Agricultural Micronutrient Market In-Depth Insights & Trend Analysis By 2032

Global Agricultural Micronutrient Market Overview

The Global Agricultural Micronutrient Market size is expected to grow from USD 8.32 billion in 2023 to USD 16.05 billion by 2032, at a CAGR of 7.58% during the forecast period (2024-2032).

Agricultural micronutrients are minerals, which are essential for plant growth. It includes elements, such as Zinc (Zn), Boron (B), Iron (Fe), Copper (Cu), Manganese (Mn), and Molybdenum (Mo). It is used by plants in small quantities so it’s called micronutrients. They play an important role in improving the yield and quality of agricultural products. These micronutrients are majorly used with soil, in foliar sprays, and in Fertigation systems. They also help in the biological processes of plants. And assist the plant in cell growth. Micronutrients are applied to the plant with conventional application equipment, by mixing micronutrients mixed with liquid and dry fertilizer inappropriate amounts. It will reduce the cost and allow the equal, uniform distribution of micronutrients. Agricultural micronutrients help to achieve balanced nutrition in crops of pulses, spices, oilseeds, and cereals. Micronutrient deficiency causes leaf discoloration, stunted growth, and loss of fruiting; these ultimately show an adverse effect on crop yields, it reduces the crop yield. Their demand has to increase in the agricultural industry for better revenue generation. 

Market Dynamics And Factors For Agricultural Micronutrients Market

Drivers:

Micronutrients Deficiency in Soil 

Micronutrients are required in very small amounts; they are available in plants but in low quantity and their deficiencies can lead to affect adversely crops. All over the globe soils are suffering deficiencies of micronutrients; the main factors responsible for deficiency of micronutrient in the soil is soil pH, humidity, and temperature. Higher pH levels in the soil reduce the number of micronutrients present in the soil. The product which helps in increasing the micronutrient level can lead the agricultural micronutrient market. The governmental and non-governmental organizations are spreading awareness about using the mineral-rich fertilizers in the soil to overcome micronutrient deficiency that is boosting the market for agricultural micronutrients. 

Restraints: 

Increasing Use of Organic Fertilizers in Developed Countries

In developed countries, the Increasing Use of Organic Fertilizers restrains the growth of the micronutrient market. The trend is to eat healthy food and consumption of food that is coming from healthy and safe sources. People are becoming aware, and putting their eyes on what kind of chemicals and fertilizers are going into the soil which is harmful and showing a long-term adverse effect on the body, and causes serious damage to health. They are avoiding this fertilizer and shifting towards organic farming and eating organic food which comes from the farm and is residuals free. Food production is more than consumption in the developed country so people are spending money only on quality food. This is increasing the demand for organic farming, and fertilizer restraining the market for micronutrients. 

Opportunity: 

Development of Biodegradable Chelating Products

Development of Biodegradable Chelating Products helps to boost the Agricultural Micronutrients Market. There are so many harmful effects of non-biodegradable chelating agents known, that are hazardous to the soil, crop, and the health of humans. So the demand for the production of biodegradable chelates is increasing in the markets. Recently developed and adopted agents like NTA and EDDS, are widely promoted, and marketed in the markets instead of the non-biodegradable agents. The use of the biodegradable chelating product to remove metals that is harmful to plant and soil health. Farmers are also using commodity fertilizer products for specialty fertilizers, which helps to boost the market. These fertilizers provide high growth and high yield, and helps in low consumption of water. These are the main driving factors for increasing the Agricultural Micronutrients Market.

Segmentation Analysis Of Agricultural Micronutrients 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. Also, the government is taking initiatives toward the increasing amount of zinc concentrate in the soil to enhance quantitative and qualitative crop yields which are supporting the micronutrient market.

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. Chelated compounds have stable nature that the acceptance of chelated micronutrients is more than the non-chelated micronutrients in the agricultural micronutrient market.

