Summary:

• The global agricultural micronutrients market size reached USD 5.7 Billion in 2023.
• The market is expected to reach USD 10.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2 % during 2024-2032.
• Asia Pacific leads the market, accounting for the largest agricultural micronutrients market share.
• Zinc accounts for most of the market share in the type of segment as it improves crop yield and quality.
• Cereals holds the largest share in the agricultural micronutrients industry, owing to its large-scale production.
• Chelated remain a dominant segment in the market, due to their superior bioavailability.
• Soil represents the leading application segment.
• The heightened demand for high-yield crops is a primary driver of the agricultural micronutrients market.
• The increasing depletion of soil nutrients and the rising focus on sustainable practices are reshaping the agricultural micronutrients market.

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Industry Trends and Drivers:

• Growing Demand for High-Yield Crops:

The growing need among farmers to maximize crop yields in limited arable land is one of the major factors boosting the market growth.

Moreover, the rising role of micronutrients like zinc, iron, and manganese in improving plant health, leading to better crop productivity, is catalyzing the market growth. Besides this, the increasing population across the globe, boosting the pressure on agricultural systems to produce more food, is fostering the market growth. Along with this, the heightened adoption of modern farming techniques by farmers that focus on enhancing soil fertility is fueling the market growth.

In line with this, the increasing role micronutrients in strengthening plant metabolism, improving resistance to diseases, and increasing crop quality is contributing to the market growth.

• Heightened Awareness of Depleting Soil Nutrients:

The rising awareness of the depletion of nutrients in soil caused by intensive farming is another major factor driving the market growth.

Moreover, the introduction of modern agricultural practices, including monocropping and excessive use of chemical fertilizers, leading to the degradation of soil quality is fueling the market growth. Nutrient imbalance in soils reduces crop yields and impacts food security.

Additionally, the rising deficiency of micronutrients in soils, prompting farmers to use micronutrient-based fertilizers to replenish and restore soil fertility, is enhancing the market growth.

Furthermore, the imposition of various government policies and agricultural extension programs that promote the importance of balanced nutrient application is supporting the market growth.

• Growing Awareness of Sustainable Farming:

The ongoing shift towards sustainable agriculture is propelling the market growth.

Moreover, the increasing recognition of the environmental damage caused by over-reliance on chemical fertilizers and pesticides, encouraging farmers to explore more balanced and eco-friendly approaches, is favoring the market growth. Micronutrients offer a sustainable solution by improving crop resilience without the need for excessive chemical inputs. Besides this, the growing focus on organic farming practices, which emphasize soil health and balanced nutrient cycles, leading to an increased use of natural and organic micronutrient supplements, is fueling the market growth.

Additionally, the rising priority of sustainable farming practices on long-term soil fertility and ecosystem health is providing a thrust to the market growth.

Agricultural Micronutrients Market Report Segmentation:

Breakup By Type:

·         Zinc

·         Boron

·         Iron

·         Manganese

·         Molybdenum

·         Others

Zinc account for most shares due to its essential role in enzyme function and plant growth.

Breakup By Crop Type:

·         Cereals

·         Pulses and Oilseeds

·         Fruits and Vegetables

·         Others

Cereals dominates the market as they require high volumes of micronutrients to ensure optimal yield and quality.

Breakup By Form:

·         Chelated

·         Non-Chelated

Chelated represents most shares as they are highly stable and provide better absorption in plants.

Breakup By Application:

·         Soil

·         Foliar

·         Fertigation

·         Others

Soil exhibits a clear dominance as micronutrients are highly effective for addressing soil nutrient deficiencies.

Breakup By Region:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Asia Pacific holds the leading position owing to a large market for agricultural micronutrients driven by its vast agricultural land, high demand for food production, growing awareness of the benefits of micronutrients and rising government support for sustainable farming practices.

Top Agricultural Micronutrients Market Leaders:

The agricultural micronutrients market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

·         ATP Nutrition (Concentric Agriculture Inc.)

·         Balchem Corporation

·         BASF SE

·         Compass Minerals International

·         Coromandel International Ltd. (Murugappa Group and EID Parry)

·         Corteva Inc.

·         Helena Agri-Enterprises LLC (Marubeni Corporation)

·         Nufarm Canada

·         Stoller USA Inc.

·         The Mosaic Company 

·         Valagro SpA (Syngenta Crop Protection AG)

·         Yara International ASA

·         Zuari Agro Chemicals LTD

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Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

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