(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Africa Micronutrient Fertilizer - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2028" report has been added to ResearchAndMarkets's offering.
The Africa Micronutrient Fertilizer Market size is estimated at USD 547.80 million in 2024, and is expected to reach USD 760.07 million by 2028, growing at a CAGR of 8.53% during the forecast period (2024-2028).
Key Highlights
Largest Segment by Type - Zinc : Zinc deficient soils is a wide spread problem in Africa, and its application is proven to increase the crop yields and grain size, making it the most consumed micronutrient.
Fastest growing segment by Type - Iron : The alkaline soils with high pH and degrading health and quality of soils are making them deficient in Iron thus increasing the demand for high-yield crop production.
Largest Segment by Crop Type - Field Crops : The domination of field crops in Africa Fertilizers market is mainly due to its large cultivation area in the region. They account for more than 95% of total crop area.
Largest segment by Country - Nigeria : Nigeria has large agricultural area in the region, it acccounts for about 35% of the total crop area in the region and has some of the largest fertilizer blending units.
Zinc is the largest segment by Product.
Among the micronutrients, zinc is the most consumed micronutrient fertilizer in the region, accounting for 31% of the total consumption in the region in 2021. This share is attributed to the role of zinc as a micronutrient in increasing the yield of crops. Countries in the region are aiming to increase their productivity to cater to socio-economic problems like malnutrition and hidden hunger. Zinc deficiency is predominantly observed in the agricultural soils of Africa.
Iron accounted for 30% of the total micronutrient fertilizer consumption and 23% of the market value in the region in 2021. It is the second most consumed micronutrient fertilizer in Africa.
Boron is Africa's third most consumed micronutrient fertilizer, accounting for a volume consumption of 182k metric tons in 2021 and occupying a share of 17%. Boron is an important micronutrient that helps develop the plant's root system at the earlier stages of its growth. It also helps in the activation of enzymes that help in the uptake of other major nutrients like potassium.
Manganese and copper are also among the commonly used micronutrients based on the requirement when deficiency symptoms occur. Both micronutrients accounted for a share of 15% in 2021. The usage of molybdenum and other micronutrients like cobalt, chlorine, nickel, and selenium is not too significant due to their abundance in the soil and their lower requirement. However, the degrading soil quality is gradually increasing the need for the application of these fertilizers.
Therefore, the demand for micronutrient fertilizers is growing with the increasing micronutrient deficiencies in the soil and crops, which may drive the market for these fertilizers during the forecast period.
A selection of companies mentioned in this report includes
Gavilon South Africa Haifa Group Ltd K+S AKTIENGESELLSCHAFT Kynoch Fertilizer Omnia Nutriology UPL Limited Yara International ASA,
For more information about this report visit
About ResearchAndMarkets
ResearchAndMarkets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
Africa Micronutrient Fertilizer Market Africa Micronutrient Fertilizer Market C A G R By Product 2022 2028
CONTACT: CONTACT: ResearchAndMarkets Laura Wood,Senior Press Manager ... For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
MENAFN26022024004107003653ID1107902410
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.