Agricultural Micronutrients Market Forecasts to 2028 - Global Analysis By Type (Boron, Zinc and Other Types), Crop Type (Fruits and Vegetables, Cereals and Grains and Other Crop Types), Form (Chelated Micronutrients and Non-Chelated Micronutrients), Appli

Agricultural Micronutrients Market Forecasts to 2028 - Global Analysis By Type (Boron, Zinc and Other Types), Crop Type (Fruits and Vegetables, Cereals and Grains and Other Crop Types), Form (Chelated Micronutrients and Non-Chelated Micronutrients), Application (Fertigation, Seed Treatment, Soil, Foliar and Hydroponics) and Geography

According to Stratistics MRC, the Agricultural Micronutrients Market is accounted for $4.3 billion in 2022 and is expected to reach $7.9 billion by 2028 growing at a CAGR of 10.6% during the forecast period. Micronutrients are essential for healthy growth of plants. Micronutrients perform biochemical functions that are essential for plant growth and metabolism. In the past, farmers have used nutrients like nitrogen, potassium and phosphate, but these do not effectively prevent the spread of plant diseases.

According to the “Megatrends in the Agri-Food Sector” report by the European parliament, the trend of food consumption in the developed countries is majorly seen shifting toward healthier foods coming from healthy and safe sources. Thus, people are increasingly becoming aware of the commercialization of agriculture and the extensive use of chemical and synthetic fertilizers, which can cause serious damage to human health.

Market Dynamics:

Driver:

Growing population and rising food insecurity

The Global Agricultural Micronutrients Market is expected to drive growth during the forecast period due to increase in micronutrient deficiency in soil, the shift in consumer demand toward nutrient-rich foods, growing population and rising food insecurity. Additionally, the market for agriculture micronutrients offers considerable opportunities for manufacturers due to the expansion of contract farming.

Restraint:

Unregulated Application and Low Adoption of Micronutrients to Hamper Market Growth

Due to lack of knowledge among Indian farmers about the benefits of these products is the main factor limiting the expansion of the micronutrients industry. The adoption of micronutrients is hampered by low-income farmers' awareness about the nutritional condition of their farmland. The rate and application method have significant impact on the effectiveness of micronutrient products.

Opportunity:

Growing Incidence of Micronutrient Deficiency in Soil to Propel Growth

The Global Agricultural Micronutrients Market is expected to drive growth during the forecast period as agricultural micronutrients are essential for overall plant growth despite they are needed in very small amounts. The lack of essential nutrients causes plants to become inadequate, which lowers plant quality and productivity. Micronutrient deficits are more likely to occur in soils with an alkaline pH, little organic matter, high calcium carbonate content, harsh temperature, and moisture stress.

Threat:

Governmental regulations and high costs

During the projection period, the market for agriculture micronutrients will be constrained by high raw material costs, increases in regulations and governmental bans. Furthermore, less product awareness would serve as a restraint and hinder the market for agriculture micronutrients' growth.

Covid-19 Impact

Due to pandemic, the disruption in logistics and transportation in many countries, agricultural micronutrients witnessed significant slowdown in sales in 2020 and the first quarter of 2021. The supply of raw materials, manufacturing, packaging and distribution all endured delays in the agriculture micronutrients industry, in addition to logistics and transportation.

The chelated micronutrients segment is expected to be the largest during the forecast period

The chelated micronutrients segment is expected to have a lucrative growth as different soil pH ranges could use chelated micronutrients. Diethylenetriamine Penta-acetic acid (DTPA), ethylenediamine-N, N?-bis (2-hydroxyphenyl acetic acid) (EDDHA) and ethylene diamine-tetra-acetic acid (EDTA) are some of the most popular chelating chemicals used in the production of synthetic micronutrient chelates. The adoption of chelated micronutrients is also anticipated to develop rapidly due to the stable nature of chelated compounds.

The fruits and vegetables segment is expected to have the highest CAGR during the forecast period

The fruits and vegetables segment is anticipated to witness the highest CAGR during the forecast period as fruits and vegetables are indeed being exported more consistently, which has increased the area planted with crops and boosted output levels. As a result, the market for fruits and vegetables' micronutrients is expected to experience significant growth.

Region with largest share:

Asia Pacific is expected to account for the largest share of the global Agricultural Micronutrients market during the forecast period as the opportunity for market expansion is predicted to increase with the growth of high-value crops and farmers' growing awareness about micronutrients. The major drivers in the region are the government policies adopted by Asia Pacific nations and the substantial subsidies granted on fertilisers for crop nutrition and fertilisation, which can reach 100% for small farmers in some cases.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to the significant loss of agricultural land, increasing soil micronutrient deficiencies, vast area of soil that are infertile and government support for the fertiliser business.

Key players in the market

Some of the key players in Agricultural Micronutrients Market include Yara International ASA, Compass Minerals, The Mosaic Company, Stoller USA, NOURYON, NUTRIEN LTD, BASF SE, ATP Nutrition, Valagro, Zuari Agro Chemicals LTD, Deepak Fertilisers and Petrochemicals Ltd, BMS Micro-Nutrients, Haifa Group, Coromandel International LTD and Helena Chemical Company.

Key Developments:

In February 2022, The Mosaic Company partnered with the Ethos Institute to support its supply chain partners to address their impact.

In March 2021, The Mosaic Company entered a strategic partnership with Sound Agriculture to develop and distribute a nutrient efficiency product. The product will leverage Sound Agriculture’s bio-inspired chemistry that activates the soil microbiome to give plants access to important nutrients and allow growers to optimize fertilizer inputs.

Types Covered:
• Boron
• Zinc
• Iron
• Manganese
• Copper
• Molybdenum
• Other Types

Crop Types Covered:
• Fruits and Vegetables
• Cereals and Grains
• Oilseeds and Pulses
• Other Crop Types

Forms Covered:
• Chelated Micronutrients
• Non-Chelated Micronutrients

Applications Covered:
• Fertigation
• Seed Treatment
• Soil
• Foliar
• Hydroponics

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