The Agricultural Micronutrients Market is estimated to be valued at US$ 4.3 Billion In 2022 and is expected to exhibit a CAGR of 8.6% over the forecast period 2022-2027, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Agricultural Micronutrients Market focuses on the supply and demand for essential trace elements required for plant growth and development. These micronutrients are vital components in the agricultural industry, aiding in plant nutrition and improving crop productivity. They are typically added to the soil or applied through foliar spray, enabling plants to achieve optimal health and maximize their yield potential. The market offers a wide range of products, including zinc, iron, manganese, boron, copper, and molybdenum, that cater to different crop types and specific nutrient deficiencies.
Market Dynamics:
The increasing demand for high-quality yield and growing awareness regarding plant health management are driving the growth of the agricultural micronutrients market. As farmers worldwide aim to enhance crop productivity and ensure the overall health and quality of plants, the adoption of micronutrient fertilizers has witnessed significant growth. Additionally, the rising trend of organic farming and sustainable agricultural practices further boosts the demand for agricultural micronutrients. The use of these micronutrients helps in optimizing nutrient absorption, reducing nutrient losses, and mitigating soil degradation, thereby positively impacting crop yield and overall farm productivity.
Segment Analysis:
The Agricultural Micronutrients Market can be segmented based on product type, form, application, and region. In terms of product type, the market is dominated by zinc, which is widely used due to its essential role in plant growth and development. Zinc deficiency is a common issue in crop production, leading to decreased yield and quality. As a result, farmers are increasingly using zinc-based micronutrients to enhance plant growth and maximize yield. Other dominating sub-segments include boron and iron-based micronutrients, which also play a crucial role in plant nutrition.
PEST Analysis:
Political: The agricultural micronutrients market is influenced by government policies and regulations regarding fertilizers and micronutrient usage. These regulations vary across countries, impacting the availability and accessibility of micronutrient products.
Economic: The market’s growth is supported by the increasing demand for higher crop yield and quality to meet the rising food demand. Additionally, the economic feasibility of using micronutrients as compared to traditional fertilizers makes them an attractive option for farmers.
Social: Growing awareness among farmers regarding the importance of plant nutrition and the benefits of using micronutrients is driving market growth. The need for sustainable agricultural practices and environmentally friendly products is also contributing to the increasing adoption of micronutrients.
Technological: Advancements in technology have led to the development of innovative micronutrient delivery systems, such as chelated micronutrients and controlled-release formulations. These technological advancements have made it easier for farmers to apply micronutrients efficiently and accurately.
Key Takeaways:
The global agricultural micronutrients market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period (2022-2027), due to increasing awareness about the importance of plant nutrition and the need for higher crop yield. The market size for 2022 is projected to be US$ 4.3 billion.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the agricultural micronutrients market. The region has a significant agricultural sector, with countries like China and India leading in crop production. The increasing population and demand for food, coupled with government initiatives to enhance crop productivity, are driving the adoption of micronutrients in the region.
Key players operating in the agricultural micronutrients market include The Dow Chemical Company, BASF SE, The Mosaic Company, Akzo Nobel N.V., Yara International ASA, The Potash Corporation, Land O’Lakes, Inc., Marubeni Corporation, and Nufarm Limited. These key players contribute to market growth through product innovation, partnerships, and strategic acquisitions. They dominate the market due to their extensive product portfolios and strong distribution networks.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it