Agricultural Micronutrients Market Revenue, Size, Share, Trends, and Forecast to 2032
The global agricultural micronutrients market revenue was valued at USD 4.87 billion in 2023 and is expected to grow from USD 5.19 billion in 2024 to USD 9.03 billion by 2032, reflecting a compound annual growth rate (CAGR) of 6.92% during the forecast period. In the U.S., the market is anticipated to experience notable growth, reaching an estimated value of USD 1.88 billion by 2032, driven by the extensive application of micronutrients on large-acre crops.
Agricultural micronutrients, including zinc, boron, iron, molybdenum, chloride, nickel, copper, and manganese, are essential for addressing micronutrient deficiencies in soil. These nutrients are available in both chelated and non-chelated forms and can be applied to various crops such as cereals, pulses, oilseeds, fruits, vegetables, and others. Application methods include soil treatment, foliar spraying, and fertigation, ensuring efficient nutrient delivery to support crop growth and yield.
List of Key Players Mentioned in the Report:
Nutrien Ltd. (Canada)
Israel Chemicals Ltd. (Israel)
Coromandel International (India)
Yara International ASA (Norway)
Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
Haifa Group (Israel)
Koch Agronomic Services, LLC (U.S.)
Grupa Azoty Zaklady Chemiczne Police Group (Poland)
Marubeni Corporation (Helena Agri-Enterprises, LLC) (U.S.)
Nouryon Chemicals Holdings B.V. (North Holland)
Information Source:- https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607
Segmentation:
Zinc Segment to Gain Traction Due to Increased Awareness of Deficiency
The market is segmented by type into zinc, iron, boron, molybdenum, manganese, and others. Among these, the zinc segment is expected to witness notable growth during the forecast period, primarily due to the rising awareness of zinc deficiency in various regions.
Soil Segment to Expand Significantly with Technological Investments
By application mode, the market is categorized into soil, foliar, and fertigation. The soil segment is projected to grow at a substantial pace, driven by increased investments in advanced, high-capacity fertilizer spreaders and other technological advancements.
Non-Chelated Segment to See Remarkable Growth Owing to Cost Advantages
The market by form is divided into non-chelated and chelated. The non-chelated segment is anticipated to grow significantly due to its broader availability and lower cost compared to chelated products, making it a preferred choice among end-users.
Cereals Segment to Exhibit Significant Growth Due to High Cultivation Rates
By crop type, the market is segmented into cereals, pulses & oilseeds, fruits & vegetables, and others. The cereals segment is expected to register notable growth over the forecast period, attributed to the high cultivation rates of cereal crops worldwide.
Regional Insights:
Asia Pacific to Emerge as Leading Region Considering the Major Production in India and China
The Asia Pacific agricultural micronutrients market is expected to grow significantly, retaining its dominant market share throughout the forecast period. This growth is primarily attributed to the region's position as a leading producer of staple and cereal crops.
In contrast, the North American market is poised for substantial expansion, fueled by rising awareness of micronutrient deficiencies and their impact on crop health and yield.
Report Coverage:
The report analyzes key trends expected to drive industry growth in the coming years. Factors contributing to the global market expansion include acquisitions, mergers, and strategic initiatives by leading market players aimed at reinforcing their market positions and fostering long-term growth.
Drivers and Restraints:
Market Growth Propelled by Rise in Cultivation and Production Areas of High-Value Crops
The agricultural micronutrients market is experiencing growth due to the increased cultivation of high-value crops such as vegetables, fruits, ornamentals, and turf, coupled with rising production levels of these crops.
However, the market's expansion could be hindered by challenges like limited access to government support programs and schemes.
Competitive Landscape:
Leading Companies Enter into Collaborations to Increase Geographical Footprint
Key market players are implementing various strategic initiatives to enhance their geographical presence and strengthen their market positions. These strategies include acquisitions, mergers, partnerships, collaborations, and the development of innovative products to drive growth and competitiveness.
Key Industry Development:
March 2021 – Haifa Group signed an agreement with AgrIOT, an agriculture technology provider, aimed at assisting farmers with crop monitoring and product purchasing. The partnership focuses on offering effective and precise solutions to address nutrient deficiencies.