The global agricultural micronutrient market size is expected to reach USD 8.24 billion by 2030, according to a new study by Polaris Market Research. The report “Agricultural Micronutrients Market Share, Size, Trends, Industry Analysis Report, by Type (Zinc, Boron, Iron, Manganese, Molybdenum, Copper); By End-Use; By Application; By Form; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The agricultural micronutrients are essential mineral elements, which include Zinc (Zn), Copper (Cu), Manganese (Mn), Iron (Fe), Boron (B), and Molybdenum (Mo), which plants in minimal quantities use. These agricultural micronutrients help improve the yield and quality of agricultural products, which are majorly used with soil, in foliar fertigation systems, and sprays. They also assist in the cell growth of plants and biological processes. These are mixed with dry and liquid fertilizers to reduce cost and allow uniform distribution with conventional application equipment.
The agricultural micronutrient plays an essential role in healthy plant growth as they perform biochemical functions needed for plants’ growth and metabolism. Farmers used nutrients such as potassium, nitrogen, and phosphate, which do not act efficiently against the plant disease prevalence. Hence, as the farming method is changing globally, micronutrient adaptation has increased for crop production and growth. They are naturally present in plants and some animal-based food that can also be artificially synthesized. They rescue plants from yellowing leaves, withering of buds in crops, and health hazards.
The micronutrients come from Ethylene Diamine Tetra-Acetic Acid (EDTA) chelates and amino acid chelates. Chelation refers to boding in which molecules bond and ions change to metal ions. The growing awareness and adaptation of micronutrients are expected to further grow the overall agriculture micronutrient market in the forecasting period.
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The growing use of fertilizers globally is expected to boost the industry growth in the forecast period. Various nutrients support plant production with enhanced efficiency fertilizers. The micronutrients play a supporting role in overall plant development and health. Micronutrients promote essential plant processes and growth, translating into nutrient-rich food for humans and animals. Owing to this increased usage of fertilizers, the agricultural micronutrient market is expected to grow during the forecast period.
The COVID-19 pandemic impacted crop yield and output due to farmers’ failure to apply fertilizer on time. The crop productivity is heavily influenced by key nutrients such as phosphorus and nitrogen. The COVID-19 pandemic and control measures implemented to inadequate production and importation of fertilizers due to logistic constraints caused unsatisfactory yield across the globe.
Agricultural Micronutrients Market Report Highlights
- The zinc segment holds the majority share of the market and is expected to grow further over the forecast period owing to its wide range of functions in developing plants.
- Fruits & vegetables accounted for the most significant market share, which is accelerated by the growing demand for these crops as staples in various economies as it has become an indispensable part of the human diet, especially with the surge in awareness regarding their nutritional value.
- The soil sector holds most of the market revenue and is expected to grow over the forecast period due to its cost-effective and easy application, along with the better micronutrient results over any other application methods.
- The Asia Pacific is expected to grow exponentially over the forecasted period due to the growing awareness among farmers and rising demand for high-value crops about the micronutrients.
- The global agricultural micronutrients market is highly competitive owing to the existence of prominent market players such as AkzoNobel, Baicor LC, ATP Nutrition, Balchem, BMS Micronutrient NV, BASF SE, Compass Minerals International, Stoller Enterprises Inc, Corteva Inc, Haifa Group, Helena Chemical Company, Nufarm, Coromandel International Ltd, Nutrien, Ltd, Sapec SA, and The Mosaic Company
Polaris Market Research has segmented the agricultural micronutrients market report based on type, end-use, application, form, and region:
Agricultural Micronutrients, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Other types
Agricultural Micronutrients, End-use Outlook (Revenue – USD Billion, 2018 – 2030)
- Non-agricultural Cereals & grains
- Fruits & vegetables
- Oilseeds & pulses
Agricultural Micronutrients, Application Outlook (Revenue – USD Billion, 2018 – 2030)
Agricultural Micronutrients, Form Outlook (Revenue – USD Billion, 2018 – 2030)
Agricultural Micronutrients, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa