Agricultural Micronutrients Market Research Report - Forecast till 2027

Agricultural Micronutrients Market Research Report: Information by Type (Zinc, Boron, Iron, Molybdenum, Copper, Manganese and Others), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables and Others), Form (Chelated and Non-Chelated), Mode of Application (Soil, Foliar, Fertigation and Others) and Region (North America, Asia-Pacific, Europe and the Rest of the World) - Forecast till 2027

ID: MRFR/AGR/8659-HCR | February 2021 | Region: Global | 90 pages         

Agricultural Micronutrients Market

Agricultural micronutrients market will be worth around USD 7.3 Billion by 2027, MRFR also expects the market share to rise at a rate of 8.4% between 2020 and 2027.

Segmentation

By Type Zinc Boron Iron Molybdenum Copper Manganese
By Crop Type Cereals & Grains Oilseeds & Pulses Fruits & Vegetables
By Form Chelated Non-Chelated
By Mode of Application Soil Foliar Fertigation

Key Players

  • BASF SE (Germany)
  • AkzoNobel (Netherlands)
  • Nutrien
  • Ltd. (Canada)
  • Yara International ASA (Norway)
  • The Mosaic Company (US)
  • Compass Minerals International (US)
  • Valagro (Italy)
  • Nufarm (Australia)
  • Coromandel International Ltd. (India)
  • Helena Chemical Company (US)
  • Zuari Agrochemicals Ltd (India)

Drivers

  • Support from government for promoting robust agricultural solutions can drive the agriculture micronutrients market.
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Agricultural Micronutrients Market Overview


The agricultural micronutrients market will be worth around USD 7.3 Billion by 2027, evaluates Market Research Future (MRFR). MRFR also expects the market share to rise at a rate of 8.4% between 2020 and 2027.


The agricultural micronutrients market can anticipate substantial growth by 2027, but tackling micronutrient deficiency in an emerging country like India is proving to be a huge challenge. For example, salt and oil industries in the country are relatively consolidated with established firms controlling over 45% share of the overall production, while wheat and rice industries are fragmented create obstacles in food fortification. However, to deal with these issues, more and more agricultural companies are emphasizing on huge food fortification to address micronutrient deficiency. This can be a huge factor that will elevate the market position in subsequent years.


The zinc biofortification trend is taking prevalence as a highly suitable solution to address zinc deficiency among humans. This explains the reason for the robust growth of the agricultural micronutrients industry worldwide. On the other hand, paddy-wheat crop rotation facilitates reduction in soil growth, new micronutrient deficiencies and underground water table. Consequently, zinc biofortification is now viewed as a perfect solution to tackle such challenges, with wheat being genotype-dependent and interacting with the environment.


Iron application is closely linked with considerable yields, economic returns, and significant iron concentration in mungbean. Biofortification has emerged as a recurring major trend in the agricultural micronutrients industry and helps integrate all the nutrients into the food crops. The modern technique has gained immense popularity as an economic and sustainable way to foster minerals concentration in crops such as mungbean. Escalating demand for both zinc and iron can be a great opportunity for the leading developers.


Market Synopsis


Agricultural Micronutrients Market has witnessed high growth in recent years. The rising population and increasing concerns regarding food security are driving the growth of the agricultural micronutrients market. Also, there has been an upsurge in demand for agricultural micronutrients due to the increasing awareness among farmers regarding soil nutrients deficit. The increasing adoption of contract farming, where companies provide significant agricultural inputs, has led to a rise in product awareness, supporting product growth. The demand for high-yield crops has resulted in the removal of micronutrients from the soil in large quantities.


Moreover, the increased use of NPK fertilizers containing lower quantities of micronutrient contaminants has resulted in micronutrient deficiencies in the soil. These factors are boosting the need for agricultural micronutrients across the globe. However, the farmers’ inclination towards the use of organic fertilizers in various regions may hamper market growth during the review period.


Market USP


Increasing prevalence of micronutrient deficiency in soil


Agricultural Micronutrients Market Drivers



  • The Increasing Need for High Crop Yield Across the Globe: According to FAO, the world population is projected to reach 9.1 billion by 2050, and feeding this rising population would require raising overall food production by around 70 percent between 2005/07 and 2050. Thus, it is necessary to have high crop yield to fulfill the needs of this large population. This need has resulted in increasing the adoption of agricultural products such as agricultural micronutrients that provide high yield and quality crops.



