The Global Agricultural Micronutrient Market size is expected to grow from USD 8.32 billion in 2023 to USD 16.05 billion by 2032, at a CAGR of 7.58% during the forecast period (2024-2032).
Agricultural micronutrients are minerals, which might be critical for plant growth. It consists of factors, which include Zinc (Zn), Boron (B), Iron (Fe), Copper (Cu), Manganese (Mn), and Molybdenum (Mo). It is used by plants in small quantities so it’s called micronutrients. They play a vital function in enhancing the yield and first-class of agricultural products. These micronutrients are majorly used with soil, in foliar sprays, and in Fertigation structures. They also help in the organic approaches of vegetation. And help the plant in cellular growth. Micronutrients are carried out to the plant with conventional application equipment, through blending micronutrients combined with liquid and dry fertilizer irrelevant amounts. It will reduce the value and permit the identical, uniform distribution of micronutrients. Agricultural micronutrients help to reap balanced vitamins in crops of pulses, spices, oilseeds, and cereals. Micronutrient deficiency causes leaf discoloration, stunted boom, and loss of fruiting; those in the long run show a negative impact on crop yields, it reduces the crop yield. Their demand has to boom inside the agricultural industry for higher sales era.
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Top Key Players Covered in the Agricultural Micronutrient Market
- BASF SE(Germany)
- AkzoNobel (Netherlands)
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (US)
- Compass minerals international (US)
- Valagro (Italy)
- Coromandel International Limited (India)
- Haifa Group (Israel)
- Helena Agri-Enterprises LLC (U.S.)
- Valagro S.p.A (Italy)
- Sigma AgriScience LLC (U.S.)
- Aries Agro Limited (India)
- Nufarm Limited (Australia)
- AgroLiquid (U.S.)
- Indian Farmer Fertilizer cooperative limited (India)
- SAPEC SA (Belgium) and Other Major Players.
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Market Dynamics And Factors For Agricultural Micronutrients Market
Drivers:
Micronutrients Deficiency in Soil
Micronutrients are required in very small amounts; they may be available in vegetation however in low quantity and their deficiencies can lead to affect adversely vegetation. All over the globe soils are suffering deficiencies of micronutrients; the main factors answerable for deficiency of micronutrient inside the soil is soil pH, humidity, and temperature. Higher pH degrees in the soil reduce the number of micronutrients gift in the soil. The product which facilitates in growing the micronutrient stage can lead the agricultural micronutrient market. The governmental and non-governmental agencies are spreading cognizance approximately the use of the mineral-wealthy fertilizers in the soil to conquer micronutrient deficiency that is boosting the marketplace for agricultural micronutrients.
Opportunity:
Development of Biodegradable Chelating Products
Development of Biodegradable Chelating Products helps to boost the Agricultural Micronutrients Market. There are so many harmful outcomes of non-biodegradable chelating dealers regarded, that are hazardous to the soil, crop, and the fitness of people. So, the call for for the manufacturing of biodegradable chelates is growing within the markets. Recently developed and followed dealers like NTA and EDDS, are extensively promoted, and marketed within the markets rather than the non-biodegradable retailers. The use of the biodegradable chelating product to cast off metals this is dangerous to plant and soil fitness. Farmers also are the usage of commodity fertilizer merchandise for specialty fertilizers, which facilitates to reinforce the marketplace. These fertilizers offer high growth and excessive yield, and facilitates in low consumption of water. These are the primary using elements for increasing the Agricultural Micronutrients Market
Segmentation
By Type
· Zinc
· Boron
· Iron
· Others
By Form
· Chelated
· Non-chelated
By Application
· Soil
· Foliar
· Fertigation
Key Industry Development In The Agricultural Micronutrient Market
In September 2021, In India Coromandel International Limited launched a new product namely GroShakti Plus a fertilizer, which is a superior and complex fertilizer with new technology. Coromandel is continuously serving the farmers in all aspects to enhancing productivity of crops and increasing yield of crop, by creating Specialty nutrients, Bulk fertilizers, and nutrient based pure Organic fertilizers that’s improve the quality of soil.
In March 2021, for the development and distribution of nutrient efficiency products, The Mosaic Company made a partnership with Sound Agriculture. The product is inspired by biochemistry that activates the soil microbiome to give open space to the plant for absorption of fertilizers. Sound Agriculture has invented technology that activates the soil microbiome to give access to enter important nutrients in plants and which allow farmers to get more benefits of fertilizer.
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