The agricultural micronutrients market size is estimated at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 8.6% from 2023 to 2028. Agricultural micronutrients are essential mineral elements required in small quantities by plants for their growth and development. These micronutrients include elements like iron, zinc, copper, manganese, and boron, among others. They play a crucial role in enhancing agricultural yield and crop quality by ensuring that plants receive the necessary nutrients for optimal growth. Several factors such as the increasing adoption of modern agricultural practices, a rising emphasis on high-quality agricultural produce to meet the demands of a growing population, and the prevalence of soil micronutrient deficiencies worldwide. Moreover, the shrinking availability of arable land and the growing awareness of the importance of micronutrients for crop health are contributing to the market’s expansion, further fueling the market’s growth.
Agricultural Micronutrients Market Drivers: Rise in awareness about crop production and quality
The growing focus on crop production and the quality of agricultural output has fueled the expansion of agricultural micronutrients. With the global population steadily increasing, the demand for food is also on the rise. To meet this demand, there is a stronger emphasis on enhancing crop yields and improving the nutritional value of crops. Micronutrients like zinc, iron, manganese, and others are essential for boosting plant growth, nutrient absorption, and overall crop quality. Farmers and agricultural experts understand the importance of these micronutrients in achieving higher yields and superior nutritional content in crops. As a result, the use of micronutrient fertilizers and soil amendments has become widespread to correct nutrient deficiencies and imbalances in the soil, promoting the production of healthier and more plentiful crops. This shift towards quality-focused agriculture is a key driver behind the increasing interest in agricultural micronutrients.
Agricultural Micronutrients Market Opportunities: Innovation in biodegradable chelates
The adoption of biodegradable chelates in agricultural micronutrients offers promising prospects for sustainable farming. These eco-friendly chelates improve the bioavailability and absorption of vital micronutrients by crops, leading to enhanced yields and better-quality produce while minimizing the environmental impact of traditional chelates. Moreover, biodegradable chelates help mitigate concerns about the persistence of non-biodegradable chelates in aquatic environments, which can cause contamination. Embracing biodegradable chelates allows agriculture to become more environmentally responsible, supporting the principles of circular agriculture. This transition towards sustainable micronutrient management not only boosts crop productivity but also contributes to reducing agriculture’s overall ecological footprint.
What trends are driving the demand for agricultural micronutrients in the fruit and vegetable segment?
Fruits and vegetables represent the largest market share by crop type in the agricultural micronutrients market. This leading position is due to their critical role in human nutrition and the growing demand for nutrient-dense produce. Micronutrients, such as vitamins and minerals, are essential for boosting the yield and quality of these crops. They act as co-factors in various enzymatic processes that are key to plant growth and development. For example, micronutrients like iron, zinc, and manganese are crucial for photosynthesis, hormone production, and preventing nutrient-related disorders in plants. Enhancing micronutrient availability in fruits and vegetables not only improves their nutritional value but also prolongs their post-harvest shelf life. This results in less food waste and better access to nutrient-rich produce. Moreover, advancements in micronutrient application techniques, such as precision agriculture and foliar spraying, have enabled more efficient and targeted nutrient delivery, leading to better overall crop health and productivity.
Asia Pacific dominates the global agricultural micronutrients market share.
The region’s burgeoning population, coupled with rising income levels, has led to an increased demand for meat and dairy products. As a result, the livestock industry is experiencing unprecedented growth, creating a parallel surge in the need for efficient animal nutrition, driving the demand for agricultural micronutrients.
Moreover, Asia Pacific boasts a diverse agricultural landscape, with countries like China and India emerging as significant players in livestock production. The adoption of modern farming practices and a growing awareness of the importance of animal health and nutrition have further fuelled the demand for agricultural micronutrients. Additionally, the presence of a large number of feed manufacturers and a rapidly expanding aquaculture sector in countries like Indonesia and Vietnam contribute to the region’s dominance.
Top Agricultural Micronutrients Companies
Basf SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), Coromandel International Limited (India), Land O’lakes, Inc. (US), Helena Agri-Enterprises, LLC (US), The Mosaic Company (US), and Haifa Negev Technologies Ltd (Israel) are among the key players in the global agricultural micronutrients market. To increase their company’s revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the agricultural micronutrients market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.
BASF SE (Germany)
BASF SE is a major player in chemical manufacturing with a diversified portfolio spanning six key segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agriculture solutions. BASF SE offers a diverse portfolio of liquid and solid chelated micronutrients within its Agricultural Solutions business segment. The company has a significant global presence, enabling it to serve the agricultural needs of various regions. While specific recent developments related to agricultural micronutrients are not mentioned in the available sources, BASF’s commitment to innovation and sustainability underscores its ongoing progress in enhancing agriculture practices and crop quality. With approximately 500 crop procurement facilities, BASF SE stands as one of the key players in the global agricultural micronutrients industry. The company has a presence in regions such as Europe, Asia Pacific, Africa, South America, and North America.
Yara International (Norway)
YARA International is a global leader in the agricultural micronutrient sector with a strong presence and notable developments. The company’s headquarters are based in Norway. YARA operates across several business segments, including crop nutrition, digital farming, and industrial. It maintains a widespread regional presence with operations in North America, South America, Europe, Asia, Africa, and Australia. The company heavily focuses on partnerships, acquisition, and expansion to hold a significant market share in the agricultural micronutrients market.
Operating in over 70 countries worldwide, the company has established a strong presence with a network of research and development centers in Europe, North America, and Latin America. These centers serve diverse regions across Africa, Europe, Asia, Latin America, North America, and the Middle East, contributing to the company’s continuous growth and innovation.
Agricultural Micronutrients Industry News:
In February 2023, Andersons Inc. introduced MicroMark DG, a new brand of granular micronutrients using dispersion granule (DG) technology. The new technique enables uniform spherical granules for easy blending, spreading, and greater efficacy. MicroMark DG Blitz, a calcium, boron, manganese, and zinc blend, and MicroMark DG Humic, a calcium, sulfur, manganese, zinc, and humic acid blend, will be the first to be released.
In February 2022, The Mosaic Company acquired Plant Response, an industry consolidator of leading biological-based solutions. With this acquisition, Mosaic renamed the company to Mosaic Biosciences, through which the company intends to support crops and their natural biology.
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