Agricultural Micronutrients Market Forecasts to 2028 – Global Analysis By Form (Chelated, Non-Chelated and Other Forms), Type (Boron, Molybdenum, Manganese, Iron, Zinc and Other Types), Application, End User and By Geography
According to Stratistics MRC, the Global Agricultural Micronutrients Market is accounted for $4.3 billion in 2022 and is expected to reach $7.8 billion by 2028 growing at a CAGR of 10.4% during the forecast period. Agricultural Micronutrients are the essential nutrients derived from the soil. These micronutrients are essential for plant growth. They are boron (B), chloride (Cl), copper (Cu), iron (Fe), manganese (Mn), molybdenum (Mo), nickel (Ni) and zinc (Zn). They help to achieve the production goals and are essential to the growth and development of the plant. Plants require a proper balance of all the essential nutrients. Without these nutrients, plant nutrition would be compromised leading to potential declines in plant productivity.
According to The National Informatics Centre (NIC), India ranks second in agricultural production in the world and is a leading producer of various agricultural commodities, further boosting growth of the agricultural micronutrients market in the country.
Market Dynamics:
Driver:
Increase in micronutrient deficiency in soil
The low portions of micronutrients in plants can lead to diseases in crops. Soils all over the globe are suffering imbalances and deficiencies of micronutrients due to humidity, temperature and soil PH. Even humans are facing malnutrition due to decreasing content of micronutrients. All these factors increased the usage of the micronutrients and therefore propelling the growth of the market.
Restraint:
Lack of application knowledge
Farmers in developing countries lack awareness regarding the dosage and proper application of micronutrients. Farmers are not trained and often do not have access to technology and knowledge regarding farming techniques. Applications such as fertigation, seed treatment and hydroponics are fairly new to some farmers. So, they face issues regarding the application of micronutrients which is hindering the market growth.
Opportunity:
Rising consumption of biofuel
Biofuel is produced in various ways through different types of agricultural plants. These crops include corn, wheat, oilseeds, sugarcane, and many more. Farmers have boosted their biofuel crop output and have turned them to fertilisers to enhance the crop quality. The increased demand for biofuels is driving up the production of bio-crops like sugarcane and increasing worldwide need for agricultural micronutrients and fuelling the market growth.
Threat:
High price rates
Several farmers have reduced the use of micronutrients in their fertilizer program due to high associated prices and their lower income levels. This has caused a reduction and deficiency of micronutrients levels in soil. They need to add these nutrients to prevent the deficiencies. Prices of most micronutrients such as molybdenum, manganese, boron and zinc are higher. This acts as a constraint to market growth.
Covid-19 Impact
The global crisis caused by the COVID-19 pandemic has significantly impacted most industries. Fertilizers and agricultural micronutrients have registered a strong slowdown in sales in the first quarter due to the disturbance in logistics and transportation in many countries. Restrictions on export & import of agriculture micronutrients and raw materials affected the supply chain which strongly impacted the production, sales and operations.
The zinc segment is expected to be the largest during the forecast period
The zinc segment is estimated to have a lucrative growth, due to its wide range of functions in plant growth. Government is raising initiatives towards increasing zinc concentrate in the soil to enhance quantitative and qualitative crop yields. Rising need to meet food security challenges and growing demand for zinc nutritious food due to its health benefits are expected to propel the demand for zinc agriculture micronutrients.
The soil segment is expected to have the highest CAGR during the forecast period
The soil segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its easy and cost-effective application. It gives better results of micronutrients over the other application methods. Most of the farmers from developing economies prefer this method as it takes very limited resources. The lower adoption of the advanced fertilizer applications methods drives the market demand.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the huge crop cultivation and growing population. Rising interest in high quality food among consumers has increased awareness of the agriculture micronutrients. This region consumes 90% of the global rice produced. Growing food demand and high usage of fertilizer consumption in this region are driving the market demand.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the high government subsidies. This region has huge depletion of arable land and vast area of infertile soil. So, government provides subsidies for fertilization and nutrition of crops, sometimes up to 100% for marginal farmers which is fuelling the growth of the market at a rapid pace.
Key players in the market
Some of the key players profiled in the Agricultural Micronutrients Market include BASF SE, Coromandel International Ltd, AkzoNobel, Baicor LC, Balchem, ATP Nutrition, Corteva Inc, Compass Minerals International, BMS Micronutrient NV, Haifa Group, Helena Chemical Company, Sapec SA, Stoller Enterprises Inc, Nutrien Ltd, Bayer AG, Nufarm, The Mosaic Company, Yara International ASA, AgroLiquid, Aries Agro Limited
Key Developments:
In May 2022, Bayer AG has launched Routine Start 280FS, a new seed treatment product to protect early-season rice seeds from rice blast fungi, improving crop productivity and resource efficiency for rice farmers.
In April 2022, BASF launched Exponus® insecticide to deliver powerful, quick & versatile control of toughest insect pests like Caterpillars & Thrips. Exponus® is registered for use on various largely cultivated crops under Oil seeds, Pulses & Vegetables segment to control critical insect pests
Forms Covered:
• Chelated
• Non-Chelated
• Other Forms
Types Covered:
• Boron
• Molybdenum
• Manganese
• Iron
• Zinc
• Other Types
Applications Covered:
• Fertigation
• Foliar
• Soil
• Other Applications
End Users Covered:
• Fruits & Vegetables
• Oilseeds & Pulses
• Non-Agricultural Cereals & Grains
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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