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 Scenario

Agricultural Micronutrients Market has been projected to reach approximately USD 7.3 Billion by 2026, at a CAGR of 8.4% from 2020 to 2026. Micronutrients are essential elements that are used by plants in small quantities. These include zinc, boron, copper, manganese, and iron. The demand for agricultural micronutrients is rising at a tremendous rate owing to the increasing prevalence of micronutrient deficiency in the soil, followed by the growing demand for food to fulfill the needs of the increasing population. Over-fertilization owing to limited land availability for farming is leading to micronutrient deficiency in the soil. This deficiency is continuously increasing the need for agricultural micronutrients at farms to optimize crop yields. The governments of various countries are also devising supportive policies to boost the growth of the Agricultural Micronutrients Market.

The COVID-19 outbreak has disrupted people’s lives, and its impacts across various industries have been different. The COVID-19 outbreak has restricted the growth of every sector in the global economy, and the agricultural industry is no exception. The COVID-19 pandemic has disrupted the supply chains of agricultural micronutrients, as many countries are under lockdown and have sealed their borders to curb the spread of the virus. Strict containment regulations imposed by the governments of various countries and preventive measures to control the impact of the outbreak have led to significant restrictions on transportation. The impact of COVID-19 on logistics has disrupted the supply of raw materials, which has resulted in reduced production capacity and, thus, product shortages. These factors are expected to cause a price rise in agricultural micronutrients in the short run.

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

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), Zuari Agrochemicals 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

  • 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.