Agricultural Micronutrients Market Size
The global agricultural micronutrients market size was valued at $4.9 billion in 2024 and is projected to reach $8.3 million by 2030, growing at a CAGR of 9.2% during the forecast period.
Agricultural Micronutrients Market Overview
Agricultural micronutrients are essential elements required by plants in small quantities for their growth, development, and overall health. These micronutrients, including zinc, iron, manganese, copper, boron, molybdenum, and chlorine, play crucial roles in various physiological and biochemical processes within plants, such as photosynthesis, enzyme activation, and nutrient uptake. While they are needed in smaller amounts compared to macronutrients like nitrogen, phosphorus, and potassium, their absence or deficiency can significantly impair plant growth and yield. Agricultural micronutrients are typically applied to soil or foliage through fertilizers or foliar sprays to ensure optimal plant nutrition and productivity, especially in soils where these micronutrients may be deficient.
Agricultural Micronutrients Market Dynamics
- The agricultural micronutrients market is expected to witness significant growth in the future due to the growing deficiencies in micronutrients in the soil, growing demand for high-quality crops with improved yield and nutritional value, and increasing need for customized micronutrient solutions and soil nutrient management.
- Additionally, the increasing emphasis on sustainable agriculture and environmental responsibility, technological advancements in micronutrient formulations and delivery methods, and adoption of precision agriculture practices for optimized nutrient management are the prominent factors driving the growth of the agricultural micronutrients market.
- However, the limited availability of micronutrient resources in certain regions, lack of uniform regulatory standards for micronutrient fertilizers, and high costs associated with micronutrient application and adoption are restraining the market growth.
- Moreover, the expansion of agriculture into previously untapped regions with nutrient-deficient soils, development of customized micronutrient solutions tailored to specific crop and soil types, integration of micronutrient management into digital farming platforms and IoT technologies are creating opportunities for market growth.
By Type, the Zinc Segment is projected to be the Largest Segment in the Agricultural Micronutrients Market
The zinc segment emerges as the largest segment in the agricultural micronutrients market during the forecast period due to its critical role in various physiological processes within plants, encompassing enzyme activation, protein synthesis, and hormone regulation. However, numerous soils worldwide naturally lack sufficient zinc levels, leading to compromised crop growth and yields. Moreover, farmers are increasingly acknowledging the significance of zinc supplementation to fix deficiencies and optimize crop productivity.
Additionally, there is a growing recognition among farmers regarding the advantages of zinc in enhancing crop quality and nutritional value, especially in staple food crops like wheat, rice, and maize. This heightened awareness, combined with advancements in micronutrient formulations and delivery techniques, drives the demand for zinc-based agricultural micronutrient products. Agricultural input suppliers and agrochemical companies respond to this demand by offering a variety of zinc-containing fertilizers and soil amendments tailored to different crops and soil conditions, further fuelling the growth of the zinc segment in the agricultural micronutrients market.
By Geography, Asia-Pacific Region Holds the Dominant Position in the Market Revenue
Asia-Pacific region maintains a commanding lead in market revenue due to rapidly growing population and increasing urbanization, there is enormous pressure to improve agricultural productivity and ensure food security across the region. This growth necessitates efficient animal nutrition, thereby increasing the demand for agricultural micronutrients. Additionally, countries like China and India are emerging as key players in livestock production within the diverse agricultural landscape of the region. In addition, governments in the region are implementing policies and initiatives to promote sustainable agriculture and improve soil health, further driving the demand for micronutrient products.
For instance, according to the Directorate General of Foreign Trade, Ministry of Agriculture and Farmers Welfare, India imported agricultural products worth USD 31.4 billion in 2020, an increase from USD 22.1 billion in the previous year. The Indian Agriculture Produce market transported USD 43.2 billion in 2021, representing a 29.34% increase from 2020.
Moreover, rising consumer awareness about food quality and safety is leading to a growing preference for nutrient-rich crops, prompting farmers to adopt micronutrient management practices. Furthermore, the rapid expansion of the aquaculture sector in countries like Indonesia and Vietnam contribute significantly to the region’s prominence in the agricultural micronutrients market.
Key Target Audience:
- Agricultural Input Suppliers
- Agrochemical Companies
- Research Institutions and Universities
- Industry Associations
- Farm Advisors and Consultants
List of the Key Players Profiled in the Report Includes:
- BASF SE
- Nouryon
- Nufarm
- Yara International ASA
- Coromandel International Limited
- Land O’Lakes, Inc.
- Helena Agri-Enterprises, LLC
- The Mosaic Company
- Haifa Negev Technologies Ltd
- Manvert
- Syngenta AG
- Zuari Agrochemicals Ltd
- Stoller Enterprises, Inc
- Balchem Corp.
- ATP Nutrition
Recent Developments:
- In February 2024, BASF hosted more than 50 representatives from the canola and renewable fuels sectors at the BASF Center for Sustainable Agriculture for the Canola Renewable Fuels Summit. The event showcased presentations from various industry leaders, including representatives from BASF, S&P Global, ADM, Marathon Petroleum, the U.S. Canola Association, North Dakota State University, and the Canadian Oilseed Processors Association.
Market Segmentation:
The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:
Market by, Type:
- Zinc
- Boron
- Iron
- Molybdenum
- Copper
- Manganese
- Other Types
Market by, Crop Type:
- Cereals & Grains
- ·Maize/Corn
- ·Rice
- ·Wheat
- ·Other Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
Market by, Form:
- Chelated
- Non-Chelated
Market by, Application:
- Soil Treatment
- Foliar Spray
- Fertigation
- Seed Treatment
- Other Applications
Market by, Geography:
The agricultural micronutrients market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:
- North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis.
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis.
- Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis.
- South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis.
- Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.
Scope of the Report:
The report “Agricultural Micronutrients Market: Industry Analysis, Opportunities and Forecast up to 2030” by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2022, 2023 and offers revenue estimations for 2024, and project forecasts spanning from 2025 to 2030. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.
The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.
The report offers insights into the following aspects:
- Analysis of major market trends, factors driving, restraining, threatening, and providing opportunities for the market.
- Analysis of the market structure by identifying various segments and sub-segments of the market.
- Understand the revenue forecast of the market for North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
- Analysis of opportunities by identification of high-growth segments/revenue pockets in the market.
- Understand major player profiles in the market and analyze their business strategies.
- Understand competitive developments such as joint ventures, alliances, mergers and acquisitions, and new product launches in the market.