According to a new market research
report titled, ‘Agricultural Micronutrients Market by Type (Zinc, Iron, Copper,
Molybdenum), Crop Type (Cereals and Grains, Fruits and Vegetables), Form
(Non-chelated, Chelated), Mode of Application (Soil, Foliar, Fertigation, Seed
Treatment) - Global Forecast to 2030,’ the agricultural micronutrients market
is projected to reach $13.35 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Agricultural micronutrients are
essential because they play a significant role in the growth and development of
plants. While plants require large quantities of macronutrients like nitrogen,
phosphorus, and potassium, they also need micronutrients such as zinc, iron,
manganese, copper, molybdenum, boron, and others in smaller amounts for their
proper functioning. Micronutrient deficiencies can negatively impact plant
growth and productivity.
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Further, micronutrient applications
can increase crop yield and quality. For instance, zinc is critical for proper
seed and fruit development, while iron is essential for chlorophyll synthesis
and photosynthesis. Also, it helps to maintain soil fertility and
sustainability. Continuous cropping and intensive agricultural practices can
deplete micronutrient levels in soils over time. Applying micronutrient
fertilizers or amendments helps replenish these nutrients and ensures balanced
nutrient management for long-term soil health. So, agricultural micronutrients
are essential are plant growth.
The global agricultural micronutrients
market is segmented by type, crop type, form, mode of application, and
geography.
Key Findings in the Global
Agricultural Micronutrients Market Study:
Based on type, in 2023, the zinc
segment is expected to account for the largest share of the global agricultural
micronutrients market. The large market share of this segment is attributed to
the rising awareness about the wide range of functions that zinc plays in plant
growth and how zinc deficiency in soils affects plants, the growing demand to
meet issues with food security challenges, and the rising demand for zinc
nutritious food products due to its health benefits. Moreover, the increasing
government initiatives globally to enhance zinc concentrate in the soil to
increase quantitative and qualitative crops further support the growth of this
segment.
Based on crop type, in 2023, the
cereals & grains segment is expected to account for the largest share of
the global agricultural micronutrients market. The large market share of this
segment is attributed to the rising demand for food grains due to the growing
population, increasing industrial application of cereals & grains, and huge
production of staple crops such as wheat, maize, rice, and barley, which form
the primary food source for a major population of the world. However, the
fruits & vegetables segment is projected to grow at the highest CAGR during
the forecast period of 2023–2030. The growth of this segment is driven by the
increasing production of fruits and vegetables due to the rising consumption of
healthy foods, growing demand for organic fruits and vegetables, and
micronutrient deficiency in fruit and vegetable crops.
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Based on form, in 2023, the
non-chelated micronutrients segment is expected to account for the larger share
of the global agricultural micronutrients market. The large market share of
this segment is attributed to the increasing application of non-chelated
micronutrients because of their low price over chelated form micronutrients.
However, the chelated micronutrients segment is projected to record the higher
CAGR during the forecast period due to its high stability over the non-chelated
micronutrients, the growing need to increase micronutrient utilization
efficiency, and the development and application of new generations of chelates.
Based on mode of application, the soil
treatment segment is projected to register the highest CAGR during the forecast
period. The rapid growth of this segment is mainly driven by the rampant use of
traditional agriculture methods in the current farming system, the availability
of very limited resources, and the lower adoption of advanced fertilizer
application methods.
Based on geography, in 2023,
Asia-Pacific is expected to account for the largest share of the global
agricultural micronutrients market. The large share of this market is mainly
attributed to the huge area under crop cultivation, growing population, increasing
demand for high-quality food, and rising focus on agricultural micronutrients
to improve crop productivity and crop yield in emerging economies like China
and India. Additionally, the increasing agricultural practices and the
necessity of high-quality agricultural produce are anticipated to further
support the growth of this market. Moreover, this region is projected to
register the highest CAGR during the forecast period due to the vast depletion
of arable land, rising micronutrient deficiency in soil and huge areas of
infertile soil, and the increasing government support for the fertilizer
industry.
In recent years, the global
agricultural micronutrients market has witnessed several product launches,
partnerships, agreements, collaborations, expansions, and mergers. The key
players operating in the global agricultural micronutrients market are AgroLiquid
(U.S.), Aries Agro Limited (India), BASF SE (Germany), BMS Micro-Nutrients NV
(Belgium), Coromandel International Limited (India), Haifa Group (Israel),
Helena Agri-Enterprises, LLC (U.S.), Koch Industries, Inc. (U.S.), Nouryon
(Netherlands), Nufarm Limited (Australia), Nutrien Ltd. (Canada), The Mosaic
Company (U.S.), VALAGRO S.P.A (Part of Syngenta AG) (Italy), and Yara
International ASA (Norway).
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