Agricultural Micronutrients Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Agricultural micronutrients aid in plant growth and development. Boron, iron, copper, manganese, nickel, chlorine, molybdenum, and zinc are examples of agricultural micronutrients. These micronutrients are present naturally in the soil, but soil loses them due to leaching, monocropping, and soil erosion. Lack of micronutrients in agriculture leads to decline in the productivity of the plants. Further, their deficiencies can reduce growth and cause abnormalities in the plants. Each of the micronutrients have distinct function and play a vital role in the plant growth. For instance, iron is needed for the formation of chlorophyll; molybdenum helps to produce ammonia in plants and also enables plant to utilize nitrogen; boron and zinc add in quality of seed development. These each of the micronutrients have crucial role in the growth of plants and have gained significant importance in the agriculture industry. The global agricultural micronutrients market can be affected by rising population, leading to concerns of food security, and declining soil fertility.

MARKET DYNAMICS

The agricultural micronutrients market is expected to witness significant growth in the upcoming years. Factors such as soil pH, temperature, and humidity reduce the accessibility of micronutrients in the soil. Thus, the need to restore such nutrients in the soil can drive the growth of the market. The rising soil contamination and subsiding cultivable lands in primary agricultural economies can accelerate the growth of the market. The increasing population leading to a rise in food security further boosts the growth of agricultural micronutrients market. The development of precise agricultural equipment coupled with rising awareness of plant nutrition is expected to invigorate the industry in the forecasted timeframe. Also, government of various countries are taking initiatives and working towards controlling micronutrient deficiency in agricultural lands. Such government support will uplift the market demand in the coming years. However, in developed economies such as France, Germany, and the US, the production of organic food is rising steeply, leading to an increase in the use of organic fertilizers. The agriculture micronutrients market can face prominent competition due to organic fertilizers.

MARKET SCOPE AND REPORT FEATURES

The “Global Agricultural Micronutrients Market Analysis to 2031” is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, crop type, application, and geography. The global agricultural micronutrients market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of agricultural micronutrients worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the agricultural micronutrients market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in agricultural micronutrients market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global agricultural micronutrients market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global agricultural micronutrients market is segmented on the basis of type, crop type and application. Based on type, the agricultural micronutrients market is segmented as zinc, iron, boron, manganese, molybdenum and others. On the basis of crop type, the market is classified as cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The agricultural micronutrients market is categorized on the basis of application into, soil, fertigation, foliar, and others.

Based on type, the zinc type segment is forecasted to show dominance in the market. Zinc deficiency is one of the widespread micronutrient deficiencies across the world. Zinc activates the enzyme system for the production of growth regulator and thus, is an important micronutrient needed for plants to grow. Moreover, there is a limited supply of mineral supplies for zinc raw material, thereby driving the market for zinc. Being an important micronutrient, governments worldwide are taking steps to surge the zinc content in agriculture products to suppress its deficiency.

REGIONAL INSIGHTS

The report provides a detailed overview of the global agricultural micronutrients market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia-Pacific accounts for the significant growth during the predicted timeframe due to the advanced agricultural practices and rising awareness for superior quality of agricultural products. Many government regulations of the Asia Pacific region and large subsidies for the nutrition of crops, which sometimes reach 100% for marginal farmers, trigger the market's growth to a large extent. Further, the rising awareness among farmers in the region and the surging production of high-value crops escalates the market expansion in the Asia-Pacific region.

MARKET PLAYERS

Some of the key players operating in the agricultural micronutrients market include, AkzoNobel, BASF SE, Nutrien, Ltd., Haifa Group, ATP Nutrition, Helena Chemical Company, Baicor LC, Sapec SA, Balchem, BMS Micronutrient NV, Compass Minerals International, Stoller Enterprises Inc, Yara International ASA, Coromandel International Ltd, and The Mosaic Company among others.

Global Agricultural Micronutrients Report Scope