By application, the soil is the segment that expected to dominate the Agricultural micronutrient market. Micronutrients are required for better yield and growth of the plants. Through soil, micronutrients are going toward the plant. So the application of agricultural micronutrients through soil is the most effective way to apply micronutrients. It is easy to apply and comparatively charges a low cost that's why in developing countries application of agricultural micronutrients is preferred through the soil, this is the most important reason behind the growth of the agricultural micronutrient market.

Regional Analysis Of Agricultural Micronutrients Market

The Asia Pacific contributed the largest share in agricultural micronutrients market, during the forecast period due to Rising awareness about the micronutrients among farmers is expected to provide more scope for market growth. The government of this region also provided plans, subsidies for fertilization and nutrition of crops, and spreading awareness about the use of this micronutrient helping in the development of this industry. Sometimes government is giving a 100% margin on fertilizers for farmers, which is the major factor helping the growth of this market in the Asia Pacific region. The requirement for high-quality agricultural products and the increasing agricultural practices are factors that boost the micronutrient fertilizer market in the Asia Pacific region.

The European region has growing demand for micronutrients; it is expected to grow with a significant growth rate in the upcoming year for agricultural micronutrient market. People and farmers from this region already know the importance of nutrients for a healthy body. They have developed countries whose main focus is on health they are ready to spend more money on food, to get a better diet. The agricultural micronutrients help to maintain the nutritional qualities of the plants, shows a good impact on the soil. These are the driving factors that are help to increase for the agricultural micronutrient market in the European region. People are also shifting on the consumption of vegetables or food that is sourced from plant origin and getting a diet that is naturally developed on-field this is also helping to increase the demand for micronutrient market.

North America is also the region that can contribute to the growth of the agricultural micronutrient market in upcoming years. In this region the area covered by the Agribusiness is large, most of the land is used for farming and there is a problem of declining arable land which will also be an important reason for the growth of the micronutrient market in this region. Increased awareness regarding crop nutrition products and adaption of the products for growing nutrition-rich crop production is the key factor for increasing demand in the agricultural micronutrient market.  

COVID 19 Impacts on Agricultural Micronutrients Market

The global Agricultural Micronutrients Market is in trouble because of COVID-19. The entire situation is challenging and the market has to face a very tough time. COVID impacted every business, field, and market. In this pandemic supply chain, sales, manpower, and unemployment all this factor are affecting the growth of the market. With the lockdowns, there is distortion in logistics and reduced production, and it made huge economic impacts on the market and on the world which is suffering from COVID-19. China is the world's largest producer and consumer of agriculture micronutrients. China is also suffering from COVID which affects all the global market of agricultural micronutrient market. The outbreak of COVID-19 in China had the most critical impact on the Chinese agriculture micronutrient sector, affecting the movement of micronutrient products and raw materials from inside and outside the country. All export-import business is slowing down and it reduces the market share of the product. Micronutrients are not available, and production of fertilizers is stopped so the supply of both these products is not available so the farmer is suffered from the low yield of the crop when the production is low the revenue generated from that product is also less. So this pandemic is harsh on the agricultural micronutrient market but now lockdown is not there, industries are open and everything will be back on track after some time and the industry can able to witnesses to see the growth of the micronutrient market.

Top Key Players Covered In Agricultural Micronutrients 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.

Key Industry Developments in Agricultural Micronutrients Market

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 enhancing productivity of crops and increasing yield of crop, by creating Specialty nutrients, Bulk fertilizers, and nutrient based pure Organic fertilizers that’s improve the quality of 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 absorption of fertilizers. Sound Agriculture has invented technology that activates the soil microbiome to give access to enter important nutrients in plants and which allow farmers to get more benefits of fertilizer.

In 2020 July, Haifa Group is investing in AgrlOT they signed an agreement with AgrIOT. They are investing around USD 2 million and getting 30% rights of the company for distribution. AgrIOT technology works on reducing costs required for farmers, frequent monitoring of development, making identification process effective.