  • Supportive Policies by the Governments



  • Over-Fertilization in Limited Agricultural Land



  • Increasing Focus on the Development of Biodegradable Chelates



  • Rising Awareness regarding the Products in Developing Countries


Agricultural Micronutrients Market Restraints



  • Rising Demand for Organic Fertilizers


Agricultural Micronutrients Market Segmentation


By Type



  • Zinc: This segment accounted for the largest market share in 2019. Zinc deficiency in soil is one of the most common agricultural problems across the globe. Zinc deficiency is mainly observed in cereal grain crops, the dominant food source for a larger population, especially in developing countries.



  • Boron



  • Iron



  • Molybdenum



  • Copper



  • Manganese



  • Others


By Crop Type



  • Cereals & Grains: This segment accounted for the major market share in 2019. Cereals & grains account for the largest proportion of agricultural land under cultivation. They dominate all the crop types cultivated across the globe. According to the AHDB, manganese, copper, and zinc are the three most commonly lacking micronutrients in cereals. Thus, the application of Agricultural Micronutrients Market is high in this segment.



  • Oilseeds & Pulses



  • Fruits & Vegetables



  • Others


By Form



  • Chelated: Chelates are organic micronutrients that cling on to the metal cation to form a ring-like structure. Metallic chelates are used in agriculture as micronutrient fertilizers to provide crops with Iron, Manganese, Zinc, and Copper. The most commonly used chelates in agriculture are EDTA, DTPA, and EDDHA. Chelated compounds have better stability than non-chelated compounds. Thus, this segment is projected to exhibit a higher CAGR during the forecast period.



  • Non-Chelated


By Mode of Application



  • Soil: This segment accounted for the largest market share in 2019 and is projected to retain its dominance during the review period. It is one of the traditionally used modes of application across the globe. It is the most preferred mode of application among farmers owing to its ease and affordability.



  • Foliar



  • Fertigation



  • Others


By Region



  • North America: North America accounted for a significant market share in 2019, with the US being the major contributing country-level market. Decreasing arable land in the region has increased the demand for crop yield-improving products such as agricultural micronutrients. The widespread presence of key players in the region also contributes to market growth.



  • Europe



  • Asia-Pacific: Asia-Pacific accounted for the largest market share in 2019 and is projected to dominate the global agricultural micronutrients market during the review period. India and China are among the top countries with large proportions of agricultural land. The growth of the agricultural sector and increasing awareness regarding the products among the farmers from these developing countries are driving the market growth.



  • Rest of the World


Recent Development

March 2022


Koch Ag & Energy Solutions (Koch) has entered an agreement with OCP, under which the former will be acquiring a 50% share in Jorf Fertilizers Company III from OCP, which is the biggest phosphate mining and fertilizer group in the world.


JFC III owns an integrated phosphate fertilizer manufacturing unit in Jorf Lasfar, Morocco, having capacity of manufacturing around 1.1 million metric tons every year of phosphate-based micronutrients. JFC III is one part of Jorf Fertilizer Complex, the leading Phosphate fertilizer production platform in the world.


Agricultural Micronutrients Market Key Players



  • BASF SE (Germany)

  • AkzoNobel (Netherlands)

  • Nutrien, Ltd. (Canada)

  • Yara International ASA (Norway)

  • The Mosaic Company (US)

  • Compass Minerals International (US)

  • Valagro (Italy)

  • Nufarm (Australia)

  • Coromandel International Ltd. (India)

  • Helena Chemical Company (US)

  • Zuari Agrochemicals Ltd (India)

  • Stoller Enterprises, Inc. (US)

  • ATP Nutrition (Canada)

  • Balchem (US)

  • Corteva, Inc. (US)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 7.3 Billion
  CAGR   8.4% (2020-2026)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Crop Type, Form, Mode of Application and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass Minerals International (US), Valagro (Italy), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), ZuariĀ AgrochemicalsĀ Ltd (India), Stoller Enterprises, Inc. (US), ATP Nutrition (Canada), Balchem (US), Corteva, Inc. (US)
  Key Market Opportunities   Increasing adoption of contract farming
  Key Market Drivers

  • The Increasing Need for High Crop Yield Across the Globe
  • Supportive Policies by the Governments
  • Over-Fertilization in Limited Agricultural Land


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    Frequently Asked Questions (FAQ) :

    Agriculture micronutrients market can thrive at 8.4%CAGR by 2026.

    By 2027, the agriculture micronutrients market value at about USD 7.3 Billion.

    Compass Minerals International (US), The Mosaic Company (US), and Yara International ASA (Norway) are some reputed agriculture micronutrients market players.

    Support from governments for promoting robust agricultural solutions can drive the agriculture micronutrients market.

    Lack of agriculture budget can hinder the agriculture micronutrients market rise.