Selbyville, Delaware, Jan. 25, 2022 (GLOBE NEWSWIRE) -- According to the Global Market insights Inc., report, the North America Micronutrient Fertilizers Market was estimated at USD 1 billion in 2020 and is projected to hit a valuation of $1.7 billion by 2027, registering with a CAGR of 7.8% from 2021 to 2027. The report offers a highly detailed analysis of the overall industry size as well as estimations, its major investment pockets, prominent drivers & opportunities, the competitive scenario, some of the top winning strategies, and some wavering market trends.
The North America micronutrient fertilizers market will experience substantial growth through the analysis timeframe on the back of rapidly growing micronutrient deficiencies in the region’s arable land. To obtain fully balanced nutrition as well as higher crop yields, demand for micronutrient fertilizers, apart from advanced NPK fertilizers, is increasing in the region. Additionally, the rising adoption of these fertilizers during the spring season to effectively minimize soil deficiencies and help plants develop chlorophyll will impel the product penetration over the projected timeframe.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/5178
The iron nutrients segment is slated to generate an industry demand worth more than $505 million by the end of 2027. Plants require iron to develop chlorophyll in its cells and the element also works as an activator inside biochemical processes such as respiration, symbiotic nitrogen fixation, and photosynthesis. Owing to its innate chemical nature, iron plays a key role in the oxidation as well as reduction reactions and numerous other enzyme reactions. Moreover, a plethora of high-demand vegetables like squash, turnips, radish, and tomatoes, among others, require iron more than any other nutrient to ensure a high yield.
Key reasons for North America micronutrient fertilizers market growth:
- Rising demand for food in the region.
- Increasing micronutrient deficiency of North America’s arable soil.
- Limited availability of arable land in the region.
2027 forecasts depict the ‘liquid form’ segment retaining its market dominance:
With respect to form, the market landscape from the liquid form segment is projected to generate more than $835 million in terms of revenue by 2027. Increasing innovation and development of novel liquid micronutrient fertilizers, and growing awareness about their benefits such as uniform and easy application, will foster segment growth. On the other hand, the high distribution and production costs associated with liquid form products may hinder the market scenario in the coming years.
USA to retain its leading stance in terms of revenue:
The US micronutrient fertilizers industry is anticipated to clock in a CAGR of more than 7.5% over the forecast timeframe. In the US, the micronutrient requirements are different for different states based upon the crop being cultivated. A number of product manufacturers in the sector are actively working on researching and developing new product portfolios through substantial R&D investments to effectively increase the overall efficiency of their respective micronutrient fertilizers. This would be majorly outlining the market outlook in coming years.
Impact of COVID-19 on NA micronutrient fertilizers industry:
The rapid spread of COVID-19 across North America and the subsequent shutdown of several key parts of the region’s economies led to unparallel and simultaneous shocks to the supply and demand chain of the food system, impacting the micronutrient fertilizers industry most notably. However, according to the USDA, the US; being highly competitive in global agriculture markets, has seen overall exports hold up relatively well when compared to other US exports.
The region’s strong performance in terms of agriculture ensured steady growth for the regional micronutrient fertilizers sector. Now, with large-scale vaccination drives and COVID-19 soon expected to enter the endemic stage, market numbers are expected to pull up considerably.
Request for the customization of this report: https://www.gminsights.com/roc/5178
Leading market players:
The list of some of North America’s key micronutrient fertilizer manufacturers includes names such as FMC Corporation, Nutrien Ltd., Yara International, BASF SE, The Andersons, Inc., Haifa Group, and AgroLiquid among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
