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.
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.
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.
Increasing prevalence of micronutrient deficiency in soil
Agricultural Micronutrients Market Drivers
Agricultural Micronutrients Market Restraints
Agricultural Micronutrients Market Segmentation
By Crop Type
By Mode of Application
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
|Market Size||USD 7.3 Billion|
|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||
Agriculture micronutrients market can thrive at 8.4%CAGR by 2027.
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.