North America and Europe Agricultural Micronutrients Market Size, Share, Industry, Forecast and outlook (2024-2031)

North America & Europe - Agricultural Micronutrients Market is segmented By Product Type (Boron, Copper, Iron, Molybdenum, Cobalt, Nickel, Zinc, Manganese, Others), By Application (Fertigation, Foliar, Soil, Hydroponics, Seed Treatment, Others), By Form (Chelated, Non- Chelated), By Crop Type (Cereals And Grains, Fruits and vegetables, Oil Seeds, Pulses), By Distribution Channel (Direct – Manufacturing companies, Indirect – Other Distributors), and By Region (North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe)) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031.

North America & Europe - Agricultural Micronutrients Market Size

North America and Europe's Agricultural Micronutrients Market reached US$ 5.80 billion in 2022 and is expected to reach US$ 9.5 billion by 2031, growing with a CAGR of 6.5% during the forecast period 2024-2031.

The North American and European Agricultural Micronutrients Market is available into various products such as boron, copper, iron and others which are available in chelated and non-chelated forms for use in various crops including cereals and grains, fruits and vegetables. The micronutrients are used for fertigation, foliar, soil, hydroponics and seed treatment applications.

The nutritive value of natural resources is being disturbed due to the modern era lifestyle leading to a greater need for the development of better agricultural soil nutrient applications. According to the survey published by the National Library of Medicine, Portugal, Spain, Italy, and three other European countries showed that 60% and 28% of soil samples contain lower levels of Fe and Zn, respectively.

North America dominated the market growth. The region's well-established companies with active collaborations and acquisitions that support regional market expansion. For instance, in May 2021, Koch Agronomic Services (KAS), acquired Compass Minerals North American's micronutrient assets, giving them access to global intellectual property rights and allowing KAS to offer clients better quality and more effective products.

North America & Europe - Agricultural Micronutrients Market Summary

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Market Dynamics

Increasing Global Population and Demand for Food

With the increase in the human population, the need for food production and agricultural practices also increases vigorously. According to the Population Reference Bureau, it is estimated that there will be a 33% increase in the world's population, from an estimated 7.4 billion in 2017 to 9.9 billion in 2050.

North America and Europe regions are also showing a greater increase in the population statistics. According to the International Monetary Fund 2024, North America accounted for a total of 512.47 million of population. Meanwhile, Europe accounted for 733.99 million people in the 2024 population analysis, according to International Monetary Fund data.

To meet the demand, farmers are increasingly turning to agricultural micronutrients to improve the quality and quantity of their crops. The rise in agricultural micronutrient usage is expected to continue due to the growth in the global population. The critical importance of agricultural micronutrients in supporting sustainable global food production is driving market growth.

Use of New Technologies and Innovative Product Introductions

Growing demand for food and adjustable and limited natural resources such as arable land and water create various challenges for the farmers. The decreasing per capita of arable land is demanding new technologies and measures to increase the yield and quality rate. To increase agricultural productivity sustainably manufacturers are offering producers various new and innovative products with advanced technology use.

In February 2023, The Andersons Inc., an American agribusiness, announced the launch of MicroMark DG, a new line of granular micronutrients that use dispersing granule technology. This innovative technology enables the creation of homogeneous spherical granules that make blending, spreading, and efficacy more effortless. The two products released are MicroMark DG Blitz and MicroMark DG Humic. The products are a blend of various micronutrients.

Price and Economic Fluctuations of Micronutrients

The North American and European agricultural micronutrient market is restrained by several factors including volatile raw material costs, fluctuating exchange rates, and farmer price sensitivity. The prices of key ingredients like zinc, boron, and molybdenum can fluctuate, which impacts the affordability of micronutrients for farmers. Currency fluctuations can also affect the import/export costs of micronutrients, which in turn impacts market dynamics.

Market Segment Analysis

The North American and European agricultural micronutrient market is segmented based on product, form, crop, distribution channel, application and region.

Increased Use of Boron in Modern Agricultural Practices

The North American and European agricultural micronutrient market is segmented based on products into boron, copper, iron, molybdenum, cobalt, nickel, zinc and manganese. The boron segment held a significant share in the North American and European agricultural micronutrient market. The increasing adoption of precision farming techniques and the need for sustainable agriculture practices have been driven by the demand for boron micronutrients.

An increase in product launches by major key players helps to boost segment growth in the forecast period. For instance, in January 2021, U.S. Borax launched NHYBOR and ZINCUBOR to provide a solution for both zinc and boron deficiency challenges. Both micronutrients are essential in reaching a crop’s yield. These products are 100% water soluble enhancing the product value in the market.

Market Geographical Share

Increasing Demand for Enhanced Agricultural Products Need in North America

North America dominated the North American and European agricultural micronutrient market. The region is expecting an increase in the population leading to more need for the various agricultural products for the basic food needs. According to the population estimate released by the U.S. Census Bureau on December 19, 2023, the nation's population is growing by 0.5% and gained more than 1.6 million people since 2022.

The need for better quality and sustainable agricultural products is boosting the demand for the search for enhanced agricultural product production techniques and product uses. The region has the presence of several leading agricultural micronutrient manufacturing companies. The high interest of such companies in research and development to create innovative products and technologies helps in the wide expansion of the market in this region.

Multiple companies are collaborating and undergoing acquisitions to develop and release better products in the regional market. For instance, in April 2021, Verdesian Life Sciences announced its acquisition of Cytozyme Laboratories, Inc. This acquisition has enabled the company to offer farmers in regions that previously lacked access to advanced nutrient usage efficiency products.

Market Major Players

The major North American and European players in the market include BASF SE, Nutrien Ag Solutions, Inc., The Mosaic Corp, Yara, Nufarm, Nouryon, Valagro, Stoller USA, Trade Corporation International and Haifa Negev Technologies LTD.

COVID-19 Impact Analysis

The North American and European agricultural micronutrient market was impacted by the COVID-19 pandemic, primarily due to disruptions in supply chains and trade restrictions. The lockdowns and restrictions on movement in several countries reduced demand for agricultural products, resulting in a decline in demand for agricultural micronutrients.

On the other hand, the essential nature of agriculture and the need for sustainable food production had a positive impact on the market demand. Furthermore, the increasing focus on food security and the adoption of better farming practices presented growth opportunities for the market during the pandemic time.

Key Developments

• In February 2023, Andersons Inc. announced the introduction of MicroMark DG, a brand-new line of granular micronutrients that uses dispersing granule (DG) technology. With the aid of new technology, spherical homogeneous granules can be blended, spread, and used more effectively.
• In September 2022, ICL Group Ltd. introduced eqo.x, which is the revolutionary rapidly biodegradable release, an Israeli developer and producer of metals, fertilizers, and specialty chemicals. It was developed for open-field agriculture. This novel approach helps farmers maximize agricultural crop performance while reducing environmental impact by reducing nutrient loss and increasing nutrient use efficiency (NUE) by up to 80%.
• In August 2021, BASF SE introduced its new Basagran Zinc, a brand-new micronutrient product. The product combines zinc and the herbicide Basagran, which aids in the healthy development and growth of crops.

Why Purchase the Report?

• To visualize the North American and European agricultural micronutrient market segmentation based on product, form, crop, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of North American and European agricultural micronutrients market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The North America and Europe agricultural micronutrients market report would provide approximately 60 tables, 62 figures and 234 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies