Sulfur Based Micronutrients Market by Application (Oilseeds & Pulses, Cereals & Grains, and Fruits & Vegetables), Type (Sulfur-Bentonite-Zinc, Sulfur-Bentonite-Molybdenum, Sulfur-Bentonite-Manganese, Sulfur-Bentonite-Iron) - Global Forecast to 2029
Updated on : October 10, 2024
Sulfur Based Micronutrients Market
The sulfur based micronutrients market is valued at USD 449 million in 2024 and is projected to reach USD 685 million by 2029, growing at 8.8% cagr from 2024 to 2029. Use of sulfur based micronutrients in agriculture is driving the growth in sulfur based micronutrients market. Globalization and the growth of agricultural markets have given manufacturers the chance to enter new markets and meet a variety of crop needs. As agriculture continues to transition to more efficient and sustainable methods, the market for sulfur based micronutrients is expected to rise in the near future.
Attractive Opportunities in the Sulfur Based Micronutrients Market
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Sulfur Based Micronutrients Market Dynamics
Driver: Growing demand for high quality crops and rising demand of sulfur in fertilizers
Growth in demand for high quality crops and rising demand of sulfur in fertilizers serve as a significant driver for the sulfur based micronutrients market. In agriculture, sulfur based micronutrients is essential for soil fertility and crop yield enhancement, driving its demand as a fertilizer. Sulfur clubbed with the micronutrients not only enhances the produce, but it also improves the soil structure and the nutrient uptake efficiency. The increasing utilization of sulfur based micronutrients for various crops reflects its indispensable role in supporting essential processes and applications, fueling market growth and expansion.
Restraints: Poor awareness among the developing regions regarding the benefits of micronutrients
One major obstacle to market expansion is developing regions' lack of knowledge about sulfur based micronutrients. Farmers in these locations might not be aware of the advantages of supplementing with micronutrients or the significance of sulfur in plant nutrition. This problem is made worse by restricted access to resources and information, which results in the underutilization of micronutrient products based on sulfur. Furthermore, the adoption of new agricultural inputs may be impeded by persistent beliefs or old farming methods. Unlocking the development potential of the sulfur based micronutrients market in developing regions requires addressing these knowledge gaps through focused education and outreach initiatives.
Opportunity: Rising demand for organic products
The market for sulfur based micronutrients has a lot of room to grow because of the rising demand for organic products. Considering soil health and sustainability are given priority in organic agricultural practices, sulfur based micronutrients are an appealing option for nutrient supplementation. Sulfur is a natural and eco-friendly way to help with nutritional shortages because it is necessary for plant growth and development and fits in well with organic principles. Sulfur based micronutrients have the potential to be expanded upon and adopted in organic farming systems, as seen by the increasing demand for organic products.
Challenge: Seasonal demand and competition from substitutes
The market expansion for sulfur based micronutrients is hindered by seasonal variations in demand and competition from substitutes. Manufacturers and distributors face uncertainty due to the variable demand patterns for agricultural inputs, such as micronutrients, which are linked to planting and harvesting seasons. Sulfur based micronutrients may also face competition from other products and methods, such as chemical fertilizers or organic amendments, particularly in areas where people are less aware of their existence. To overcome these obstacles, farmers must be informed about the unique advantages of sulfur based micronutrients through strategic marketing campaigns. Additionally, new formulations and delivery techniques must be created to set sulfur based micronutrients apart from competitors and gain market share throughout the agricultural cycle.
Sulfur Based Micronutrients Market Ecosystem
Prominent companies in this market include well-established, and financially stable manufacturers of sulfur based micronutrients market. These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Prominent companies in this market include Nutrien Ltd. (Canada), Yara International (Norway), The Mosaic Company (US), ICL (Israel), and K+S Aktiengesellschaft (Germany).
"Fruits & vegetables, by application, is estimated to account for the highest CAGR during the forecast period."
The fruits & vegetables crops are witnessing the highest Compound Annual Growth Rate (CAGR) among applications of the sulfur based micronutrients market. This is because there is a rise in health consciousness and dietary habits are fueling a global demand for fresh, nutrient-dense food. Furthermore, because sulfur is essential for many physiological functions, such as enzyme activation, and protein synthesis, it can significantly improve the quality and yield of fruits and vegetables. For this reason, fruits and vegetables respond best to sulfur supplementation. Sulfur based micronutrient demand in this industry is further driven by the increased emphasis on improving nutrient management brought about by the growing adoption of sustainable agriculture practices. Within the market for sulfur-based micronutrients, fruits and vegetables are positioned as a high-growth area due to these converging characteristics.
"Sulfur-bentonite-zinc and sulfur-bentonite-boron, by type, are estimated to account for the highest CAGR during the forecast period."
Sulfur-bentonite-zinc and sulfur-bentonite-boron are the two types of sulfur based micronutrients that exhibit the highest Compound Annual Growth Rate (CAGR) among different types in the sulfur based micronutrients market. This growth can be attributed to their versatility and wide-ranging applications across various crops. Including important micronutrients like zinc and boron in addition to sulfur improves plant nutrition and simultaneously treats several nutrient deficits. These mixes are attractive to farmers looking for effective and long-lasting nutrient management techniques since they provide complete solutions to maximize crop yield and quality. Additionally, the market for customized sulfur-based blends like these is anticipated to develop as knowledge of the significance of micronutrients increases and agricultural practices change.
"Asia Pacific is estimated to account for the highest CAGR during the forecast period."
The Asia-Pacific region demonstrates the highest Compound Annual Growth Rate (CAGR) in the sulfur based micronutrients market. This robust growth can be attributed to several factors, including rapid industrialization, urbanization, and agricultural activities across countries in the region. The use of micronutrient fertilizers, such as those based on sulfur, is being encouraged by government programs that support sustainable agriculture and increase soil fertility, and hence drive the market growth in Asia-Pacific. Moreover, increasing market penetration in rural areas through improved access to agricultural inputs and technologies is boosting regional growth. The Asia-Pacific area is positioned as a major growth engine for the sulfur based micronutrients market in the upcoming years due to the combined effects of these variables.
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Source: Secondary Research, Expert Interviews, and MarketsandMarkets Analysis
Sulfur Based Micronutrients Market Players
Major companies in the Sulfur micronutrient Market include Nutrien Ltd. (Canada), Yara International (Norway), The Mosaic Company (US), ICL (Israel), and K+S Aktiengesellschaft (Germany) and others. A total of 23 players have been covered. These players have adopted agreements, product launches, investments, joint ventures, acquisitions, expansions, and mergers as the major strategies to consolidate their position in the market.
Sulfur Based Micronutrients Market Report Scope
Report Metric |
Details |
Market Size Available for Years |
2018–2029 |
Base Year Considered |
2023 |
Forecast Period |
2024–2029 |
Forecast Units |
Value (USD Million/Billion) and Volume (Kilotons) |
Segments Covered |
Sulfur based micronutrients Type, Application, and Region |
Geographies Covered |
Asia Pacific, Europe, North America, South America, and Rest of World |
Companies Covered |
The major market players include Grupa Nutrien Ltd. (Canada), Yara International (Norway), The Mosaic Company (US), ICL (Israel), K+S Aktiengesellschaft (Germany), SQM S.A. (Chile), Coromandel International Limited (India), Nufarm (Australia), Aries Agro Limited (India), DFPCL (India), and Balchem Corp. (US). |
This research report categorizes the sulfur based micronutrients market based on Sulfur based micronutrients Type, Application, and Region.
Based on Type, the sulfur based micronutrients market has been segmented as follows:
- Sulfur-Bentonite
- Sulfur-Bentonite-Zinc
- Sulfur-Bentonite-Boron
- Sulfur-Bentonite-Molybdenum
- Sulfur-Bentonite-Manganese
- Sulfur-Bentonite-Iron
- Sulfur-Bentonite-Copper
Based on Application, the sulfur based micronutrients market has been segmented as follows:
- Oilseeds & Pulses
- Cereals & Grains
- Fruits & Vegetables
- Others
Based on Region, the sulfur based micronutrients market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- South America
- Rest of World
Key Developments
- In December 2023, Yara International completed the acquisition of Agribios, in an effort to conserve and enhance soil health, and to also build a sustainable future. This acquisition will therefore help Yara International to enhance its crop nutrition portfolio in Italy.
- In June 2022, Nutrien Ltd. announced the upgrade of its fertilizer manufacturing capacity in order to tackle the structural changes in agriculture and fertilizer markets. The company aims to increase the production levels of potash such that they can produce 18 million tons by 2025 in order to avoid the uncertainty of supply from Eastern Europe.
- In July 2021, ICL completed the acquisition of Compass Minerals América do Sul S.A., which includes the South American Plant Nutrition business of Compass Minerals, for a total value of USD 420 million.
