Agricultural Micronutrients Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global agricultural micronutrients market is anticipated to reach USD 8,467.6 million by 2030 from USD 4,312.5 million in 2022, at a CAGR of 9.82% during the forecast period. Plants use micronutrients to balance hormones, increase auxin activity, improve flowering blooms, and establish a consistent ripening process. One of the primary aspects driving market expansion is the growing emphasis on plant nutrients for successful growth and maximum yields. They also promote sugar translocation and root strength, which aids in the development of big roots and overall plant immunity. Moreover, they are regarded a crucial mineral element for nourishing horticultural crops since they work as enzyme co-factors and building blocks that allow plants to form entire proteins and compounds. As a result, their overall sales are increasing over the world.

IMPACT OF COVID-19 ON AGRICULTURAL MICRONUTRIENTS MARKET

Lockdown was established once COVID-19 spread over the world, and this imposed lockdown had a significant influence on the fertilizer industry's supply chain, notably micronutrient fertilizers. However, government support and various techniques used by micronutrient manufacturers during the pandemic increased the global sales of agricultural micronutrients over the previous year. The product's demand will be boosted by government agencies' increased usage of technology and the incorporation of supportive policies to assist farmers. During the shutdown, the Indian government, for example, revealed a plan to deploy technology on a massive scale to track production and monitor crucial agricultural data points. Similarly, the World Health Organization (WHO) promotes the use of fruits, vegetables, pulses, cereals, and grains as a source of a well-balanced diet, which encourages the use of micronutrients in these crops. As a result, this factor increases the need of agricultural micronutrients in addition to main nutrients.

GROWTH DRIVERS

Various nutrients, as well as improved fertilizer efficiency, stimulate plant output and keep people nourished and healthy all across the world. Micronutrients are the third type of essential crop nutrient. Micronutrients aid in the general health and development of plants. Micronutrients help plants grow and function properly, resulting in nutrient-dense food for animals and humans. The availability of micronutrients in the soil is reduced as the pH of the soil is raised.

To alleviate the shortages, governmental and non-governmental organizations are emphasizing mineral fertilization measures. According to the FAO, countries like China, the United States, and India consume roughly half of all mineral fertilizer nutrients. The consumption of these nitrogen fertilizers is expected to rise to 219.30 million tonnes by 2030, according to the same source. Many countries have achieved national food sufficiency today; nonetheless, there is always a need to feed people with nutrient-rich food by improving agriculture practices. Countries are increasingly relying on "Integrated Nutrient Practices."

The global market is growing due to dwindling arable land in major agricultural producing countries and rising soil contamination. Furthermore, leading market players would positively affect the market throughout the forecast years by increasing their investment in R&D for the creation of affordable and efficient micronutrient fertilizers. The diminishing amount of micronutrients in soils is linked to the contemporary concerns of human malnutrition. These can, however, be balanced using a variety of solutions on the market, such as straight, chelated, micronutrient combinations that aid in the restoration of soil balance.

Agriculture is a priority for governments all across the world. Government laws, such as the Indian government's Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), would help the agriculture sector expand. All farmer households across the country will receive an income support of Rs.6000/- per year in three equal instalments of Rs.2000/- every four months under the Scheme, which will financially assist the farmers and allow them to focus more on farming. And as the agricultural industry expands, so will the market for agricultural micronutrients.

Organic fertilizers enhance soil by stimulating microbial activity, assuring a season-long supply of nutrients via a slow release of nutrients, and enhancing the water-holding capacity of soil through the addition of organic matter. Furthermore, using organic fertilizers decreases the environmental impact of farming and protects ecosystems by reducing leaching. Organic and conventional farming fertilizers, on the other hand, benefit farmers, consumers, and the environment in a variety of ways.

Nitrogen, phosphorus, potassium, and sulphur, are common fertilizers commonly available in concentrated form. As a result, farmers in both developed and developing countries prefer conventional fertilizers to organic fertilizers. Overuse of traditional fertilizers in combination with chemical pesticides, on the other hand, has resulted in soil degradation. As a result, farmers all over the world are turning to natural or organic fertilizers including animal dung, crop wastes, and compost.

AGRICULTURAL MICRONUTRIENTS MARKET SEGMENTATION

By Type

·        Zinc

·        Boron

·        Iron

·        Molybdenum

·        Manganese

·        Other types (Chlorine and Nickel)

By End Use

·        Non-agricultural cereals & grains            

o   Corn

o   Wheat

o   Rice

o   Other cereals & grains

·        Fruits & vegetables       

·        Oilseeds & pulses           

o   Soybean

o   Canola

o   Others

·        Other crop types (Turfs, ornamentals, plantation crops, forages, and fiber crops)

By Form

·        Chelated

·        Non-Chelated

By Mode of Application

·        Foliar

·        Fertigation

·        Soil

·        Seed treatment

·        Trunk injection and implantation

·        Hydroponics

By Region

·        North America

·        Europe

·        Asia Pacific (APAC)

·        Latin America

·        Middle East & Africa

REGIONAL OUTLOOK

The agricultural micronutrients market of Asia-Pacific and its dominance can be ascribed to excessive primary nutrient intake and increased occurrences of micronutrient deficiencies in the soil. The region's use of micronutrient fertilizers will increase as the population grows and the demand for nutrient-dense foods rises. In terms of volume and value, Asia Pacific accounted for the greatest share over the projection period. Rising growth of high-value crops and increased awareness of micronutrients among farmers are likely to expand market opportunities.

North America is predicted to grow at the quickest rate in the next years. The significant growth of the region can be linked to the progressive loss of arable land in nations like the United States and Mexico, which increases demand for specialized products such micronutrient fertilizer blends. The market in the region is expected to benefit from increased awareness and acceptance of crop nutrition products by growers in the region in order to produce high-quality crops.

The market in Europe is primarily driven by cereal crops' extensive use of micronutrient fertilizers in countries such as Germany, France, and the United Kingdom. The expanding health consciousness in the region, as well as the increased intake of foods derived from plants, contribute to the region's micronutrient consumption.

Brazil leads the way in South America, owing to rising planted acreage and a flourishing agro-sector. Argentina, Chile, Colombia, Peru, and Paraguay are among the other significant countries that use micronutrients as a fertilizer.

KEY COMPANIES IN AGRICULTURAL MICRONUTRIENTS MARKET

The research report offers a competitive analysis of prominent companies operating in the global agricultural micronutrients market. Some of the leading players profiled in the market research report include:

·        BASF SE

·        The Mosaic Company

·        Nouryon

·        Nutrien Ltd.

·        Nufarm

·        Yara International

·        AkzoNobel

·        Coromandel International

·        Helena Agri-Enterprises, LLC

·        Haifa Group

·        Compass Minerals

·        Deepak Fertilizers

·        Petrochemicals Ltd

·        Valagro S.p.A.

·        BMS Micro-Nutrients

·        The Mosaic Company

·        Indian Farmers Fertilizer Cooperative Limited

·        SAPEC S.A.