Global Agricultural Micronutrients Market is valued at USD 3467.1 Million in 2021 and expected to reach USD 6204.9 Million by 2028 with a CAGR of 8.67% over the forecast period.
Micronutrients play an important role in agriculture for sustainable crop production. The importance of micronutrients must be seen in the context of the food system, as including them in a balanced pregnancy schedule will optimize micronutrient supply and availability throughout the food intake cycle. The green revolution increased the demand for micronutrients for high-yielding crops (especially rice and wheat) as well as the adoption of intensive cropping methods, the use of high analysis fertilizers with low micronutrient content. The importance of micronutrients in plant science is inevitable as plants are mainly dependent on micronutrients as they have a profound effect on plant activity.
Although micronutrients are abundant in soil plants, they are usually relatively undetectable; therefore, it is considered as a tracer element. B, Cu, Fe, Mn, Zn are micronutrients that plants need in minute amounts but play an integrally important role in plant growth and development. Plant metabolism, regulation of nutrient fibers, regenerative growth, chlorophyll synthesis, production of carbohydrates, fruit and seed development are some of the effective functions performed by micronutrients. While these tracer elements provide healthy growth in the physical, biochemical and metabolic properties of plants when they are at adequate levels, their deficiency promotes abnormal growth in plants.
Covid-19 has shown an adverse effect on many economies around the world (or across the continent). Combat measures such as total lockdown and isolation to combat covid-19 have had severe adverse effects on many industries around the world, including parts of the agricultural industry. In the agricultural sector, the fertilizer and transport micronutrients market has seen a decline in sales in 2020 due to logistics and transportation difficulties. Along with logistics and transportation, the fertilizer and agro-micro nutrients market has disrupted the entire value chain in the region, from the supply of raw materials to production, packaging, and distribution.
Additionally, the impact of the COVID-19 outbreak on the global agricultural micronutrient sector began in early 2020 in China, one of the world's largest producers of micronutrients in agriculture. The closure of manufacturing projects in China in recent months and restrictions on the export and import of agricultural micronutrients and raw materials affecting China's supply chain has had a profound effect on the industry's production, sales, and operations. Moreover, the epidemic is adversely affecting the agricultural micro-nutrient markets in many countries of the world, including India, the US, Brazil, and the EU-5.
Global agricultural micronutrients market is segmented on the basis of form, product type, crop type, application and region & country level. Based upon form, agricultural micronutrients market is classified into chelated and non-chelated. Based upon product type, the market is divided into Boron, Copper, Iron, Manganese, Molybdenum, Zinc and others. Based on crop type, the global agricultural micronutrients market is classified into cereals & grains, fruits & vegetables, pulses and oilseeds and others. Based on application, the market is classified into fertigation, soil, foliar, seed treatment and others.
The key players of Global Agricultural Micronutrients Market are such as
On March 11th, 2021; The Mosaic Company and Sound Agriculture have formed a strategic partnership to bring a revolutionary nutrient efficiency product to market to boost yields across major row crops and improve soil health. Mosaic and Sound will collaborate on the development and distribution of a proprietary mix of Sound Agriculture’s bio-inspired chemistry and key micronutrients to minimize fertilizer loss. The co-developed product is expected to launch in the United States by 2023, before rolling out to Brazil, Argentina, and Canada. Sound Agriculture will focus on manufacturing of the active ingredient and product formulation, while Mosaic will oversee field development, regulatory, sales and marketing efforts. Initially, the product will be available for use on corn and soybeans, with the potential to expand to additional row crops such as wheat, cotton, rice, sugarcane, coffee, and others.
Growing population and increasing food insecurity are some of the major factors driving the market growth. The world's population is growing rapidly. For example, according to the Population Reference Bureau (PRB), the global human population will grow by 75 million or 1.1% per year. The human population in 2017 is 7.4 billion.
As the world's population grows, so does the demand for food is increasing day by day. Growing population means increasing appetite, and increasing appetite will be very important for the future of the agricultural world. Since the number of arable acres is expected to increase only moderately, agricultural growers need to become more efficient and more productive in order to produce enough food for a growing hungry world. At the same time, from drought to floods to extreme heat, along with other stresses, crop production will also be subject to unpredictable weather.
Therefore, there is a great need for agricultural micronutrients to improve the fertility of the soil, so the growing population is also contributing to the growth of this market. Furthermore, the agricultural micro-nutrient market has seen steady growth due to soil scarcity and depletion of agricultural land. Soil quality is deteriorating due to various reasons such as intensive cropping, widespread use of chemical fertilizers, extensive irrigation facilities, and mining of micronutrient ponds. These factors are contributing to the growth of the global agricultural micronutrient market.
During the initial phase of the pandemic outbreak, supply chain disruptions were observed in the market. These disruptions in the supply chain occurred due to storage in raw materials, workers, and restrictions on transport. Furthermore, the operations were back to normal on the up liftment of lockdown.
Additionally, government support, higher demand, and change in strategies by micronutrient manufacturers have positively impacted the global micronutrient manufacturer. And, the high emphasis by the World Health Organization (WHO) on the consumption of fruits, vegetables, pulses, cereals, and grains as a source of a balanced diet also drives the applications of micronutrients for these crops. Therefore, these factors further boost the usage of agricultural micronutrients, along with primary nutrients.
However, there is a lack of awareness among farmers about the use of micronutrients for crops and plants and their benefits. The adoption of new farming methods by farmers depends on factors such as practical viability, economic sustainability, social acceptability, administrative harmony, political constraints, and eco-friendliness. Farmers who cannot adopt such methods are adopting traditional farming methods, which act as a deterrent to the growth of this market.
The increasing production of high-value crops such as fruits and vegetables due to their nutritional profit farmers adopting the best quality micronutrients may offer more opportunities for the further growth of the market.
The Asia Pacific agriculture micronutrient market has registered a significant compound annual growth rate in the past few decades. This can be attributed to the rising agriculture industry across major food-processing countries, coupled with the rapidly rising incidence of micronutrient deficiency in the soil of this region. Growing population across the region and rapidly rising demand for nutrient-rich food products are anticipated to boost the utilization of micronutrient fertilizer products in the region. Furthermore, the adoption of innovative marketing approaches by key players of the region and the launch of programs to educate farmers about the benefits of using micronutrients to stimulate crop growth are also supplementing the market growth.
Moreover, In Asia Pacific, China and India are the two major markets for agricultural micronutrients where their production as well as consumption is high. The increase in production in India can be attributed to raising awareness among farmers about the importance of micronutrients in crop production and the presence of players. In addition, the presence of stimulus policies and subsidy offers related to the fertilizer industry in the country will support the country’s agricultural micro-nutrient market.
The North American market is expected to show a significant growth in this market owing to the growing awareness and adoption of crop nutrition products by farmers or growers in this region to grow quality crops. The presence of market players like Nutrien, Israel chemicals Ltd., and Yara International will create affordable micro-nutrients in the players that will mix fertilizers and provide satisfaction so as to increase the acceptance of the product among the farmers.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 3467.1 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 6204.9 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||AkzoNobel N.V., Aries Agro Ltd., Baicor, L.C., BASF SE., Compass Minerals International, Inc., DowDuPont Inc., The Mosaic Company, Nutrien Ltd., Western Nutrients Corporation, Yara International, Helena Chemical Company, Nufarm, Coromandel International, Haifa Chemicals, Sapec S.A., Nutrien, and others.|
|Segments Covered||By Product Type, By Form, By Application, By Crop Type|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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