USD 3917 million
Report ID: SQMIG15C2078 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 130 | Figures: 77
Agricultural Micronutrients Market size was valued at USD 3917 million in 2021 and is poised to grow from USD 4229.28 million in 2022 to USD 7828.1 million by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
Agricultural micronutrients are essential for plant growth and play an important role in crop nutrition. Zinc, manganese, nickel, boron, copper, molybdenum, and chloride are among them. Despite the presence of sufficient nutrients, a lack of any of these micronutrients in the soil can impede plant growth. The government's assistance and the various strategies used by micronutrient manufacturers during this pandemic have resulted in a 2.50% increase in global sales of agricultural micronutrients over the previous year. The increasing adoption of technology by government agencies, as well as the implementation of supportive policies to assist farmers, will increase demand for the product. For example, the Indian government announced a plan to use cutting-edge technology to track production and monitor critical agricultural data points during the lockdown. Similarly, the US government announced an additional USD 14 billion in aid to agricultural producers.
US Agricultural Micronutrients Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3917 million
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Global Agricultural Micronutrients Market is segmented based on the Type, End Use, Application, Form, and region. Based on Type, the Agricultural Micronutrients Market is segmented zinc, boron, iron, molybdenum, manganese, and other micronutrients. Based on End Use, the Agricultural Micronutrients Market is segmented into Non-agricultural Cereal and Grains (Corn, Wheat, Rice), Fruits and Vegetables, Oilseeds and Pulses (Soybean, Canola1), Other crop types (Turfs, Ornamentals, plantation crops, forages, and fibre crops. Based on Application, the Agricultural Micronutrients Market is categorized into Soil, Foliar, Fertigation. Based on Form, the Agricultural Micronutrients Market is segmented into Chelated and Non-Chelated. By region, the Agricultural Micronutrients Market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Agricultural Micronutrients Market Analysis by Type
Because of its high deficiency in soil and widespread consumption, the zinc segment is expected to gain a significant market share. Furthermore, zinc performs a variety of functions during plant growth, including increasing N and P nutrient utilisation, regulating metabolic reactions, and assisting plants in the formation of key plant proteins and growth hormones.
The iron segment is expected to be the second largest. It is essential for the biosynthesis of chlorophyll. Furthermore, iron is involved in enzyme and RNA metabolism, as well as oxidation-reduction in plants and the regulation of respiration and photosynthesis.
Agricultural Micronutrients Market Analysis by Form
Demand for chelated micronutrients is expected to rise faster in the coming years, as major market players such as AkzoNobel and BASF focus on developing innovative chelated agricultural micronutrients.
However, the non-chelated segment dominated the market due to its lower pricing structure when compared to chelated micronutrients. Furthermore, the non-chelated micronutrients are highly preferred in developing countries such as Asia, Africa, and the Middle East.
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Asia-Pacific had the largest market share in the global market. The region's dominance can be attributed to high primary nutrient consumption and rising incidences of micronutrient deficiency in the soil. The region's growing population and rapidly increasing demand for nutrient-rich food will increase the use of micronutrient fertilisers.
In the coming years, North America is expected to grow at the fastest rate. The rapid growth of the region can be attributed to the gradual decline of arable land within countries like the United States and Mexico, which drives demand for specialised products like micronutrient fertiliser blends. Growers in the region are expected to become more aware of and use crop nutrition products in order to produce high-quality crops, which will benefit the regional market.
The market in Europe is primarily driven by the extensive use of micronutrient fertilisers by cereal crops in countries such as Germany, France, and the United Kingdom. Growing health consciousness in the region, as well as rising consumption of plant-based foods, contributes to the region's consumption of micronutrients.
The Middle East and Africa have lower demand for agricultural micronutrients than other regions. However, it will rise in the coming years as agricultural yields rise and farming technology evolves in North Africa.
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Agricultural Micronutrients Market Driver
Development of Efficient Fertilizers
Agricultural Micronutrients Market Restraint
Overuse of Fertilizers to Degrade Soil
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Manufacturers concentrate on new product development in order to improve their market prospects. Global Agricultural Micronutrients Market is highly consolidated. The market is dominated by a few large companies, including Haifa Group, AkzoNobYara International, and The Mosaic Company. To increase their market share, these companies concentrate on product development and collaboration strategies. Furthermore, key fertiliser giants in Asia and Europe are making expanding product capacity development a top priority.
Agricultural Micronutrients Market Top Player's Company Profiles
Agricultural Micronutrients Market Recent Developments
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According to our Global Agricultural Micronutrients Market, government policies to promote growth in the agricultural sector in the context of soil health is becoming increasingly essential, resulting in a greater demand for home gardening activities to support growth. Due to rising demand, the chelated segment will grow the fastest. In the coming years, the North America market is predicted to grow at the fastest rate.
|Market size value in 2021
|USD 3917 million
|Market size value in 2030
|USD 7828.1 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Agricultural Micronutrients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Agricultural Micronutrients Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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