Agricultural Micronutrients Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Molybdenum, Others), By Crop Type (Cereals and Grains, Fruits and Vegetables), By Form (Non-Chelated, Chelated), By Mode of Application (Soil, Foliar, and Fertigation) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global agricultural micronutrients market was valued at USD 4,247.5 Million in 2022 and is anticipated to reach a value of USD 8,339.8 Million by 2030 expanding at a CAGR of 8.9% between 2023 and 2030.

Agricultural micronutrients are nutritional elements that assist the plant growth. Boron, iron, manganese, nickel, chlorine, molybdenum, zinc, and so on are some of the examples of micronutrients. Micronutrients are naturally present in the soil but due to various agricultural practices such as over-irrigation cause leaching and soil erosion. Besides this, mono-cropping is also one of the factors which causes loss of micronutrients. Micronutrient deficiencies have been confirmed in a variety of soils due to expanding crop evaluation and soil testing requirements for the finest agro output; this is expected to propel the agricultural micronutrient market even more. Since, synthetic fertilizers shield harvests against UV rays and pests and improve output, their consumption is also propelling the rise of agricultural micronutrients, which inevitably turn will contribute to the market's general expansion. Growing food scarcity and population increase, dwindling agricultural land, increasing soil micronutrient deficiencies, and favorable governmental and non-governmental initiatives supporting the utilization of micronutrients are the primary factors driving this industry's expansion. Nonetheless, producers' ignorance is limiting this market's expansion. Another obstacle to this market's expansion is the need for environmentally friendly raw material procurement.

Agricultural Micronutrients Market Major Driving Forces

Increasing Emphasis on Achieving High Crop Yields: A primary driver of market expansion is the growing focus on plant nutrients as a means of achieving profitable growth and maximum harvests. Additionally, they strengthen root systems and enhance glucose movement, which promotes the growth of big roots and general crop resilience.

Growing Consciousness towards Food Security: Food security includes both the quality and diversity of food ingested by people around the globe, in addition to its quantity. These characteristics make it necessary to maximize the produce from the agricultural land that is currently in use. These challenges can be mitigated by utilizing agricultural micronutrients.

Demand for High-Value Crops: High-Value crops include vegetables and fruits. These crops are significant consumers of micronutrients. Since fruits are a major source of vitamins and minerals, they are in tremendous demand due to the rise in the health-conscious population. Hence, these factors push the market of agricultural micronutrients to grow.

Soil Contamination: Since the green revolution, the use of chemical fertilizers, chemical pesticides, weedicides, and others gained prominence. When these substances are used in heavy quantities, they corrode the fertility of the soil. Hence, agricultural micronutrients are in great demand to restore the soil’s fertility.

Agricultural Micronutrients Market Key Opportunities

Upsurge in the Deficiency of Essential Minerals: One of the main factors propelling the growth of the agricultural micronutrients market is the increased deficit of vital minerals in the soil that are necessary for plant growth, such as zinc, copper, iron, and others. This trend is due to the excessive use of chemical-based pesticides and weedicides in farmland across the globe.

Technological Advancements: The agricultural micronutrient market is expected to see prospective growth due to technological developments in agricultural micronutrient production.

Emphasis on Food Security: Countries all throughout the world are understanding the importance of food security. Food that has been stored can be used during a famine or drought. As a result, governments around the world prioritize food security, which propels the agricultural micronutrient industry, presenting a great opportunity for manufacturers.

Agricultural Micronutrients Market Key Trends

·         Food supplies is strained by an increasing population which causes food insecurity. Enhancing agricultural yields and nutrient density with the aid of micronutrients can contribute to food security.

·         As a result of urbanization, desertification, and climate change, there is a decrease in the amount of fertile soil that is available for agriculture. Micronutrients can assist in making the most use of the land that is already available.

·         Global soil deficiencies in micronutrients are becoming a more significant issue. Several variables contribute to this, such as the adoption of high-yielding crops that draw a lot of vital nutrients from the soil, soil erosion, and intensive agricultural methods.

·         Increased adoption of precise agriculture is driving the market of agricultural micronutrients as it involves precise application of micronutrients in a more targeted and efficient way.

·         The need for organic micronutrients is being driven by consumers' growing desire for organic food. Environmentally friendly, sustainable processes are used to create organic micronutrients.

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 40.0% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 9.4% between 2023 and 2030.

Asia-Pacific holds one of the biggest markets for agricultural micronutrients. This is attributed to the region's high population density, rising food prices, and heightened focus on agricultural micronutrients to raise harvest output and productivity. The key markets in the Asia-Pacific region are China, India, Indonesia, Japan, Thailand and others. In China, the government's encouragement of the agricultural industry and growing understanding of the significance of micronutrients for crop health are driving the market's expansion. India's market is expanding quickly as a result of the country's vast population and rising food consumption. Despite being more developed, the Japanese market is nevertheless expanding significantly due to a strong appetite for premium cuisine. In the North American region, the sizeable farming industry and the state's support of sustainable agriculture in the US are the main drivers of the market. The market in Canada is also expanding gradually, propelled by the country's emphasis on conservation efforts and its desire for premium food.

Market Competition Landscape

The global agricultural micronutrients market is characterized by high degree of competition among a large number of manufacturers. Key players in the agricultural micronutrients market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences

 Prominent players in the market include:

·         Haifa Group

·         Compass Minerals International Inc.

·         Nutrien Ltd.

·         BASF SE

·         Yara International ASA

·         Koch Agronomic Services, LLC

·         Coromandel International

·         Indian Farmers Fertiliser Cooperative Limited (IFFCO)

·         Grupa Azoty Zaklady Chemiczne Police Group

·         Marubeni Corporation (Helena Agri-Enterprises, LLC)

Haifa Group is an Israel-based multinational company present in more than 100 countries. Haifa is among the top producers of specialty fertilizers worldwide. The company is well-known for its modern products and its steadfast dedication to sustainability. Compass Minerals is a worldwide provider of chemicals and minerals, offering a large assortment of micronutrients. The corporation is growing in other markets and is well-established in North America and Europe.