Agriculture Micronutrients Market Forecasts to 2030 – Global Analysis By Product Type (Zinc, Boron, Iron, Molybdenum, Copper, Manganese and Other Product Types), Crop Type, Form, Mode of Application and By Geography

Agriculture Micronutrients Market Forecasts to 2030 – Global Analysis By Product Type (Zinc, Boron, Iron, Molybdenum, Copper, Manganese and Other Product Types), Crop Type, Form, Mode of Application and By Geography

According to Stratistics MRC, the Global Agriculture Micronutrients Market is accounted for $5.2 billion in 2024 and is expected to reach $8.7 billion by 2030 growing at a CAGR of 8.9% during the forecast period. Agricultural micronutrients used to crops to lessen soil micronutrient deficiencies include zinc, boron, iron, molybdenum, chloride, nickel, copper, and manganese. These micronutrients can be administered to crops by soil, foliar, or fertigation. They can be chelated or non-chelated and can be used on cereals, pulses & oilseeds, fruits & vegetables, and more. Agricultural micronutrients, such as zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum (Mo), are necessary mineral elements that plants require in trace amounts.

According to the Food and Agriculture Organization (FAO), ecological soil management has the potential to produce 58% more food. As productive soils result in higher yields, agricultural inputs such as soil amendment and micronutrients have seen an increasing demand.

Market Dynamics:

Driver:

Growing attention to soil health and growing interest in home gardening

A key factor in the high-quality output of fruits and vegetables is micronutrient content. It is therefore anticipated that the pace at which farmers embrace these items would rise, supporting the worldwide market's expansion. In recent years, there has been a notable growth in the cultivation of turf grasses to enhance the visual appeal of sports fields, landscapes, business buildings, and other residential amenities. The amount of land planted to lawns has grown; according to U.S. Department of Agriculture data, lawns are among the most common non-irrigated crops in the nation, making up 1.9% of all land driving the growth of the market.

Restraint:

Bioaccumulation of biodegradable chelates

Agricultural micronutrient development may be hampered by the bioaccumulation of biodegradable chelates. Although biodegradable chelates are intended to decompose naturally, their persistence in aquatic environments might cause bioaccumulation in creatures and plants. These chelates may thereby unintentionally reduce the bioavailability of vital elements in soil used for agriculture. This unforeseen outcome may limit crops' ability to efficiently absorb micronutrients, which might result in nutritional shortages and lower agricultural yields thus hampering the market growth.

Opportunity:

Increasing need for soil nutrient management and demand for customized micronutrient solutions

Soil fertility has been influenced by the ongoing use of synthetic fertilizers for agricultural production. It has led to low-quality yield and agricultural output due to soil toxification, physical deterioration of the soil, decreased soil fertility, and depletion of soil organic matter. Crop productivity and soil health may both be enhanced by nutrient management, which involves applying nutrients to the soil from outside. In order to boost soil micronutrient levels, a number of crop nutrient advisers advise farmers to implement the 4R technique. Thus, growing awareness of the need to manage soil nutrients would encourage the use of agricultural micronutrients.

Threat:

Sustainable sourcing of raw materials

There are several obstacles in the way of obtaining agricultural micronutrients sustainably. Ensuring a steady and dependable supply of essential micronutrients is a major problem. Changes in climate, resource scarcity, and geopolitical unrest can all have an impact on the production and accessibility of micronutrient sources, thereby upsetting the supply chain. Furthermore, because the extraction and manufacture of micronutrients can contribute to pollution and resource depletion, their environmental effect is a cause for worry. It can be challenging to strike a balance between the demand for micronutrients and environmental objectives like lowering carbon emissions and limiting habitat impact.

Covid-19 Impact:

Sales of fertilizers and agricultural micronutrients saw a notable decline in 2020 as a result of the COVID-19 pandemic and in the first quarter of 2021 as a result of delays in logistics and shipping across several nations. Moreover the COVID-19 pandemic has further fuelled the number of home gardeners wanting to grow their own food. Therefore, the growing trend of home gardening and the rising focus on soil health would drive the global agricultural micronutrients market growth.

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

The non-chelated is expected to be the largest during the forecast period owing to the product's higher availability in the market and a lower price than chelated products. The higher price of chelated agricultural micronutrients is due to its product design, which contains the micronutrient ion of zinc, copper, iron, boron, and others surrounded by a larger molecule called a ligand or chelator. This ligand or chelator can be natural or synthetic chemicals. These compounds, combined with a micronutrient, form a chelated micronutrient.

The soil segment is expected to have the highest CAGR during the forecast period

The soil segment is expected to have the highest CAGR during the forecast period owing to its ease of application and economics. Fertilizers are applied on the surface across an entire field using high-capacity spreaders in the soil application method. Furthermore, rising investments and initiatives in building new and advanced higher-capacity fertilizer spreaders will further boost the market growth.

Region with largest share:

Europe is projected to hold the largest market share during the forecast period due to the area's growing awareness of micronutrient deficiencies, significant rise in food output, and technological improvement. For example, a survey conducted in Portugal, Spain, Italy, and three other European nations and published in the National Library of Medicine revealed that, respectively, 60% and 28% of soil samples had lower levels of Fe and Zn. Furthermore the introduction of new products on technical developments in these areas drives market expansion.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to countries, such as China and India. For example, according to the FAO, China's agriculture accounts for around 25% of the world's grain output, which feeds approximately 15% of the world's population. Furthermore, China's arable land makes up just 10% of all arable land worldwide. These nations also export a significant amount of superior agricultural products. Thus the amount and kind of food produced with an eye on export value, where micronutrients have a major role in the quality of plant development and their absence might affect commerce.

Key players in the market

Some of the key players in Agriculture Micronutrients market include AgroLiquid, Aries Agro Limited, BASF SE, BMS Micro-Nutrients NV, Coromandel International, Grupa Azoty Zaklady Chemiczne Police Group, Haifa Group, Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Ltd., Koch Agronomic Services, LLC, Land O’Lakes, Inc., Marubeni Corporation, Nouryon Chemicals Holdings B.V., Nufarm, Nutrien Ltd., Stoller Enterprises, Inc , Syngenta AG, The Mosaic Company, Yara International ASA and Zuari Agrochemicals Ltd

Key Developments:

In July 2024, BASF and ‘Pragati’ extend full transparency & traceability to bio-based footwear solutions with SuCCESS code. With the availability of certified traceable bio-based polyurethane solutions, we are well-positioned to serve the growing demand for eco-friendly solutions for the footwear business in Asia

In June 2024, CPGC and BASF sign Framework Agreement on actual ship application of Onboard Carbon Capture System. OASE blue is BASF’s gas treatment technology designed for CO2 capture application in flue gas, with low energy consumption, low solvent losses, and an exceptionally flexible operating range.

In June 2024, Agroliquid announces plans for new production facility in Lake City, florida. This strategic decision reflects AgroLiquid's unwavering commitment to prosper the farmer, by providing liquid fertilizers closer to our customers through faster and more efficient services.

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

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

Forms Covered:
• Chelated
• Non-Chelated

Mode of Applications Covered:
• Soil
• Foliar
• Fertigation
• Other Mode of Applications

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 2022, 2023, 2024, 2026, and 2030
- 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