According to Fact.MR, a market research and competitive intelligence provider, the Agricultural Micronutrients Market was valued at approximately US$ 4.9 billion in 2021. The market is projected to grow at a CAGR of 3.6% from 2022 to 2032, reaching an estimated value of US$ 7 billion by the end of the forecast period.

The market's growth is primarily driven by increasing awareness of the positive impact of micronutrients on agricultural productivity and crop yields. Additionally, rising concerns about food security are further propelling the adoption of agricultural micronutrients.

Micronutrient deficiencies in soils, identified through extensive soil testing and plant analysis, are underscoring the need for high-quality crop yields. This demand is expected to significantly contribute to the growth of the agricultural micronutrients market over the forecast period.

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The growing use of chemical fertilizers is significantly contributing to the expansion of the agricultural micronutrients market. These fertilizers not only enhance crop yields but also provide protection against harmful UV radiation and pests, which is expected to accelerate the market's growth from 2022 to 2032.

However, the rising cost of micronutrients has become a major barrier to market growth. High prices have led some farmers to reduce or even forgo micronutrient use in their fertilizer programs, resulting in a decline in soil micronutrient levels. Additionally, many farmers in developing countries lack proper knowledge regarding the correct dosage and application of micronutrients, primarily due to limited access to training, technology, and expertise. These factors are expected to impede market growth during the forecast period.

Regionally, China is expected to dominate the agricultural micronutrients market, accounting for over 20% of the region's earnings. This is primarily due to the country's arable soil lacking certain essential minerals, leading to a high demand for specific micronutrients. With the world’s largest population, China requires increased agricultural yields to meet the needs of its people. These factors position China as a key regional market for agricultural micronutrients.

Key Takeaways from the Market Study

  • In 2022, the global agricultural micronutrients market is estimated to be valued at US$ 5.08 billion.
  • The zinc segment is projected to hold a 43% market share in 2022, maintaining its dominance in the global market from 2022 to 2032.
  • The fruits and vegetables segment is expected to grow at a strong CAGR of 4% from 2022 to 2032, reflecting increasing demand for micronutrient-enriched crops.
  • In terms of regional markets, China is forecasted to capture a 35% share of the global agricultural micronutrients market by 2022, driven by its vast agricultural sector.
  • The Indian agricultural micronutrients market is anticipated to experience steady growth, with a CAGR of 3.8% from 2022 to 2032, as demand for micronutrients continues to rise across the country.

“Crop micronutrients are essential for plant development and metabolic activity. They help roots grow by fortifying them, making them bigger, and supplying them with organic chemicals and proteins. Such factors will boost global growth” comments a Fact.MR analyst.

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Competitive Landscape

Most of the agricultural micronutrients companies highlighted in the research have been focusing on strategies such as brand development, market expansion, acquisitions, and investments.

In May 2022, Coromandel International expanded its crop protection product line by introducing five new products. This addition provides Indian farmers with enhanced options for crop protection, further strengthening Coromandel International Limited's position in the market.

Compass Minerals reported a 7% year-on-year increase in consolidated sales for the first quarter of its fiscal year 2022. This growth was driven by higher sales volumes in highway deicing, improved consumer and industrial (C&I) sales, and increased pricing in both Plant Nutrition and C&I sectors.

Major Companies Analysis

  • BASF SE
  • BMS Micro-Nutrients
  • Compass Minerals
  • Coromandel International
  • Deepak Fertilizers
  • Haifa Group
  • Helena Agri-Enterprises, LLC
  • Nouryon
  • Nufarm
  • Nutrien Ltd.
  • Petrochemicals Ltd
  • The Mosaic Company
  • Valagro S.p.A.
  • Yara International

Key Segments Profiled in the Industry Survey

  • By Nutrient:
    • Boron
    • Manganese
    • Zinc
    • Copper
    • Others
  • By Crop:
    • Cereals & Grains
    • Fruits & Vegetables
    • Oilseeds & Pulses
    • Others
  • By Application:
    • Soil
    • Fertigation
    • Foliar
    • Seed Treatment
    • Others
  • By Region:
    • North America 
    • Latin America 
    • Western Europe 
    • Eastern Europe 
    • APEJ 
    • Japan
    • Middle East & Africa

Read More: https://www.factmr.com/report/472/agricultural-micronutrients-market

More Valuable Insights

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The study reveals essential insights based on agricultural micronutrients market analysis by nutrient (boron, manganese, zinc, copper, others), by crop (cereals & grains, fruits & vegetables, oilseeds & pulses), by application (soil, fertigation, foliar, seed treatment, others) and by region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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