Agricultural micronutrients play a vital role in healthy plant growth and high crop yield. They include zinc, iron, boron, chlorine, nickel, manganese, copper, and molybdenum. These micronutrients help in various metabolic activities within plants such as photosynthesis, enzyme activity, carbon dioxide assimilation, nitrogen fixation, and vitamin synthesis. They are important for soil health management and sustainable agriculture. The global agricultural micronutrients market is estimated to be valued at US$ 4.5 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing importance of sustainable agriculture has been one of the major factors driving the demand for agricultural micronutrients. Sustainable agricultural practices focus on long term soil fertility and minimize the use of chemicals through balanced fertilization. Micronutrients play a vital role in maintaining soil health and quality. They enhance nutrient uptake efficiency in plants and reduce the requirements for other fertilizers. As a result, their use supports sustainable production of crops over a longer period with minimal environmental impact. This has prompted many farmers and agricultural companies to increase micronutrient adoption.

Segment Analysis

The global agricultural micronutrients market is segmented into type and crop type. Based on type, the market is segmented into zinc, boron, copper, manganese, molybdenum and others. Among these, the zinc segment held the largest share of the market in 2023 due to its high usage in maintenance of metabolic activities of plants. The micronutrient helps in cell division and elongation of plants. Based on crop type, the market is segmented into cereals and grains, fruits and vegetables, pulses and oilseeds and others. The cereals and grains segment dominated the market in 2023, owing to use of micronutrients for better yield of crops such as rice, wheat and corn.

Key Takeaways

The Global Agricultural Micronutrients Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that Asia Pacific region led the market in 2023 and is expected to grow at the fastest rate during the forecast period. Factors such as large cultivable land, growing population and expansion of industrialization are driving the demand for foodgrains, fruits and vegetables in countries like India and China, thereby propelling regional growth of agricultural micronutrients market.

Key players operating in the agricultural micronutrients market are Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings, Phibro Animal Health Corporation, Intervet Inc., Norvartis, Merck Animal Health, Novartis AG, Pharmaq AS, AquaBounty Technologies, Alltech, Skretting, Nutreco, Biomin. These companies are focusing on new product launches and partnerships to strengthen their distribution network and market presence. For instance, in 2022, Zoetis launched veterinary micronutrient injection VitalCare Plus Gold for cattle and swine.

The global agricultural micronutrients market is expected to witness robust growth over the forecast period owing to rising population and increasing food demand. Growing awareness among farmers regarding benefits of micronutrients is further driving market growth. Key players are expanding their regional presence through strategic collaborations to leverage new opportunities in agricultural micronutrients market.

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