Global Agricultural Micronutrients Market Overview
The Agricultural Micronutrients Market Size was valued at USD 5.5 billion in 2022. The Agricultural Micronutrients Market industry is projected to grow from USD 5.9 Billion in 2023 to USD 9.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.4% during the forecast period (2023 - 2030). The need for food security has increased due to the growing world population, particularly in developing and underdeveloped nations. These key market drivers are anticipated to fuel the market for agricultural micronutrients during the anticipated time frame.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Agricultural Micronutrients Market Trends
Supportive Government Policies for Agricultural Sector amid COVID-19 to Promote market growth
The COVID-19 pandemic has had a significant impact on the economy, including the agricultural sector. To promote agricultural micronutrients market growth during these challenging times, supportive government policies can play a crucial role. Disruptions in the market's supply chain were seen during the pandemic outbreak's early stages. Due to a lack of workers, raw materials, and transportation restrictions, there were supply chain disruptions. However, after the lockdown was lifted, operations returned to normal. The micronutrient manufacturer has benefited from government assistance, increased demand, and changes in manufacturing strategies. According to 69% of respondents in the 2020 CropLife 100 survey, micronutrient sales increased by 1% to 5% in 2020.
The application of micronutrients for these crops is also motivated by the World Health Organization's (WHO) strong emphasis on the consumption of fruits, vegetables, pulses, cereals, and grains as a source of a balanced diet. As a result, along with primary nutrients, this factor also increases the use of agricultural micronutrients. Thus, the supportive government policies for Agricultural Micronutrients market revenue is expected to increase over the forecast period and such factors have enhanced the Agricultural Micronutrients Market CAGR across the globe in recent years.
Agricultural Micronutrients Market Segment Insights
Agricultural Micronutrients Market Type Insights
The Agricultural Micronutrients Market segmentation, based on type, includes Zinc, Boron, Iron, Molybdenum, Copper, and Manganese. The zinc segment held the largest market share in 2022, and it was expected to continue to dominate the market during the forecast period from 2023 to 2030. Zinc is the most commonly used micronutrient in agriculture due to its multiple benefits, including promoting plant growth and development, enhancing crop yields, and improving resistance to diseases and pests.
Moreover, the boron segment is expected to grow at the highest CAGR during the forecast period. Boron is an essential micronutrient that plays a vital role in plant cell wall formation and reproductive growth. The increasing demand for high-value crops and the rising trend of precision agriculture are expected to drive the growth of the boron segment in the coming years.
Agricultural Micronutrients Market Crop Type Insights
The Agricultural Micronutrients market data has been bifurcated by Crop Types into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables. The largest market share among these segments was held by the cereals & grains segment. Cereals & grains are the most extensively cultivated crops worldwide, and they are major sources of food for human consumption and animal feed. The increasing population and changing dietary habits are expected to drive the demand for cereals & grains, which in turn is expected to boost the demand for agricultural micronutrients market in this segment.
Agricultural Micronutrients Market Form Insights
The Agricultural Micronutrients Market segmentation, based on Form, includes Chelated and Non-Chelated. Over 70% of the total market revenue in 2022 came from the chelated form segment, which contributed the most. Chelated micronutrients are frequently employed in agriculture and are also partially promoted by fertiliser producers. They are organic molecules that contain inorganic nutrients. In comparison to their non-chelated counterparts, they are also more stable. They are now well-liked in farming as a result of these factors, which will increase this market over the coming years. In addition, because of rising demand, the non-chelated segment will grow at a second-highest rate during the forecast period. They are also beneficial in their chelated forms, which give plants access to elements like boron, zinc, copper, etc. As a result, it is anticipated that this market segment will experience tremendous market growth over the coming years.
FIGURE 1: AGRICULTURAL MICRONUTRIENTS MARKET BY FORM, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Agricultural Micronutrients Market Mode of Application Insights
Based on Mode of Application, the Agricultural Micronutrients Market industry has been segmented into Soil, Foliar, and Fertigation. In 2022, the segment that contributed the largest share of the market’s revenue—roughly 65%—was soil application. A typical and popular method for applying micronutrients in agriculture is through the soil. This segment enables the uniform distribution of micronutrients to plants using the standard equipment for fertilizer application. Due to the aforementioned reasons, soil mode of application is frequently used in agriculture and is therefore the Agricultural Micronutrients Market industry is anticipated to grow in popularity over the following years.
