The global agricultural micronutrient market is experiencing significant growth, driven by the increasing need for enhanced crop nutrition and improved agricultural productivity. Projected to reach a substantial USD 8.24 billion by 2030, the market is anticipated to expand at a healthy CAGR of 8.7% during the forecast period. This growth reflects a growing understanding of the crucial role micronutrients play in plant health and development, as well as increasing awareness of the need for sustainable agricultural practices.
Competitive Insight:
Some of the major players operating in the global agricultural micronutrients market include AkzoNobel, ATP Nutrition, Baicor LC, Balchem, BASF SE, BMS Micronutrient NV, Compass Minerals International, Coromandel International Ltd, Corteva Inc, Haifa Group, Helena Chemical Company, Nufarm, Nutrien, Ltd, Sapec SA, Stoller Enterprises Inc, and The Mosaic Company. To increase their consumer base and solidify their position in the market, these businesses are extending their reach across various geographies and breaking into new markets in emerging nations.
Market Overview: Essential Nutrients for Plant Growth
Agricultural micronutrients, though required in smaller quantities compared to macronutrients (nitrogen, phosphorus, and potassium), are essential for plant growth, development, and overall health. They include elements like boron, copper, iron, manganese, molybdenum, and zinc. Deficiencies in these micronutrients can lead to reduced crop yields, decreased nutritional value, and increased susceptibility to diseases. The agricultural micronutrient market encompasses a range of products, including:
- Chelated micronutrients: These are micronutrients bound to organic molecules (chelates) to improve their availability to plants.
- Foliar fertilizers: Micronutrients applied directly to plant leaves.
- Soil-applied micronutrients: Micronutrients incorporated into the soil.
The market caters to a variety of crops, including cereals, fruits, vegetables, and oilseeds.
Key Market Drivers:
- Increasing Demand for Food: The growing global population and rising food demand are driving the need for increased agricultural productivity, which in turn fuels the demand for micronutrients.
- Growing Awareness of Micronutrient Importance: Farmers are becoming more aware of the importance of micronutrients for crop health and yield, leading to increased adoption of micronutrient fertilizers.
- Rising Soil Nutrient Deficiencies: Intensive farming practices and continuous cropping can deplete soil micronutrient levels, necessitating their replenishment through fertilizers.
- Technological Advancements: Innovations in micronutrient fertilizer formulations and application methods are improving their effectiveness and efficiency.
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Agricultural Micronutrients Market, End-use Outlook (Revenue – USD Billion, 2018 – 2030)
- Non-agricultural Cereals & grains
- Fruits & vegetables
- Oilseeds & pulses
- Others
Agricultural Micronutrients Market, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Zinc
- Boron
- Iron
- Molybdenum
- Manganese
- Others
Agricultural Micronutrients Market, Form Outlook (Revenue – USD Billion, 2018 – 2030)
- Chelated
- Non-Chelated
Agricultural Micronutrients Market, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Soil
- Foliar
- Fertigation
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Market Trends:
- Precision Agriculture: The adoption of precision agriculture technologies, such as soil testing and variable-rate application, is optimizing micronutrient use and minimizing environmental impact.
- Sustainable Agriculture: Growing emphasis on sustainable agriculture is driving the demand for micronutrient fertilizers that are environmentally friendly and minimize nutrient runoff.
- Biofortification: Efforts to enhance the nutritional value of crops through biofortification are contributing to the demand for micronutrients.
Challenges:
- Cost of Micronutrient Fertilizers: The cost of some micronutrient fertilizers can be a barrier for smallholder farmers in developing countries.
- Lack of Awareness: In some regions, farmers may lack awareness about the benefits of micronutrient fertilizers and proper application techniques.
Opportunities:
- Developing Innovative Micronutrient Products: Continued research and development can lead to the creation of more effective and cost-efficient micronutrient fertilizers.
- Expanding into Emerging Markets: There is significant potential for market growth in developing countries, where micronutrient deficiencies are prevalent.
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https://www.polarismarketresearch.com/industry-analysis/agriculture-micronutrients-market
Recent Developments:
The recent developments highlight the ongoing activity and innovation in the agricultural micronutrient market:
- Coromandel International’s New Products: Coromandel International’s introduction of new products to support its crop protection range indicates the company’s focus on providing comprehensive solutions for farmers.
- Mosaic Company’s Partnership: Mosaic’s partnership with the Ethos Institute to support its supply chain partners reflects the growing emphasis on sustainability and responsible sourcing in the industry.
- Coromandel International’s GroShakti Plus Launch: Coromandel International’s launch of the GroShakti Plus fertilizer brand demonstrates the company’s commitment to providing high-quality and effective micronutrient solutions for farmers.
These developments showcase the industry’s efforts to address the growing demand for micronutrients and promote sustainable agricultural practices.
Table of Contents:
- Global Agricultural Micronutrients Market Insights
- Agricultural Micronutrients β Industry Snapshot
- Agricultural Micronutrients Market Dynamics
- Drivers and Opportunities
- Rise in need for food security
- Increased emphasis on the production of biodegradable chelates
- Restraints and Challenges
- Increasind demand for organic fertilisers
- Drivers and Opportunities
- Porterβs Five Forces Analysis
- Bargaining Power of Suppliers (Moderate)
- Threats of New Entrants: (Low)
- Bargaining Power of Buyers (Moderate)
- Threat of Substitute (Moderate)
- Rivalry among existing firms (High)
- PESTLE Analysis
- Agricultural Micronutrients Industry Trends
- Value Chain Analysis
- COVID-19 Impact Analysis
- Global Agricultural Micronutrients Market, by Application
- Key Findings
- Introduction
- Global Agricultural Micronutrients Market, by Application, 2018 – 2030 (USD Billion)
- Soil
- Global Agricultural Micronutrients Market, by Soil, by Region, 2018 – 2030 (USD Billion)
- Foliar
- Global Agricultural Micronutrients Market, by Foliar, by Region, 2018 – 2030 (USD Billion)
- Fertigation
- Global Agricultural Micronutrients Market, by Fertigation, by Region, 2018 – 2030 (USD Billion)
- Global Agricultural Micronutrients Market, by End-use
- Key Findings
- Introduction
- Global Agricultural Micronutrients Market, by End-use, 2018 – 2030 (USD Billion)
- Non-agricultural Cereals & grains
- Global Agricultural Micronutrients Market, by Non-agricultural Cereals & grains, by Region, 2018 – 2030 (USD Billion)
- Fruits & vegetables
- Global Agricultural Micronutrients Market, by Fruits & vegetables, by Region, 2018 – 2030 (USD Billion)
- Oilseeds & pulses
- Global Agricultural Micronutrients Market, by Oilseeds & pulses, by Region, 2018 – 2030 (USD Billion)
Conclusion:
The agricultural micronutrient market is poised for continued growth, driven by the increasing need for food security and improved crop productivity. While challenges related to cost and awareness exist, the market offers significant opportunities for companies that are willing to innovate and address the evolving needs of farmers. The future of the agricultural micronutrient market will likely involve further advancements in fertilizer technology, increased adoption of precision agriculture practices, and a greater emphasis on sustainable solutions.
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