Agricultural Micronutrients Market

[314 Pages Report] The global agricultural micronutrients market is estimated to be valued at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 8.6% from 2023 to 2028.

The agricultural micronutrients market has gained significant traction, primarily driven by the relentless pursuit of improved crop efficiency in the agriculture sectors. Effective government policies play a pivotal role in supporting the growth of agricultural micronutrients. These policies are essential for addressing soil imbalances and deficiencies of micronutrients, which can significantly impact crop yields. Government initiatives can include promoting soil testing, providing subsidies or incentives for micronutrient application, and offering educational programs to farmers. By doing so, governments help ensure that agricultural practices are aligned with the principles of balanced nutrient management, sustainable agriculture, and improved food security. The integration of micronutrient-focused policies into broader agricultural and economic development strategies is crucial in enhancing soil health and agricultural productivity. These policies are vital drivers in safeguarding the long-term viability of agriculture while meeting the nutritional needs of growing populations.

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Drivers: Rise in awareness about crop production and quality

The increasing emphasis on crop production and the quality of agricultural produce has spurred the growth of agricultural micronutrients. As the global population continues to rise, the demand for food also escalates. To meet this growing demand, there is a heightened focus on improving crop yields and the nutritional quality of crops. Agricultural micronutrients, such as zinc, iron, manganese, and others, play a crucial role in enhancing plant growth, nutrient uptake, and overall crop quality. Farmers and agricultural experts recognize the significance of these micronutrients in achieving higher yields and better nutritional content in crops. Consequently, the use of micronutrient fertilizers and soil amendments has become a common practice to address deficiencies and imbalances in soil nutrients, thereby supporting the production of healthier, more abundant crops. This shift towards quality-driven agriculture is a driving force behind the increasing attention to agricultural micronutrients.

Restraints: Bioaccumulation of biodegradable chelates

The bioaccumulation of biodegradable chelates can indeed pose a challenge to the growth of agricultural micronutrients. While biodegradable chelates are designed to break down in the environment, their persistence in aquatic systems can lead to bioaccumulation in plants and organisms. As a result, these chelates may inadvertently inhibit the bioavailability of essential micronutrients in agricultural soils. This unintended consequence can restrict the efficient uptake of micronutrients by crops, potentially leading to nutrient deficiencies and reduced crop yields. It is crucial to strike a balance between the use of biodegradable chelates and their potential environmental impact, as their accumulation can disrupt the delicate nutrient balance required for optimal plant growth. Sustainable and responsible practices in the application of biodegradable chelates are essential to ensure they support, rather than hinder, the growth of agricultural micronutrients.

Opportunities: Innovation in biodegradable chelates

The use of biodegradable chelates in agricultural micronutrients presents significant opportunities for sustainable agriculture. Biodegradable chelates are eco-friendly and can enhance the bioavailability and uptake of essential micronutrients by crops. This can result in improved crop yields and quality while reducing the environmental impact associated with conventional chelates. Additionally, these biodegradable chelates can address concerns about the persistence of non-biodegradable chelates in aquatic systems, which can lead to environmental contamination. By using biodegradable chelates, agricultural practices can become more environmentally responsible and aligned with the principles of circular agriculture. This shift towards sustainable micronutrient management not only benefits crop production but also contributes to the broader goal of reducing the ecological footprint of agriculture.

Challenges: Sustainable sourcing of raw materials

Sustainably sourcing agricultural micronutrients presents a range of challenges. One significant challenge is ensuring a consistent and reliable supply of these micronutrients. The production and availability of micronutrient sources can be affected by factors like climate change, resource limitations, and geopolitical issues, which can disrupt the supply chain. Additionally, the environmental impact of micronutrient extraction and production is a concern, as it can contribute to pollution and resource depletion. Balancing the need for micronutrients with sustainability goals, such as reducing carbon emissions and minimizing habitat disruption, can be complex. Moreover, the cost-effectiveness of sustainable sourcing methods can be a challenge, as more environmentally friendly approaches may be more expensive. Addressing these challenges requires innovative and sustainable practices, such as recycling and repurposing waste materials to extract micronutrients, as well as considering regional and crop-specific needs to minimize environmental and economic impact.

Agricultural Micronutrients Market: Value Chain Analysis

Ecosystem Analysis

The market ecosystem for agricultural micronutrients encompasses various stakeholders and components involved in the production, distribution, and end users of agricultural micronutrients products. Various regulatory bodies are also involved in this market, and they are one of the significant stakeholders.

Ecosystem Map

Based on crop type, the fruit and vegetable segment is estimated to account for the largest market share of the agricultural micronutrients market.

