Market Overview:
The Global Agricultural Micronutrient Market size is expected to grow from USD 7.73 billion in 2022 to USD 13.68 billion by 2030, at a CAGR of 7.4% during the forecast period (2023-2030).
Agricultural micronutrients, essential for plant growth, encompass minerals like Zinc, Boron, Iron, Copper, Manganese, and Molybdenum. Operating in small quantities, they enhance yield and product quality, crucial in biological processes and cell growth. Applied via soil, foliar sprays, or Fertigation, micronutrients are key for balanced crop nutrition in pulses, spices, oilseeds, and cereals. Addressing deficiencies prevents issues like stunted growth and reduced yield, driving heightened demand in the agricultural sector for improved revenue.
Top Key Players for Agricultural Micronutrient Market:
BASF SE(Germany), AkzoNobel (Netherlands), Nutrien Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), Valagro (Italy), Coromandel International Limited (India), Haifa Group (Israel), Helena Agri-Enterprises LLC (U.S.), Valagro S.p.A (Italy), Sigma AgriScience LLC (U.S.), Aries Agro Limited (India), Nufarm Limited (Australia), AgroLiquid (U.S.), Indian Farmer Fertilizer cooperative limited (India), SAPEC SA (Belgium), and Other Major Players.
Market Dynamics and Factors for Agricultural Micronutrient Market:
Drivers:
Micronutrients Deficiency in Soil
Micronutrients are vital in minute quantities, and their scarcity in plants can negatively impact crops. Globally, soils commonly lack these nutrients due to factors like soil pH, humidity, and temperature, with elevated pH reducing their presence. Products enhancing micronutrient levels hold potential in the agricultural micronutrient market. Governmental and non-governmental entities promoting mineral-rich fertilizers to counter deficiency are driving market growth by raising awareness about overcoming micronutrient insufficiency in soil.
Opportunities:
Development of Biodegradable Chelating Products
The Agricultural Micronutrients Market is experiencing a boost through the advancement of Biodegradable Chelating Products. Due to well-documented harmful effects of non-biodegradable chelating agents on soil, crops, and human health, there's a growing demand for environmentally friendly alternatives. Biodegradable chelates like NTA and EDDS have gained traction, replacing their non-biodegradable counterparts. These agents effectively remove harmful metals, enhancing plant and soil health. Additionally, farmers are adopting commodity fertilizer products for specialized use, contributing to high growth, yield, and efficient water consumption. These factors collectively drive the expansion of the Agricultural Micronutrients Market.
Segmentation Analysis of the Agricultural Micronutrient Market:
By type, zinc is the segment that accounted for the largest share in the agriculture micronutrient market. The fast growth of this segment is due to awareness about zinc deficiency in soil across the globe and it plays an important in plant growth. Zinc contains many health benefits so it rises the demand for zinc nutritious food, which ultimately enhances the demand for zinc agriculture micronutrients.
By form, Chelated micronutrients are acquiring a large share in the micronutrient market. It is anticipated to grab the maximum agricultural micronutrient market share over the projected period. Chelated micronutrients are organic molecules, to form a ring-like structure these molecules combine with metal. Chelated micronutrients are seen in different ranges of soil pH.
Regional Analysis of the Agricultural Micronutrient Market:
During the forecast period, the Asia Pacific region holds the largest share of the agricultural micronutrient market, driven by increasing farmer awareness and government initiatives. Subsidies, crop nutrition plans, and awareness campaigns by regional governments contribute to industry growth. Notably, substantial fertilizer margins, reaching 100%, are aiding market expansion. Growing demand for premium agricultural goods and intensified farming practices further fuel the micronutrient fertilizer market's growth in the Asia Pacific region.
Key Industry Development:
In September 2021, In India Coromandel International Limited launched a new product namely GroShakti Plus a fertilizer, which is a superior and complex fertilizer with new technology. Coromandel is continuously serving the farmers in all aspects to enhance the productivity of crops and increase the yield of the crop, by creating Specialty nutrients, Bulk fertilizers, and nutrient-based pure Organic fertilizers that improve the quality of the soil.
In March 2021, for the development and distribution of nutrient-efficiency products, The Mosaic Company made a partnership with Sound Agriculture. The product is inspired by biochemistry that activates the soil microbiome to give open space to the plant for the absorption of fertilizers. Sound Agriculture has invented a technology that activates the soil microbiome to give access to enter important nutrients in plants and which allows farmers to get more benefits of fertilizer.
For this report, Introspective Market Research has segmented the Dog Food Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
