Global Agricultural Micronutrients Market

Global Agricultural Micronutrients Market Size, Share, Growth Analysis, By Type(zinc, boron), By End Use(Non-agricultural Cereal, Grains (Corn), By Application(Soil, Foliar), By Form(Chelated, Non-Chelated) - Industry Forecast 2023-2030


Report ID: SQMIG15C2078 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 130 | Figures: 77

Global Agricultural Micronutrients Market Insights

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.

Market snapshot - 2023-2030

Global Market Size

USD 3917 million

Largest Segment

Chelated

Fastest Growth

Chelated

Growth Rate

8% CAGR

Global Agricultural Micronutrients Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Agricultural Micronutrients Market By Form ($ Bn)
Global Agricultural Micronutrients Market By Form (%)

To get more reports on the above market click here to Buy The Report

Global Agricultural Micronutrients Market Segmental Analysis

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.

Global Agricultural Micronutrients Market By Form, 2021 (%)

To get detailed analysis on other segments, Request For Sample Report

Global Agricultural Micronutrients Market Regional Insights

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.

Global Agricultural Micronutrients Market By Region, 2023-2030
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Global Agricultural Micronutrients Market Dynamics

Agricultural Micronutrients Market Driver

Development of Efficient Fertilizers

  • The global market is growing as arable land in major agricultural producing countries shrinks and soil contamination worsens. Furthermore, increasing R&D investment by key market players in the development of affordable and efficient micronutrient fertilisers will positively shape the market during the forecast years. AgXplore, a leading agriculture specialty company, for example, introduced Microcoat, a blend of five vita micro and secondary nutrients. The new product is a dry fertiliser that contains a magnesium, sulphur, manganese, molybdenum, and zinc composite, making it an efficient nutrient delivery fertiliser. Furthermore, Gunther Kreps, AgXplore's director of sales, stated in a statement, "Microcoat is truly unique in that it allows dealers the flexibility to custom mix with any phosphorus and potassium fertiliser blend."

Agricultural Micronutrients Market Restraint

Overuse of Fertilizers to Degrade Soil

  • Nitrogen, phosphorus, potassium, and sulphur are common fertilisers that can be purchased in concentrated form. As a result, growers in developed and developing countries prefer conventional fertilisers to organic fertilisers. However, overuse of conventional fertilisers in conjunction with chemical pesticides has resulted in soil degradation. As a result, farmers all over the world are turning to natural or organic fertilisers like animal manure, crop residues, and compost. Organic fertilisers improve soil structure by stimulating microbial activity, ensuring a season-long supply of nutrients through a gradual release of nutrients, and increasing soil water-holding capacity through the addition of organic matter. Furthermore, the use of organic fertilisers reduces the environmental impact of farming and protects ecosystems by minimising leaching. As a result, organic and conventional farming fertilisers benefit farmers, consumers, and the environment in a variety of ways.

Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report

Global Agricultural Micronutrients Market Competitive Landscape

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

  • Haifa Group
  • BASF SE
  • Nutrien Ltd.
  • Yara International ASA
  • The Mosaic Company
  • Coromandel International Limited
  • Compass Minerals International Inc.
  • Nufarm Limited
  • Sapec Agro Business
  • AkzoNobel N.V.
  • Wilbur-Ellis Holdings, Inc.
  • DowDuPont Inc.
  • Valagro SpA
  • ATP Nutrition
  • FMC Corporation
  • Bio Huma Netics Inc.
  • K+S AG
  • The Andersons Inc.
  • Sigma AgriScience, LLC
  • Brandt Consolidated, Inc.

Agricultural Micronutrients Market Recent Developments

  • On February 2022, The Mosaic Company collaborated with the Elthos Institute to assist its supply chain partners in mitigating their impact.
  • On February 2022, Marrone Bio and Corteva Agriscience announced a distribution agreement in which Corteva will be Kinsidro Grow's exclusive European distributor.

Global Agricultural Micronutrients Key Market Trends

  • Soil health is a concern for crop growers because it is one of the most important factors in plant growth and development. Furthermore, ecological soil management has the potential to increase food production by 58%, according to the Food and Agriculture Organization (FAO). Soils that are productive lead to productive farms. Soil amendments and micronutrients are becoming increasingly popular agricultural inputs. Furthermore, many farmers see soil health as a way to safeguard the land for future generations. Aside from soil health, home gardening is gaining popularity around the world. Because of their nutritional value, horticultural crops are popular among home gardeners. Because of the COVID-19 pandemic, there is an increase in the number of home gardeners who want to grow their own food. Therefore, the growing trend of home-gardening and rising focus on soil health would increase the demand for micronutrients.

Global Agricultural Micronutrients Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2021 USD 3917 million
Market size value in 2030 USD 7828.1 million
Growth Rate 8%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Million
Segments covered
  • Type
    • zinc, boron, iron, molybdenum, manganese, other micronutrients
  • End Use
    • Non-agricultural Cereal, Grains (Corn, Wheat, Rice), Fruits, Vegetables, Oilseeds, Pulses (Soybean, Canola1), Other crop types (Turfs, Ornamentals, plantation crops, forages, fibre crops
  • Application
    • Soil, Foliar, Fertigation
  • Form
    • Chelated, Non-Chelated
Regions covered 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)
Companies covered
  • Haifa Group
  • BASF SE
  • Nutrien Ltd.
  • Yara International ASA
  • The Mosaic Company
  • Coromandel International Limited
  • Compass Minerals International Inc.
  • Nufarm Limited
  • Sapec Agro Business
  • AkzoNobel N.V.
  • Wilbur-Ellis Holdings, Inc.
  • DowDuPont Inc.
  • Valagro SpA
  • ATP Nutrition
  • FMC Corporation
  • Bio Huma Netics Inc.
  • K+S AG
  • The Andersons Inc.
  • Sigma AgriScience, LLC
  • Brandt Consolidated, Inc.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Agricultural Micronutrients Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Agricultural Micronutrients Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Agricultural Micronutrients Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Agricultural Micronutrients Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

SPEAK TO AN ANALYST

FAQ's

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).

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. 'Haifa Group', 'BASF SE', 'Nutrien Ltd.', 'Yara International ASA', 'The Mosaic Company', 'Coromandel International Limited', 'Compass Minerals International Inc.', 'Nufarm Limited', 'Sapec Agro Business', 'AkzoNobel N.V.', 'Wilbur-Ellis Holdings, Inc.', 'DowDuPont Inc.', 'Valagro SpA', 'ATP Nutrition', 'FMC Corporation', 'Bio Huma Netics Inc.', 'K+S AG', 'The Andersons Inc.', 'Sigma AgriScience, LLC', 'Brandt Consolidated, Inc.'

The global market is growing as arable land in major agricultural producing countries shrinks and soil contamination worsens. Furthermore, increasing R&D investment by key market players in the development of affordable and efficient micronutrient fertilisers will positively shape the market during the forecast years. AgXplore, a leading agriculture specialty company, for example, introduced Microcoat, a blend of five vita micro and secondary nutrients. The new product is a dry fertiliser that contains a magnesium, sulphur, manganese, molybdenum, and zinc composite, making it an efficient nutrient delivery fertiliser. Furthermore, Gunther Kreps, AgXplore's director of sales, stated in a statement, "Microcoat is truly unique in that it allows dealers the flexibility to custom mix with any phosphorus and potassium fertiliser blend."

Soil health is a concern for crop growers because it is one of the most important factors in plant growth and development. Furthermore, ecological soil management has the potential to increase food production by 58%, according to the Food and Agriculture Organization (FAO). Soils that are productive lead to productive farms. Soil amendments and micronutrients are becoming increasingly popular agricultural inputs. Furthermore, many farmers see soil health as a way to safeguard the land for future generations. Aside from soil health, home gardening is gaining popularity around the world. Because of their nutritional value, horticultural crops are popular among home gardeners. Because of the COVID-19 pandemic, there is an increase in the number of home gardeners who want to grow their own food. Therefore, the growing trend of home-gardening and rising focus on soil health would increase the demand for micronutrients.

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.

Speak With Our Analyst

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Agricultural Micronutrients Market

Product ID: SQMIG15C2078

$5,300
BUY NOW GET SAMPLE