Fruits and vegetables hold the largest market share by crop type in the agricultural micronutrients market. This dominance is attributed to their essential role in human nutrition and the increasing demand for nutrient-rich produce. Micronutrients, including vitamins and minerals, play a crucial role in enhancing the yield and quality of these crops. They serve as co-factors for various enzymatic reactions involved in plant growth and development. For instance, micronutrients like iron, zinc, and manganese are vital for photosynthesis, hormone synthesis, and the prevention of various nutrient-related disorders in plants. Improving micronutrient availability in fruits and vegetables not only enhances their nutritional content but also extends their post-harvest shelf life. This contributes to reduced food wastage and increased access to nutrient-dense produce. Additionally, advancements in micronutrient application methods, such as precision agriculture and foliar spraying, have allowed for more efficient and targeted nutrient delivery to these crops, leading to improved overall crop health and productivity.

Based on the mode of application, the foliar segment is anticipated to dominate the agricultural micronutrients market.

Foliar application is a dominant method in the agricultural micronutrients market, holding a significant market share. Foliar application ensures that plants quickly receive the necessary micronutrients, which can be especially crucial during critical growth stages. It enables precise and targeted nutrient delivery, addressing specific deficiencies in crops. Foliar application enhances nutrient uptake, leading to improved crop health and yield. By minimizing excess runoff and waste, this method is more environmentally friendly. It can be easily combined with other agricultural practices, such as pest and disease management. Continuous research and development have led to more effective micronutrient formulations, ensuring optimal plant utilization. Foliar applications benefit crops by preventing and correcting nutrient deficiencies, enhancing photosynthesis, and improving overall plant health. These benefits contribute to increased yields, better crop quality, and sustainable agricultural practices.

By form, the chelated segment is estimated to dominate as well as grow at the highest CAGR in the agricultural micronutrients market.

Chelated micronutrients have experienced substantial growth in the agricultural micronutrients market, primarily due to their multiple advantages. These micronutrients are readily absorbed by plants, fostering healthier growth and development. Moreover, their efficient utilization translates into increased crop yields, making them a valuable choice for farmers seeking higher productivity. Chelation enhances the stability and availability of micronutrients, mitigating the risk of nutrient deficiencies in crops, thereby ensuring the overall health of plants. Importantly, chelated micronutrients contribute to plant resistance against pests and diseases, bolstering crop protection. Their environmentally friendly characteristics, allowing for reduced application quantities, further emphasize their sustainability in modern farming. Chelates offer versatility in application methods, including foliar sprays, seed treatments, and soil applications, catering to diverse farming needs. Continuous research and development efforts have led to improved formulations, ensuring their consistent and enhanced performance. In summary, chelated micronutrients play a pivotal role in contemporary agriculture by addressing nutrient deficiencies, promoting sustainable farming practices, and ultimately boosting crop yields.

Asia Pacific is estimated to grow at the highest CAGR in the global agricultural micronutrients market.

The region's burgeoning population, coupled with rising income levels, has led to an increased demand for meat and dairy products. As a result, the livestock industry is experiencing unprecedented growth, creating a parallel surge in the need for efficient animal nutrition, driving the demand for agricultural micronutrients.

Moreover, Asia Pacific boasts a diverse agricultural landscape, with countries like China and India emerging as significant players in livestock production. The adoption of modern farming practices and a growing awareness of the importance of animal health and nutrition have further fueled the demand for agricultural micronutrients. Additionally, the presence of a large number of feed manufacturers and a rapidly expanding aquaculture sector in countries like Indonesia and Vietnam contribute to the region's dominance.

Key Market Players

Basf SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), Coromandel International Limited (India), Land O’lakes, Inc. (US), Helena Agri-Enterprises, LLC (US), The Mosaic Company (US), and Haifa Negev Technologies Ltd (Israel) are among the key players in the global agricultural micronutrients market. To increase their company's revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the agricultural micronutrients market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.

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Scope of the Report

Agricultural Micronutrients Market:

By Type

• Zinc
• Boron
• Iron
• Molybdenum
• Copper
• Manganese
• Other Types

By Crop Type

• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
• Other Crop Types

By Form

• Chelated
• Non-Chelated

By Mode of Application

• Soil
• Foliar
• Fertigation
• Other Mode of Applications

By Region

• North America
• Europe
• Asia Pacific
• South America
• Rest of the World (RoW)

RoW includes the Middle East & Africa.

Recent Developments

• In February 2023, Andersons Inc. introduced MicroMark DG, a new brand of granular micronutrients using dispersion granule (DG) technology. The new technique enables uniform spherical granules for easy blending, spreading, and greater efficacy. MicroMark DG Blitz, a calcium, boron, manganese, and zinc blend, and MicroMark DG Humic, a calcium, sulfur, manganese, zinc, and humic acid blend, will be the first to be released.
• In February 2022, The Mosaic Company acquired Plant Response, an industry consolidator of leading biological-based solutions. With this acquisition, Mosaic renamed the company to Mosaic Biosciences, through which the company intends to support crops and their natural biology.
• In February 2019, Haifa Group launched NutriNet, a new online service for growers and agronomy experts, aiming to enhance the process of creating customized fertilization programs. This tool helps integrate the data regarding crops, soil type, water analysis, irrigation system setup, and other preferences of growers, which support the decision-making of farmers.

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