Frequently Asked Questions (FAQ):
What is the key driver for the Sulfur-based micronutrients market?
The expansion of Agriculture Industry is a driving force for the sulfur based micronutrients market
Which region is expected to register the highest CAGR in the sulfur based micronutrients market during the forecast period?
The Asia Pacific is estimated to register the highest CAGR during the forecast period.
What is the major source of sulfur-based micronutrients?
Elemental sulfur is the main source of sulfur based micronutrients; it is often obtained from natural sources or as a byproduct of processing petroleum. Furthermore, sulfur based micronutrient formulations use sulfur compounds as raw materials, such as sulfates or sulfate salts, which can be chemically produced or extracted from minerals.
Who are the major players of the sulfur based micronutrients market?
The key players operating in the market include Nutrien Ltd. (Canada), Yara International (Norway), The Mosaic Company (US), ICL (Israel), and K+S Aktiengesellschaft (Germany).
What is the total CAGR expected to record for the sulfur-based micronutrient market during 2024-2029?
The market is expected to record a CAGR of 8.8 % from 2024-2029. .
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The study involved four major activities in estimating the current size of the sulfur based micronutrients market. Exhaustive secondary research was done to collect information on the market, peer markets, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the Sulfur based micronutrients value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources for this research study include annual reports, press releases, and investor presentations of companies; white papers; certified publications; and articles by recognized authors; gold- and silver-standard websites; Sulfur based micronutrients manufacturing companies, regulatory bodies, trade directories, and databases. The secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. It has also been used to obtain information about key developments from a market-oriented perspective.
Primary Research
The sulfur based micronutrients market comprises several stakeholders, such as raw material suppliers, technology support providers, sulfur based micronutrients manufacturers, and regulatory organizations in the supply chain. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary sources from the supply side included industry experts such as Chief Executive Officers (CEOs), vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the sulfur based micronutrients market. Primary sources from the demand side included directors, marketing heads, and purchase managers from various sourcing industries. Following is the breakdown of the primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches have been used to estimate and validate the total size of the sulfur based micronutrients market. These approaches have also been used extensively to estimate the size of various dependent subsegments of the market. The research methodology used to estimate the market size included the following:
The following segments provide details about the overall market size estimation process employed in this study:
- The key players in the market were identified through secondary research.
- The market shares in the respective regions were identified through primary and secondary research.
- The value chain and market size of the sulfur based micronutrients market, in terms of value, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of annual and financial reports of the top market players and interviews with industry experts, such as CEOs, VPs, directors, sales managers, and marketing executives, for key insights, both quantitative and qualitative.
Global Sulfur Based Micronutrients Market Size: Bottom-Up Approach
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Global Sulfur Based Micronutrients Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the sulfur based micronutrients sector.
Market Definition
Sulfur-based micronutrients are essential nutrients required by plants in relatively small quantities for optimal growth and development. Sulfur plays a crucial role in various biochemical processes within plants, including the synthesis of amino acids, proteins, and enzymes. It is also a key component of certain vitamins and coenzymes necessary for plant metabolism. Sulfur-based micronutrients, along with other micronutrients like iron, manganese, zinc, copper, boron, and molybdenum, are important for chlorophyll formation, which is essential for photosynthesis, and they contribute to overall plant health and productivity.
Key Stakeholders
- Raw material manufacturers
- Technology support providers
- Manufacturers of sulfur based micronutrients
- Traders, distributors, and suppliers
- Regulatory Bodies and Government Agencies
- Research & Development (R&D) Institutions
- End-use Industries
- Consulting Firms, Trade Associations, and Industry Bodies
- Investment Banks and Private Equity Firms
Report Objectives
- To analyze and forecast the market size of sulfur based micronutrients market in terms of value
- To provide detailed information regarding the major factors (drivers, restraints, challenges, and opportunities) influencing the regional market
- To analyze and forecast the global sulfur based micronutrients market on the basis of sulfur based micronutrients type, application, and region
- To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders
- To forecast the size of various market segments based on five major regions: North America, Europe, Asia Pacific, South America, and Rest of World, along with their respective key countries
- To track and analyze the competitive developments, such as acquisitions, partnerships, collaborations, agreements and expansions in the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the client-specific needs.
The following customization options are available for the report:
- Additional country-level analysis of the sulfur based micronutrients market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Growth opportunities and latent adjacency in Sulfur Based Micronutrients Market