilizers market share in North America.
Micronutrients fertilizer usage in the U.S. differs among different regions. For instance, Zinc is utilized in the U.S. for corn and soybean crops in the West North Central States of Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, and Kansas. Even though the cropping areas are roughly the same between the West North Central and East North Central regions, the soil in the former is much more alkaline and deficient in zinc, boron, copper & manganese.
Browse key industry insights spread across 129 pages with 59 market data tables & 21 figures & charts from the report, “North America Micronutrient Fertilizers Market By Nutrient (Zinc, Manganese, Copper, Iron, Boron), By Form (Dry, Liquid), By Mode Of Application (Soil, Foliar, Fertigation), Industry Analysis Report, Country Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027”, in detail along with the table of contents:
Manganese nutrient demand will grow owing to its usage in the development of chlorophyll and as catalysts in various enzyme systems processes
The manganese nutrient segment generated over USD 30 million in 2020 and is expected to grow at a CAGR of over 8.5% by 2027. Manganese is one of the elements, which is essential for plants and crops but if given in higher quantities may prove toxic to the plants. Manganese aids in the development of chlorophyll and also works as a catalyst in various enzyme systems and oxidation & reduction processes. Soybean and wheat are crops that require the most manganese. The regular supply of manganese as fertilizer helps the crop to reach its optimum growth.
Liquid micronutrient fertilizers are goring at a faster pace owing to their rising usage during seeding time in spring
Based on form, liquid form will grow at a faster pace at a CAGR of 8% by 2027. Micronutrient deficiency is mostly found in cold and wet conditions. Spring season across North America has shown higher demand for liquid micronutrients owing to their capability to improve yields by fixing common early-season deficiencies in crops. Furthermore, liquid micronutrient fertilizers have gained significant popularity in recent years owing to their applications, i.e., these fertilizers can either be foliar applied or ground applied.
The foliar mode of micronutrient fertilizer application refers to the spraying of micronutrient fertilizer solutions, which contain one or more nutrients, on the foliage of the growing crops. Various types of nutrients are easily absorbed by the leaves, thus they are dissolved in water and then sprayed on the leaves. Generally, the foliar application is effective when micronutrients that are required in small quantities are used. The foliar mode of application held around 45% of volumetric shares in 2020 and is expected to grow at a CAGR of 7.9% by 2027.
Micronutrient fertilizer demand in Canada will grow at 7% CAGR
The Canada micronutrient fertilizers market is expected to generate over USD 275 million by 2027. Agriculture is an important sector of the Canadian economy. As of 2018, there were over 269,000 jobs in farming. Canada is a top exporter of agricultural products in the world. Canada’s top agricultural products are canola, cattle & calves, beef & veal, vegetables, and poultry. Canadian companies export crops, meat, maple syrup, and many other products. Canadian farmers are under pressure to produce more food. To maximize field crop yields, farmers utilize micronutrient fertilizers.
Key market leaders are investing in various R&D projects, product development, mergers & acquisitions, strategic partnerships to enhance their market shares. Key market players in the North America micronutrient fertilizers industry are Yara International, Haifa Group, BASF SE, FMC Corporation, Nutrien Ltd., and The Andersons, Inc., among others.