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Global Agricultural Micronutrients Market Size, Share, Value, and Competitive Landscape 2023

Market Forecast

Global Agricultural Micronutrients Market has been projected to be valued at USD 7.3 Billion by 2026 at a CAGR of 8.4% between 2020 and 2026. Micronutrients play an important role in agriculture by promoting sustainable crop production. Owing to various factors such as continuous fertilization in limited agricultural land, the over-application of fertilizers or manure, and also due to natural calamities, soil tends to lose essential nutrients which causes nutrient deficiencies in the soil and impacts the growth of crops and their nutrient content negatively. Thus, the continuous rise in demand for nutrition-rich food from the rising population is boosting the growth of the agricultural micronutrients market. The market players are also emphasizing on product launches, partnerships, acquisitions, and expansions to meet the increasing market demand. For instance, in June 2017, AkzoNobel declared its plan to invest more than USD 12 million in Sweden to expand the production capacity for its chelated micronutrients, which are considered as essential in the agricultural market.

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Market USP

 

Increasing prevalence of micronutrient deficiencies in soil

 

Growth Opportunities in the Market

 

High Demand for Cereals & Grains: The cereals & grains segment dominated the global agricultural micronutrients market in 2019 and is anticipated to remain dominant during the review period. Among all the crops, cereals & grains are the most consumed and account for the largest proportion of agricultural land worldwide. Also, the increasing demand for plant-based foods has further boosted the demand for cereals & grains in food processing industries. Manganese, Copper, and Zinc are the top three micronutrient deficiencies found in cereal crops.

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Deficiency of Zinc in the Soil Across the Globe: In plants, zinc is an essential constituent of many enzymes and proteins and plays a vital role in a wide range of processes, such as growth hormone production and internode elongation. However, Zinc deficiency is probably the most common micronutrient deficiency in crops worldwide, resulting in substantial losses in crop yields.

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Product Innovation on Chelated Micronutrients: Non-chelated micronutrients hold a substantial share in the agricultural micronutrients market owing to their high affordability and availability. However, chelated compounds are more stable than non-chelated compounds, and the key players such as AkzoNobel and BASF SE are investing heavily in the innovation of chelated agricultural micronutrients.

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Increasing Adoption of the Fertigation Method: The most common method of micronutrient application for crops is soil application. This method has been traditionally used in many countries and is fast and economical. However, advancements in fertigation technology have increased the adoption of the fertigation method among farmers.

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Segmentation

 

By Type

 

Zinc: This segment accounted for the largest market share in 2019. Zinc deficiency in soil is one of the most common agricultural problems across the globe. Zinc deficiency is mainly observed in cereal grain crops, the dominant food source for a larger population, especially in developing countries.

Boron

Iron

Molybdenum

Copper

Manganese

Others

By Crop Type

 

Cereals & Grains: This segment accounted for the major market share in 2019. Cereals & grains account for the largest proportion of agricultural land under cultivation. They dominate all the crop types cultivated across the globe. According to the AHDB, manganese, copper, and zinc are the three most commonly lacking micronutrients in cereals. Thus, the application of agricultural micronutrients is high in this segment.

Oilseeds & Pulses

Fruits & Vegetables

Others

By Form

 

Chelated: Chelates are organic micronutrients that cling on to the metal cation to form a ring-like structure. Metallic chelates are used in agriculture as micronutrient fertilizers to provide crops with Iron, Manganese, Zinc, and Copper. The most commonly used chelates in agriculture are EDTA, DTPA, and EDDHA. Chelated compounds have better stability than non-chelated compounds. Thus, this segment is projected to exhibit a higher CAGR during the forecast period.

Non-Chelated

By Mode of Application

 

Soil: This segment accounted for the largest market share in 2019 and is projected to retain its dominance during the review period. It is one of the traditionally used modes of application across the globe. It is the most preferred mode of application among farmers owing to its ease and affordability.

Foliar

Fertigation

Others

By Region

 

North America: North America accounted for a significant market share in 2019, with the US being the major contributing country-level market. Decreasing arable land in the region has increased the demand for crop yield-improving products such as agricultural micronutrients. The widespread presence of key players in the region also contributes to market growth.

Europe

Asia-Pacific: Asia-Pacific accounted for the largest market share in 2019 and is projected to dominate the global agricultural micronutrients market during the review period. India and China are among the top countries with large proportions of agricultural land. The growth of the agricultural sector and increasing awareness regarding the products among the farmers from these developing countries are driving the market growth.

Rest of the World

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Key Players

 

BASF SE (Germany)

AkzoNobel (Netherlands)

Nutrien, Ltd. (Canada)

Yara International ASA (Norway)

The Mosaic Company (US)

Compass Minerals International (US)

Valagro (Italy)

Nufarm (Australia)

Coromandel International Ltd. (India)

Helena Chemical Company (US)

Zuari Agrochemicals Ltd (India)

Stoller Enterprises, Inc. (US)

ATP Nutrition (Canada)

Balchem (US)

Corteva, Inc. (US)