Agricultural Micronutrients Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

Agricultural Micronutrients Market Outlook

Agriculture Micronutrients Market is estimated to be US$ 8.20 Billion by 2028. The global population growth has resulted in an amplified requirement for food security worldwide, particularly in underdeveloped and developing nations. To promote proper crop growth and eliminate crop deficiency caused by intensive cropping, Agriculture micronutrients may be applied alone or in combination with organic manures or macronutrients like potassium, phosphorus, calcium, nitrogen, sulfur, or magnesium.

Fertilizers can be administered to the soil or leaves of plants in a diluted aqueous solution. The use of micronutrients for crop nutrition is increasing, and farmers are becoming more vigilant about micronutrient deficiency, striving to produce healthy crops with good nutrient content, which has boosted micronutrient usage in agricultural fields. The Agriculture Micronutrient Market is growing at a CAGR of 8.10% from 2022 to 2028.

Over the next five years, Agricultural Micronutrient Market is expected to experience growth as the demand for nutrient-rich and safe food products intensifies. This growth will be backed by continued research and technological advancements in the agricultural sector. Government initiatives, such as the Essential Commodities reform, will further support market growth by providing financial assistance to farmers and cultivators, favorable policies, and a supply of higher-yielding seeds. These factors are anticipated to aid the development of the agricultural micronutrient market in the upcoming years. According to Renub Research, the market for Agriculture Micronutrients will grow to US$ 5.14 Billion by 2022.

An Increase in Crop Production will drive the Chelated Agriculture Micronutrients Market Share

Based on Form, Agriculture Micronutrient Market is segregated into Chelated and Non-Chelated. Chelated iron fertilizers have been found to enhance turf grass and decorative plants' growth effectively. The market for chelated iron micronutrients has seen a significant increase in recent years, driven by emerging nations' focus on developing green spaces and recreational areas to enhance the aesthetics of their cities. Additionally, chelated iron micronutrients have demonstrated notable success in increasing the yield of soybean and alfalfa crops. Rising consumer purchasing power worldwide has increased demand for high-quality cereals, fruits, and vegetables. This has increased the need for superior-quality chelated fertilizers in various applications. This demand is expected to contribute to the profitable growth potential of the Agriculture Micronutrient Market.

Moreover, Non- Chelated market was also gaining revenue worldwide. Non-chelated or inorganic fertilizers contain essential nutrients for plant growth and development. Non-chelated fertilizers are often less expensive. It is used to improve crop yield and soil fertility.

By Crop Type: Fruit and Vegetable Consumption will help the Agriculture Micronutrient Market Grow Faster

By Crop Type, the Agriculture Micronutrient market is differentiated into four parts Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others. The demand for fruits and vegetables is growing due to rising awareness of balanced and healthy diets and lifestyles through fruit and vegetable consumption. A rise in awareness about organic foods will push the market for micronutrients: China, India, and the United States are among the topmost producer of fruits and vegetables globally.

Cereals will have the highest market share as an essential part of human diets. Grains include wheat, rice, maize, corn, rye, etc Cereals are an excellent source of carbohydrates and a significant source of protein. The extensively increasing population in the coming decade will almost double of the consumption of cereals.

The pulses and oilseeds market is crucial to agriculture, providing protein and oil sources for human and animal consumption. Key micronutrients for these crops include nitrogen, phosphorus, potassium, sulfur, zinc, boron, and manganese, which are necessary for healthy growth and high-quality crops. The agriculture micronutrient market is expanding as farmers strive to improve crop yields and minimize waste. As the global population increases, the demand for food is expected to rise, Agriculture Micronutrients making the pulses and oilseeds market even more significant.

Zinc is expected to grow due to the High use of Fertilizer and Manure

Based on Nutrients Type, the Agriculture Micronutrient market is divided into Iron, Zinc, Manganese, and Others. Zinc is essential for plant growth and development, and the demand for zinc micronutrients in agriculture is increasing as farmers recognize its importance in crop nutrition. This is particularly important in regions with zinc-deficient soils where zinc fertilizers are necessary for maintaining healthy crop growth.

Iron is an essential micronutrient for plant growth and development and plays a crucial role in various physiological processes, such as photosynthesis, respiration, and chlorophyll synthesis. Its significance makes it a vital element in the agriculture micronutrients market. The demand for iron micronutrients in agriculture is increasing as farmers recognize its importance in crop nutrition, especially in regions with iron-deficient soils. In these areas, iron fertilizers are necessary to maintain healthy crop growth. The expected increase in demand for food makes it increasingly important to optimize crop yields and quality, and iron micronutrients are likely to play a critical role in meeting this demand.

