The new report by Expert Market Research titled, ‘Global Agricultural Micronutrients Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global agricultural micronutrients market, assessing the market based on its segments like types, crop types, forms, mode of applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2032)
- Forecast CAGR (2023-2028): 8.2%
The increasing prevalence of micronutrient deficiency is driving the agricultural micronutrients industry in recent years owing to the excessive use of chemical fertilisers and soil erosion. The emerging need to ensure food security for the growing population is also contributing to the steady growth of the micronutrients industry. This is because the utilisation of micronutrients leads to increased agricultural productivity and quality food products.
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The increased soil testing is leading to a heightened consciousness about the deficiency of the micronutrients in soil, thus bolstering the market growth. Further, the growing awareness among farmers about the importance of micronutrients in plant functions, such as reproductive growth, plant metabolism, nutrient regulation, chlorophyll synthesis, and production of carbohydrates is leading to the expansion of the agricultural micronutrients industry.
Industry Definition and Major Segments
An agricultural micronutrient is a blend of mineral elements, such as iron, zinc, manganese, and boron, among others. The micronutrients play a critical role in balancing crop nutrition, and it has a profound influence on plant activities. The deficiencies of these essential plant nutrients can lead to abnormal growth in plants and yield losses.
The agricultural micronutrients industry, by type, is segmented into:
- Zinc
- Boron
- Iron
- Molybdenum
- Copper
- Manganese
- Others
Based on crop type, the market is classified into:
- Cereals and Grains
- Corn
- Wheat
- Rice
- Others
- Fruits and Vegetables
- Oilseeds and Pulses
- Soybean
- Canola
- Others
- Others
On the basis of form, the market is categorised into:
- Chelated Micronutrients
- Ethylene diamine-tetra-acetic acid (EDTA)
- Ethlyenediamine Di-2-Hydroxyphenyl Acetate (EDDHA)
- Diethylene-triamine penta-acetic acid (DTPA)
- Iminodisuccinic Acid (IDHA)
- Others
- Non-Chelated Micronutrients
Based on mode of application, the market is divided into:
- Soil
- Foliar
- Fertigation
- Others
The regional markets of agricultural micronutrients include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
The government initiatives, such as Soil Health Cards and the nutrient subsidy structure in agriculture-centred nations, like India, is leading to the incremental development of the agricultural micronutrients industry. The new product launches by leading industry players to expand their product portfolios is contributing to the growth of the sector.
For instance: in 2021, Farmer’s Business Network Inc. introduced advanced micronutrients through the Nourish™ suite of products. These micronutrients, enhanced by biology, helps to supplement the nutrients available in the soil. The technological advancements in farming techniques and the investments in scientific research to meet the expectations of plant growers are expected to augment the agricultural micronutrients industry in the forecast period.
Key Market Players
The major players in the market are BASF SE, Yara International ASA, Helena Agri-Enterprises, LLC, Haifa Negev technologies LTD, VALAGRO S.P.A, Zuari Agro Chemicals LTD, and Baicor, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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