Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, Copper), Mode of Application (Soil, Foliar and Fertigation), Form (Chelated and Non-Chelated Micronutrients), Crop Type and Region - Global Forecast to 2028

Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, Copper), Mode of Application (Soil, Foliar and Fertigation), Form (Chelated and Non-Chelated Micronutrients), Crop Type and Region - Global Forecast to 2028

The global market for agricultural micronutrients is estimated to be valued at USD 4.5 Billion in 2023 and is projected to reach USD 6.9 Billion by 2028, at a CAGR of 8.6% during the forecast period.

The growth of the agricultural micronutrients market is being driven by various factors. One key factor is the global population's increasing demand for food. Another significant factor is the prevalence of soil imbalances and deficiencies in micronutrients, which negatively affect crop growth. Factors such as humidity, temperature, and soil pH contribute to these imbalances, emphasizing the need for micronutrient applications to enhance soil health and crop quality. Additionally, the growing awareness among farmers about the importance of micronutrients in improving agricultural yield further propels the market's growth. These factors collectively contribute to the expansion of the agricultural micronutrients market, enhancing crop production and food security.

“By form, the chelated segment is estimated to be growing at a significant CAGR in the agricultural micronutrients market.”

The growth of chelated agricultural micronutrients is being fastened by several factors. Chelated fertilizers have demonstrated the potential to significantly increase crop yields, especially in low-micronutrient stress or nutrient-deficient soils, making them a valuable solution for improving agricultural productivity. These micronutrients are available in various forms, including chelated micronutrient fertilizers, which offer benefits such as improved plant growth and health. Chelates are versatile and can be used as fertilizer additives, in seed dressing, and through foliar sprays, making them adaptable to a wide range of agricultural applications. Additionally, the chelated segment is projected to be the fastest-growing in the agricultural micronutrients market, reflecting their increasing adoption in the agricultural industry. These factors collectively contribute to the accelerated growth of chelated agricultural micronutrients in modern agriculture.

“By type, manganese is anticipated to be growing at a significant CAGR during the forecast period in the agricultural micronutrients market.”

Manganese is a crucial micronutrient for plant growth, and its effectiveness in agriculture is influenced by various factors: Manganese plays essential roles in plant development, photosynthesis, and enzymatic processes, making it a vital micronutrient for overall plant health. The use of chelated-based manganese fertilizers enhances the availability and uptake of manganese in plants, promoting its efficient utilization for growth and productivity. The dynamics and transformations of manganese in soils are influenced by factors like soil pH, electrical conductivity (EC), and soil organic matter, which can affect manganese's availability to plants. Different plant species have varying manganese requirements, and understanding these specific needs aids in optimizing manganese application for growth acceleration.

“Among modes of application, the soil is estimated to grow at a CAGR of 7.7% during the forecast period.”

The growth of soil through the application of agricultural micronutrients is influenced by several key factors. The choice of micronutrients and their balanced application is essential. A precise blend of micronutrients, including boron (B), chloride (Cl), copper (Cu), iron (Fe), manganese (Mn), molybdenum (Mo), nickel (Ni), and zinc (Zn), supports plant growth and ensures a proper balance of essential nutrients. Agricultural practices such as soil water management and soil amendments can enhance the accessibility of soil micronutrients. These practices help make micronutrients more readily available to plants, facilitating their growth. The application of crop residues can contribute to the availability of micronutrients in the soil. These residues enrich the soil with organic matter, which can convert adsorbed fractions of micronutrients into more plant-accessible forms, supporting soil health and plant growth. The sustained use of micronutrient fertilizers over time can have a positive impact on soil health and plant growth. It helps maintain consistent nutrient levels and prevents deficiencies that can hinder soil productivity.

“North America to grow at a significant CAGR during the forecast period in the agricultural micronutrients market.”

Soil imbalances and deficiencies of micronutrients, driven by factors such as humidity, temperature, and soil pH, create a strong demand for micronutrient fertilizers and amendments to rectify these issues and improve agricultural productivity. This market's substantial size and the investment opportunities it presents are attracting companies and driving innovation and competition in the sector. With an ever-increasing population and the need to enhance agricultural productivity and food quality, the demand for micronutrient applications in farming practices is on the rise, contributing to the growth of this market.

The break-up of the profile of primary participants in the agricultural micronutrients market:

By Company: Tier 1 – 30%, Tier 2 - 30%, Tier 3 – 40%

By Designation: CXOs – 40%, Manager level – 25%, and C-Level- 35%

By Region: North America -16%, Europe – 30%, Asia Pacific – 40%, South America – 10%, RoW – 4%,

Major key players operating in the agricultural micronutrients market include BASF SE (Germany), Yara International ASA (Norway), and Coromandel International Limited (India).

Research Coverage:

This research report categorizes the agricultural micronutrients market, by type (zinc, boron, iron, manganese, molybdenum, copper), by mode of application (soil, foliar, and fertigation), form (chelated and non-chelated micronutrients), crop type (fruits & vegetables, cereals and grains, oilseed & pulses), and region (North America, Europe, Asia Pacific, South America, and RoW). The scope of this report encompasses a comprehensive examination of major factors, including drivers, restraints, challenges, and opportunities, that significantly influence the growth of the agricultural micronutrients market. Extensive research has been conducted to analyze key industry players, offering valuable insights into their business overview, product offerings, key strategies, contracts, partnerships, new product launches, as well as mergers and acquisitions associated with the agricultural micronutrients market. Furthermore, the report includes a competitive analysis of emerging startups in the agricultural micronutrients market ecosystem.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall agricultural micronutrients market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increase in micronutrients in soil), restraints (Booming organic fertilizer industry), opportunities (Development of biodegradable chelates), and challenges (Need for sustainable sourcing of raw materials) influencing the growth of the agricultural micronutrients market.

New Product launch/Innovation: Detailed insights on research & development activities and new product launches in the agricultural micronutrients market.

Market Development: Comprehensive information about lucrative markets – the report analyses the agricultural micronutrients market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the agricultural micronutrients market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like BASF SE (Germany), Yara International ASA (Norway), Coromandel International Limited (India), and others in the agricultural micronutrients market strategies.