Agricultural Micronutrients Market Size 2024 To 2032

• The global agricultural micronutrients market size reached USD 5.7 Billion in 2023.
• The agricultural micronutrients market size is expected to reach USD 10.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.2% during 2024-2032.
• Zinc leads the market, accounting for the majority of the market share owing to its vital role in enzyme activation and plant metabolism.
• Cereals represent the largest segment due to their extensive cultivation and high nutrient demands for growth.
• Chelated holds the largest share in the agricultural micronutrients industry, driven by enhanced nutrient solubility and reduced risk of leaching.
• Soil remains a dominant application in the market because of its effectiveness in improving root nutrient uptake directly.
• Asia Pacific leads the market with its rising agricultural activity and increasing adoption of micronutrient fertilizers.
• The growth of the agricultural micronutrients market is driven by advancements in precision farming technologies, which allow farmers to apply micronutrients with greater accuracy and efficiency.
• Additionally, the rising trend of biofortification, where crops are enriched with essential nutrients to address human nutritional deficiencies, is boosting the demand for micronutrient-enriched fertilizers.  

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Industry Trends and Drivers:

·         Soil micronutrient deficiencies:

The depletion of essential nutrients in soil is a major factor driving the need for agricultural micronutrients. Intensive farming practices, soil erosion, and monoculture cultivation have led to a decline in soil fertility. Crops require micronutrients such as zinc, manganese, iron, and boron for optimal growth and development.

However, these essential elements are often lacking in many agricultural regions, especially in developing nations. This deficiency results in poor crop yields and diminished crop quality, which has prompted farmers to turn to micronutrient-enriched fertilizers to enhance soil health and replenish lost nutrients. The rise in awareness regarding the importance of micronutrient-rich fertilizers to combat soil nutrient depletion has accelerated the growth of the agricultural micronutrients market.

·         Increasing demand for high-yield crops:

The global population continues to expand, leading to a significant increase in the demand for food. To meet this growing demand, farmers are under pressure to produce higher yields on limited arable land. Micronutrients play a critical role in boosting crop yields and improving crop resistance to diseases and environmental stressors. Crops treated with micronutrients show enhanced growth,

improved nutrient uptake, and better resilience to climate challenges such as drought and extreme temperatures. The rising adoption of high-yield crop varieties, especially in regions where agriculture is intensive, has created a strong demand for agricultural micronutrients.

Additionally, micronutrient applications are critical for ensuring food security in densely populated regions.

·         Growing trend of sustainable agricultural practices:

Sustainable farming practices, which aim to preserve environmental resources while maintaining agricultural productivity, are gaining widespread popularity. The shift toward organic farming and environmentally friendly agricultural inputs has increased the demand for micronutrient-based fertilizers that contribute to healthier soils and lower environmental impact. As farmers increasingly adopt precision agriculture techniques, the targeted use of micronutrients allows for optimized fertilization, reducing wastage and preventing overuse of synthetic fertilizers. This shift toward sustainability is significantly influencing the growth trajectory of the agricultural micronutrient market.

Agricultural Micronutrients Market Report Segmentation:

Breakup By Type:

·         Zinc

·         Boron

·         Iron

·         Manganese

·         Molybdenum

·         Others

Zinc represented the largest segment due to its crucial role in enhancing crop growth, improving disease resistance, and addressing widespread zinc deficiencies in agricultural soils globally.

Breakup By Crop Type:

·         Cereals

·         Pulses and Oilseeds

·         Fruits and Vegetables

·         Others

Cereals dominate the market as they are staple crops grown extensively worldwide, requiring significant micronutrient inputs to achieve higher yields and meet global food demands.

Breakup By Form:

·         Chelated

·         Non-Chelated

Chelated holds the largest share in the agricultural micronutrient industry, driven by enhanced nutrient solubility and reduced risk of leaching.

Breakup By Application:

·         Soil

·         Foliar

·         Fertigation

·         Others

Soil remains a dominant application in the market because of its effectiveness in directly improving root nutrient uptake.

Breakup By Region:

·         North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Asia Pacific leads the market with its rising agricultural activity and increasing adoption of micronutrient fertilizers.

Top Agricultural Micronutrients Market Leaders:

The agricultural micronutrients market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

·         ATP Nutrition (Concentric Agriculture Inc.)

·         Balchem Corporation

·         BASF SE

·         Compass Minerals International

·         Coromandel International Ltd. (Murugappa Group and EID Parry)

·         Corteva Inc.

·         Helena Agri-Enterprises LLC (Marubeni Corporation)

·         Nufarm Canada

·         Stoller USA Inc.

·         The Mosaic Company 

·         Valagro SpA (Syngenta Crop Protection AG)

·         Yara International ASA

·         Zuari Agro Chemicals LTD

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Key Highlights of the Report:

·         Market Performance (2018-2023)

·         Market Outlook (2024-2032)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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