Agricultural Micronutrients Market Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Due to the fact that most crop production occurs throughout the Asia Pacific Agricultural Micronutrients Market dominates the industry. The market for crop micronutrients is expanding as a result of rising farming practices and rising demand for high-quality goods. The industry's demand will be supported even more by the direct application of micronutrients to the treatment of plant deficiencies. China Agricultural Micronutrients Market held the largest market share, and the India Agricultural Micronutrients Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: AGRICULTURAL MICRONUTRIENTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Agricultural Micronutrients Market accounts for the second-largest market share owing to an increase in crop cultivation on land in this region and rising food demand. Furthermore, this area has seen a marked increase in fertilizer consumption. Further, the Germany Agricultural Micronutrients Market held the largest market share, and the UK Agricultural Micronutrients Market was the fastest growing market in the European region.
Furthermore, the North America region's adherence to government regulations and the substantial subsidies for crop nutrition and fertilization can sometimes provide farmers with profit margins of up to 100%. The key elements driving this market's expansion in the region are fertilizers. Micronutrient fertilizer market growth in this region is anticipated to be fueled by factors such as the demand for high-quality agricultural products and expanding agricultural practices over the forecast period.
Agricultural Micronutrients Market Key Market Players & Competitive Insights
To meet the rising demand for crop micronutrients, major market players are concentrating on R&D and releasing new products. Key players are also investing in market developments such as new production facilities to diversify their product offerings and increase their market presence. In order to flourish and thrive in an increasingly competitive and rising market climate, competitors in the Agricultural Micronutrients Market industry must provide cost-effective items.
The Agricultural Micronutrients Market industry has recently given agriculture some of the most important advantages. Major players in the Agricultural Micronutrients Market include 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), and Others.
BASF SE is a German chemical company that operates in various industries, including agricultural micronutrients. The company produces a range of micronutrient products that are used in agriculture to improve plant growth and yields. These products include chelated micronutrients, organic acids, and specialty fertilizers. BASF's agricultural micronutrient products are used in a variety of crops, including cereals, fruits, vegetables, and oilseeds. The company has a strong presence in Europe, North America, and Asia, and its products are sold through a network of distributors and retailers.
AkzoNobel is a Dutch multinational company that operates in various industries, including agricultural micronutrients. The company produces a range of products that are used in agriculture to improve plant growth and yields. These products include chelated micronutrients, organic acids, and specialty fertilizers. In addition to its micronutrient products, AkzoNobel offers a range of other agricultural solutions, including crop protection products and seed treatments. The company is committed to sustainability and has set ambitious targets to reduce its greenhouse gas emissions, water use, and waste generation.
Key Companies in the Agricultural Micronutrients Market includes
- 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)
Agricultural Micronutrients Market Industry Developments
August 2021 BASF launched its new micronutrient product, Basagran Zinc. The product is a combination of the herbicide Basagran and zinc, which helps in the proper growth and development of crops.
May 2020 Nutrien Ltd. acquired Agrible, Inc., a digital agriculture company that provides agronomic and environmental solutions to growers. This acquisition is expected to enhance Nutrien's offerings in the agricultural micronutrients market.
September 2019 Yara International ASA launched its micronutrient product, YaraVita PROCOTE. The product is a coated micronutrient fertilizer that delivers essential micronutrients to crops in a more efficient and targeted manner.
Agricultural Micronutrients Market Segmentation
Agricultural Micronutrients Market Type Outlook
Agricultural Micronutrients Market Crop Type Outlook
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
Agricultural Micronutrients Market Form Outlook
Agricultural Micronutrients Market End User Outlook
Agricultural Micronutrients Market Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2022
|USD 5.5 billion
|Market Size 2023
|USD 5.9 billion
|Market Size 2030
|USD 9.6 billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|2018 - 2021
|Market Forecast Units
|Value (USD Billion)
|Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
|Type, Crop Type, Form, Mode of Application, and Region
|North America, Europe, Asia Pacific, and Rest of the World
|The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
|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), and Others.
|Key Market Opportunities
|Growing Contract Farming
|Key Market Dynamics
|Rising Micronutrient Deficiency in Soil Need to Enhance Agricultural Productivity With Growing Population and Rising Food Insecurity Positive Outlook of Government Policies and Various Organizations Encourage the Use of Micronutrients
Agricultural Micronutrients Market Highlights:
Frequently Asked Questions (FAQ) :
The Agricultural Micronutrients Market size was valued at USD 5.5 billion in 2022.
The market is projected to grow at a CAGR of 8.4% during the forecast period, 2023-2030.
Asia-Pacific had the largest share in the market.
The key players in the market are BASF SE (Germany), AkzoNobel (Netherlands), Nutrien Ltd. (Canada), Yara International ASA (Norway), and The Mosaic Company (US).
The Zinc category dominated the market in 2022.
The cereal & grains had the largest share in the market.
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