The global market for agricultural micronutrients is estimated at USD 4.3 Billion in 2022; it is projected to grow at a CAGR of 8.6% to reach USD 6.4 Billion by 2027. Factors such as an increase in micronutrient deficiency in soils, demand for high crop production and quality, increasing food security concern, and supporting government policies are projected to drive the growth of this market.
The zinc segment, is accounted for the highest share by type in the agricultural micronutrients market throughout the forecasted period
Zinc is one of the most essential micronutrients required by plants in small quantities. Sandy soil, highly leached acid soil and soils having poor organic content, show low zinc contents. The symptoms of zinc deficiency include reduced height, interveinal chlorosis, and brown spots on upper leaves. Zinc deficiency is the most common problem witnessed globally, mainly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market
The fruits & vegetables segment by crop type is estimated to account for the largest market share in the global agricultural micronutrients market
Agricultural micronutrients are gaining importance among the fruits & vegetable growers because of their beneficial nutritional support and at the same time, ensure better harvest and returns. Zinc deficiency commonly affects fruits such as banana, custard apple and mangoes. In citrus production, the molybdenum deficiency called as yellow spot is commonly observed. Hence proper plant nutrition is essential for the proper growth of fruits & vegetables globally
Foliar application segment, by mode of application is projected to be the largest segment in the agricultural micronutrients market during the forecast period.
Foliar mode of application is widely used for the application of micronutrients, particularly iron and manganese, for various crops. It is mostly used for fruits, vegetables, and flower crops. Foliar sprays are advantageous to meet the internal demand of micronutrients during flowering when soil moisture and temperature is not favorable for growth of the crop.
For micronutrients to be applied in extremely smaller quantities, foliar sprays give an advantage of ease of application as compared to soil and fertigation. All these reasons make it the largest segment in the market
Non-chelated application segment, by form is projected to be the largest segment in the agricultural micronutrients market during the forecast period.
Non-chelated micronutrients are more widely used than chelated ones, as they are easily available and inexpensive. These micronutrients are marketed in the form of sulfates, such as zinc sulfate, iron sulfate, and copper sulfate. However, there is an increasing awareness among farmers about the benefits of chelated micronutrients, as they offer enhanced nutrient efficiency and improved absorption as compared to non-chelated micronutrients
Break-up of Primaries
- By Company Type: Tier 1- 30%, Tier 2 - 30%, and Tier 3 -40%
- By Designation: C-level - 40%, Director level - 25%, and Others* - 35%
- By Region: Asia Pacific - 40%, North America - 16%, Europe - 30%, Rest of the World (RoW) - 14%
*Others include sales managers, marketing managers, and product managers.
This report segments the agricultural micronutrients market based on type, crop type, form, mode of application, and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the agricultural micronutrients market, the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
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