Agricultural Micronutrients Market

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.

Governments worldwide are implementing policies that promote sustainable agriculture and the use of micronutrients. These policies often include subsidies, research funding, and educational programs aimed at improving agricultural practices. The Global Agricultural Micronutrients Market Industry is positively influenced by such initiatives, as they encourage farmers to adopt micronutrient applications. This support is crucial for enhancing crop yields and ensuring food security. As a result, the market is projected to experience a compound annual growth rate of 6.97% from 2025 to 2035, reflecting the increasing commitment of governments to sustainable agricultural practices.

The increasing global population, projected to reach 9.7 billion by 2050, drives the need for enhanced agricultural productivity. This demand necessitates the use of micronutrients to improve crop yield and quality. The Global Agricultural Micronutrients Market Industry is responding to this challenge, as micronutrients play a crucial role in plant health and development. With the market valued at 6.32 USD Billion in 2024, the focus on food security is likely to propel growth. Governments and agricultural organizations are emphasizing sustainable practices, which further supports the adoption of micronutrients in farming practices.

The global shift towards organic farming is driving the demand for micronutrients that align with organic standards. Organic farmers are increasingly recognizing the importance of micronutrients in maintaining soil health and enhancing crop quality. The Global Agricultural Micronutrients Market Industry is adapting to this trend by offering organic-certified micronutrient products. As consumer preferences shift towards organic produce, the demand for these products is likely to rise. This trend not only supports the growth of the market but also aligns with broader sustainability goals, as organic farming practices often emphasize the responsible use of inputs, including micronutrients.

Innovations in agricultural technology, such as precision farming and soil testing, are transforming the way micronutrients are applied. These advancements enable farmers to optimize nutrient use, thereby enhancing crop performance and reducing waste. The Global Agricultural Micronutrients Market Industry benefits from these technologies, as they facilitate targeted applications of micronutrients, ensuring that crops receive the right nutrients at the right time. As a result, the market is expected to grow significantly, with a projected value of 13.3 USD Billion by 2035. This growth reflects the increasing reliance on technology to improve agricultural efficiency and sustainability.

There is a rising awareness among farmers and agricultural stakeholders regarding the impact of micronutrient deficiencies on crop health and productivity. Deficiencies in essential micronutrients like zinc, iron, and manganese can lead to reduced yields and poor crop quality. The Global Agricultural Micronutrients Market Industry is witnessing a shift as farmers seek solutions to combat these deficiencies. Educational initiatives and research findings are highlighting the importance of micronutrient application, which is likely to drive market growth. As farmers become more informed, the demand for micronutrient products is expected to increase, contributing to the overall market expansion.

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, Market Research Future 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.

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.