Europe Micronutrient Fertilizers Market Size, Share [2031]

Report Description

Europe Micronutrient Fertilizers Market Outlook 2031:

The Europe micronutrient fertilizers market size was valued at USD 121.9 Million in 2022 and is projected to reach USD 228.10 Million by 2031, expanding at a CAGR of 7.21% during the forecast period 2023 - 2031. The growth of the market is attributed to the deficiency found in soil, issues of farm land shrinking, rising use of micronutrient, and rising demand for home gardening. The increasing awareness regarding the food security among people is projected to spur the market.

Micronutrient fertilizers supports the plant at a crucial growth stage, set the yield, and various quality components. There are many soils that contains micronutrients but majorly it not available for plants. Micronutrients are used by humans and various organism in micro quantities for different physiological function. Micronutrients fertilizers are available in various forms including solid and liquid.

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Micronutrients have profound effect on the immune system in human body and also reduces the risk of dementia, death during child birth, blindness, and mental retardation. The micronutrients are commercially available for the agricultural usage in various forms. Micronutrients advances the fertilizer technologies that decreases the residual additions of micronutrients. The covid-19 made people conscious for the food that are rich in micronutrients.  

Micronutrient Fertilizers Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for food in the region is expected to push the market expansion in the coming years.
• Growing focus on the productivity of agricultural acts as major factors fueling the market growth.
• The toxicity and issues caused due to micronutrient is estimated to restrict the market expansion during the forecast period.
• Lack of awareness regarding the products of micronutrient among consumers acts as main challenge that can impede the market growth.
• R&D investment and technological advancement in micronutrient fertilizers are projected to offer lucrative opportunities for the market players.

Scope of the Micronutrient Fertilizers Market Report

The report on the Europe micronutrient fertilizers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Micronutrient Fertilizers Market Segment Insights:

Zinc segment is projected to account for a large market share

Based on nutrients, the Europe micronutrient fertilizers market is divided into manganese, boron, iron, zinc, copper, molybdenum, and others. The zinc segment is expected to constitute a key share of the market during the forecast period owing to its usage in the growth of plants and used as enzymes activators for protein synthesis.

However, the boron segment is anticipated to expand at a rapid pace during the forecast period due to its assist in forming pollen and make sure the growth of cell healthy.

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Chelated segment is projected to hold a key market share

On the basis of forms, the market is bifurcated into non-chelated and chelated. The chelated segment is expected to represent a key share of the market in the coming years due to high availability in various ranges, used for producing synthetic micronutrients, and stability in nature.

On the other hand, the non- chelated segment is anticipated to expand at a rapid pace during the forecast period owing to cost effectiveness and majorly used in the developing arears.

Fruits & vegetables segment is projected to constitute a major market share

In terms of crop types, the Europe micronutrient fertilizers market is segregated into oilseeds & pulses, fruits & vegetables, grains & cereals, commercial crops, and others. The fruits & vegetables segment is expected to account for a key share of the market during the forecast period owing to rising exports of fruits & vegetables, growing production levels, and increasing demand for fruits & vegetables.

However, the grains & cereals segment is anticipated to expand at a rapid pace during the forecast period due to rising nutrient loss prevalence in cereals crops including wheat and rice.

Soil segment is projected to hold a key market share

On the basis of applications, the market is segmented into foliar, soil, fertigation, and others. The soil segment is expected to represent a key share of the market in the coming years due to easy application, reduced cost, lesser adopting the fertilizer advanced techniques, and mainly used owing to limited availability of resource.

On the other hand, the foliar segment is anticipated to expand at a rapid pace during the forecast period owing to increasing launch of foliar products and rising awareness of benefits of using foliar.

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United Kingdom is expected to dominate the market

On the basis of geography, the Europe micronutrient fertilizers market is categorized as United Kingdom, Spain, Russia, Germany, France, Italy, and Rest of Europe. The market of United Kingdom is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising agricultural practices and need of good quality agricultural produce.

On the other hand, the market of Germany is expected to exhibit a rapid growth rate in the coming years due to rising health consciousness and increasing food consumption produced from plant origin.