Agricultural Micronutrients Market

SKU: DMAG295 | Last Updated On: Nov 03 2022 | Available Formats

> Global Agricultural Micronutrients Market Expected to reach a high CAGR of 8.1% By 2029: DataM Intelligence

Global Agricultural Micronutrients Market is segmented By Type (Boron, Copper, Iron, Manganese, Molybdenum, Zinc, Others), By Application (Fertigation, Foliar, Soil, Others), By Form (Chelated, Non- Chelated), By Crop Type (Cereals, Fruits & Vegetables, Oilseeds & Pulses, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Global Agricultural Micronutrients Market is expected to grow at a CAGR 8.1%during the forecast period (2022-2029).

Agricultural Micronutrients Market - Strategic Insights

Metrics

Details

Market CAGR

8.1%

Segments Covered

By Type, By Application, By Form, By Crop Type, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Micronutrients are essential for plant growth and play an essential role in balanced crop nutrition. Lack of any of the micronutrients can limit soil growth even when all other nutrients are present in adequate amounts. Increasing incidences of soil contamination and decreasing arable land are severely hampering the production of good-quality crops across the globe. To counter this, farmers across the world are turning towards sustainable farming by adopting specially formulated micronutrients to obtain high-quality products. The global agricultural micronutrients market was valued at USD YY million in 2019 and is estimated to reach USD YY million by 2029, growing at a CAGR of 8.40%

Market Dynamics

Increasing agricultural micronutrient deficiencies in soil across the globe

Agricultural micronutrients such as Boron (B), Chlorine (Cl), Copper (Cu), Iron (Fe), Manganese (Mn), Molybdenum (Mo), Nickel (Ni), and Zinc (Zn) are key elements required relatively in small quantities for crop growth. However, agricultural micronutrients directly affect crop growth and development. The deficiency of nutrients will affect the quality and growth of crops. The deficiency of these nutrients will be varied based on the crop type and soil type. Soils with high-quality clay will mostly provide less available micronutrients, and sandy soils generally have less quantity of micronutrients. Nutrient deficiency in soils is mainly caused due to excessive use of soil and loss of nutrients due to excessive running water. Soil erosion which carries away humus and organic matter that has some agricultural micronutrients is held. Extensive use of phosphate fertilizers can weaken the availability of some agricultural micronutrients, mainly iron and zinc.  A deficiency of these nutrients leads to micronutrient malnutrition, especially in children, which is a leading concern at a global level. Micronutrient malnutrition contributes to a wide range of impairments including condensed resistance to infections, learning disabilities, and underdevelopment of infants and children.  According to World Health Report, zinc and iron deficiencies were identified as the most common health risk factors. Micronutrient malnutrition is suspected to impart a wide range of risks such as low resistance to infections, stunted growth of infants, and learning disabilities. Hence, the use of micronutrients in crops through fortification and other popular methods can help restore the nutrient imbalance in plants and humans alike.

Market Segmentation

Zinc is the leading micronutrient applied in farm practices

One of the first micronutrients recognized to be essential for high yields is zinc (ZN). Globally, zinc is reported to be deficient in 49% of soils, making it the most prominent micronutrient deficiency in the world. Zinc is essential in protein synthesis as it acts as an activator for enzymes and the synthesis of chlorophyll and a few carbohydrates.  Zn is taken up by the plants as the divalent Zn+2 cation. Zinc fertilizers are mostly used in chelates form within the agricultural industry. Deficiency symptoms are mostly seen in growing stages since Zn is not mobile in plants. The uptake by plants decreases with the increase in pH and the presence of high levels of phosphorous in soils.  Zinc also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars which enhance the global zinc consumption in crop micronutrients. All agricultural soils in Mexico are zinc-deficient, though it is widely common in regions of Queretaro, Sonora, and Sinaloa, thus indicating an increased need for zinc micronutrient fertilizers in these regions. In addition, soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China, and Indonesia), sub-Saharan Africa, and the northwestern region of South America.

Geographical Penetration

China and India led Asia Pacific to the top of the agricultural micronutrients market

Asia Pacific evolved as the largest market for agricultural micronutrients accounting for nearly YY% of the global sales revenue in 2019. The region is witnessing significant demand for zinc, copper, and boron in agricultural applications with primary use in growing rice, wheat, and other food grains. China and India are major markets for micronutrients in the region coupled with large agricultural activities and the need for nutrients. The large-scale agricultural activities in these countries resulted in a significant decline in nutrients in the soil. China is the second largest market globally, next only to the United States. The increased demand for food and acreage is expected to propel the market growth of micronutrients in Asia-Pacific. The presence of a significant portion of the world’s population in the region drives the demand for a higher production volume of crops, thereby the application of micronutrients is vital to help achieve the requisite productivity yield.

Competitive Landscape

A wide range of testing services made the market competitive

The global agricultural micronutrients market is moderately consolidated with no major players accounting for a very high market share. Thus, companies are on a drive to penetrate new markets with high growth potential. Major players are involved in the R&D process to improve their product specifications, which is also a key factor for market development. Dominant players in the industry such as Haifa Group, Nutrien, Nouryon, The Mosaic Company, and Yara are relying on product development and collaboration strategies to gain the leading position in the global marketplace. For instance, in March 2020, The Mosaic Company entered into an agreement with the Application Research Centre (FTRC) at the University of Adelaide in Australia to focus on enhanced fertilizer efficiency. In June 2020, Cargill, a leading food, agriculture, and industrial products service provider, announced the development of its new Fertilizer Retail and Distribution Centre. The $30 million state-of-the-art Centre is being developed at Camrose and is expected to be the first retail site for Cargill which is located in western Canada. It will offer a four-product liquid coating capability for nutrient and micronutrient stabilizer coatings.

Company Profile: Nutrien Ltd.

Canada-based Nutrien Ltd. is one of the leading providers of agricultural micronutrients in the world. The company is incorporated under the laws of Canada on June 2, 2017, under the merger of equals transaction contemplated by an agreement, dated September 11, 2016, between Potash Corporation of Saskatchewan Inc. and Agrium Inc. The company is offering zinc and manganese micronutrients under its NutriSync brand.

Why Purchase the Report?

  • Understand the current market scenario and viability of global agricultural micronutrients over the forecast period.
  • Visualize the composition of the global agricultural micronutrients market in terms of type, application, form, and crop type to identify major players, growth potential, and market strategies
  • Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
  • Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining to the market

FAQ

What is the Agricultural Micronutrients Market growth?

The market is growing at a CAGR of 8.1%.

What is the Agricultural Micronutrients Market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in Agricultural Micronutrients Market?

Haifa Group, Nutrien, Nouryon, The Mosaic Company, and Yara.

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