The Europe micronutrient fertilizers market size is anticipated to expand at a significant CAGR during the forecast period, 2021–2028. 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.
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.
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.
Key Players
- Yara International ASA
- FMC Corp.
- BASF SE
- Valagro SPA
- Sapec Group
- The Mosaic Company
- Coromandel International Ltd.
- Wolf Trax
- ATP Nutrient Ltd.
Competitive Landscape
Key players competing in the Europe micronutrient fertilizers market include Yara International ASA; FMC Corp.; BASF SE; Valagro SPA; Sapec Group; The Mosaic Company; Coromandel International Ltd.; Wolf Trax; and ATP Nutrient Ltd. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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