Using Traditional Methods will drive the Market for Soil Application in Micronutrients Market

By Application Type, Agriculture Micronutrient market is divided into Soil Application, Foliar, Fertigation, Seed Treatment, and Others. The agricultural micronutrient industry is predominantly driven by soil application, as it is the most commonly used method and requires less labor and time. Applying micronutrients directly to the soil ensures they come in contact with the roots, making them highly effective and resulting in high productivity and yield.

However, the use of foliar sprays is expected to increase in the forecast period, boosting the growth of the global agricultural micronutrient market. Foliar sprays offer various advantages, such as easy and uniform application, low application cost compared to soil application, and immediate response to the applied nutrient, which corrects deficiencies during the growing season. Preference for traditional methods over others will drive the market for soil application in micronutrients.

Seed Treatment will grow significantly due to ease of use and being economical. The agricultural micronutrient market uses seed treatment to provide crops with essential nutrients, which involves applying micronutrients to the seed surface before planting. Seed treatment is becoming increasingly popular in the market due to its numerous advantages, such as lower labor costs, reduced wastage, and increased efficiency.

Additionally, seed treatments are becoming more sophisticated, with micronutrients combined with insecticides and fungicides to offer multiple benefits in a single application. Consequently, farmers are expected to use seed treatment more often as they look for more efficient and effective ways to deliver essential nutrients to their crops for healthy growth and high yields.

Asia-Pacific Region is anticipated to grow at Higher Rate during the Upcoming Period

Based on Regions, Agriculture Micronutrient Market is differentiated into Asia-Pacific, North America, Europe, South America, and Rest of World. The Asia Pacific, agricultural micronutrient market is rapidly expanding due to the region's vast agricultural sector and growing demand for food. Increasing population, urbanization, changing dietary habits and high-quality crop demand drive the market's growth.

Small holder farmers are becoming more aware of the benefits of using micronutrients to enhance crop yields and quality, further driving the market growth. China, India, and Japan are the largest markets in the Asia Pacific agricultural micronutrient market, with significant agricultural production and high food demand. Countries such as Indonesia, Vietnam, and Thailand are expected to contribute significantly to the region's agricultural micronutrient market growth.

Nevertheless, North America holds a significant market due to shrinkage of Arial land. The United States and Canada are market leaders in many of the world's major crops. The United States produces some oats, Canada is the world's largest oat exporter, and the third largest crop grown in the United States is wheat. Shrinkage in the land, rise in demand for food, and high adoption to new technology will help to propel the Micronutrients Market in North America. As per a recent report published by American Farmland Trust United States has lost more than 11 million acres of farmland to the development over the last 20 years.

Key Company Analysis

The agricultural micronutrient market has several key players, including BASF SE, Nutrien Ltd, Coromandel International Ltd, Nufarm, The Mosaic Company, Compass Minerals International, Zuari Agro Chemicals Ltd, and Balchem.

India Budget of government in 2023, the government has increased its agriculture budget by 5%. Rise in the investment of funds in digital public infrastructure, which helps in farmer-centric solutions; Agriculture credit will focus on animal husbandry, dairy, and fisheries, a new scheme like PM Matsya Smapada Yojna scheme will target investment of Rs. 6000 Crore, and plan will be implemented to set up decentralized storage capacity to help farmers store.

IN Feb 2023, The Andersons Inc. announced the launch of MicroMark DG, a new line of granular micronutrients featuring dispersing granule (DG) technology. The new technology allows for homogeneous spherical granules for more effortless blending, spreading, and increased efficacy. The initial release will include MicroMark DG Blitz, a blend of calcium, boron, manganese, and zinc, and MicroMark DG Humic, a mix of calcium, sulfur, manganese, zinc, and humic acid.

Form Types - Market breakup from 2 Viewpoints

1.    Chelated
2.    Non-Chelated

Crop Type - Market breakup from 4 Viewpoints

1.    Cereals
2.    Pulses and Oilseeds
3.    Fruits and Vegetables
4.    Other

Nutrients Type - Market breakup from 4 Viewpoints

1.    Iron
2.    Zinc
3.    Magnesium
4.    Others

Application Type - Market breakup from 5 viewpoints

1.    Soil Application
2.    Foliar
3.    Fertigation
4.    Seed Treatment
5.    Others

Region Type - Market breakup from 5 Viewpoints

1.    North America
2.    Europe
3.    Asia-Pacific
4.    South- America
5.    Rest of World

All companies have been covered from 3 viewpoints

•    Overview
•    Recent Development
•    Sales Analysis

Company Analysis have been covered from 8 viewpoints

1.    BASF SE
2.    Nutrien Ltd
3.    Coromandel International Ltd
4.    Nufarm
5.    The Mosaic Company
6.    Compass Minerals International
7.    Zuari Agro Chemicals Ltd
8.    Balchem
 

Report Details: