Agricultural Micronutrients Market - By Type (Zinc, Boron, Manganese, Iron, Molybdenum, Copper), By Crop Type (Cereals & grains, Oilseeds & pulses, Fruits and vegetables) By Form (Solid, Liquid) By Application Mode (Soil, Foliar, Fertigation) & Forecast, 2024-2032

Agricultural Micronutrients Market Size

Agricultural Micronutrients Market size achieved USD 4.6 billion in 2023 and will grow at 7.3% CAGR from 2024 to 2032. The market is experiencing significant growth due to increasing demand for high-quality crop yields and sustainable farming practices. Trends include the rising adoption of precision farming, which optimizes nutrient use, and advancements in micronutrient formulations for better absorption.
 

The market scope is expanding as awareness of soil health and plant nutrition grows, particularly in emerging economies. Key drivers include population growth, changing dietary patterns, and the need to enhance crop productivity in limited arable land. Technological innovations and government support for modern agricultural practices are also propelling the market forward.
 

Two important growth drivers of the agricultural micronutrients market are the increasing global population and the consequent rise in food demand. This necessitates higher crop yields and improves agricultural productivity, pushing farmers to use micronutrients to enhance soil health and plant growth. Secondly, the adoption of precision farming and sustainable agricultural practices is driving market growth. Precision farming technologies enable the efficient use of micronutrients, reducing waste and environmental impact while maximizing crop output. These technologies, coupled with greater awareness of the benefits of micronutrients, are significantly contributing to market expansion.
 

Two significant challenges facing the agricultural micronutrients industry are the high costs and limited availability of these nutrients. Micronutrient products can be expensive for farmers, particularly in developing regions where financial resources are constrained. This cost barrier can limit adoption despite the known benefits. Additionally, the lack of awareness and education about the proper use and benefits of micronutrients poses a challenge. Farmers may not have access to accurate information or training, leading to underutilization or incorrect application, which can diminish the effectiveness of micronutrient solutions and hinder market growth.
 

Agricultural Micronutrients Market Trends

Market trends in the agricultural micronutrients sector include a growing emphasis on sustainable and organic farming practices, driving demand for natural micronutrient products. Precision agriculture is gaining traction, utilizing advanced technologies like soil testing and GPS mapping to optimize micronutrient application, enhancing crop yields and reducing waste. There is also a rising focus on research and development to create more efficient and effective micronutrient formulations. Additionally, increasing governmental support and subsidies for micronutrient usage, especially in emerging economies, are boosting market growth. The expansion of online sales channels is making these products more accessible to farmers worldwide.
 

Agricultural Micronutrients Market Analysis

The zinc segment will capture USD 2.4 billion and demonstrate a 6.8% CAGR till 2032. The zinc segment in the market is expanding due to its critical role in plant growth and enzyme function. Zinc deficiencies in soil are increasingly recognized, driving demand for zinc-based fertilizers. Market trends include the development of more efficient zinc formulations, such as chelated zinc, which enhances nutrient availability and uptake. The adoption of precision agriculture techniques is also boosting zinc usage by optimizing application rates. Additionally, government initiatives promoting zinc fertilizers to combat soil deficiencies and improve crop yields are supporting market growth. Increased awareness of zinc's benefits in enhancing crop productivity and quality further drives this segment.
 

The cereals and grains segment will expand to USD 3.7 billion and garner an 6.9% CAGR from 2024 to 2032. The cereals and grains segment within the agricultural micronutrients market holds significant scope and is influenced by several key trends. As global demand for staple foods rises, there is increasing emphasis on enhancing yields and nutritional quality through micronutrient supplementation. Trends include the adoption of fortified fertilizers tailored to specific crop needs, such as zinc and iron for cereal crops like wheat and rice. Moreover, advancements in micronutrient delivery systems and formulations are improving efficacy and absorption rates. Government initiatives promoting food security and sustainable farming practices further bolster the market, fostering innovation and investment in this crucial agricultural segment.
 

The solid segment will expand to USD 5 billion and garner an 7% CAGR from 2024 to 2032. The solid segment of the agricultural micronutrients industry encompasses products like granules, powders, and tablets, catering to diverse farming needs globally. Market scope is expanding as these products offer ease of application, longer shelf life, and cost-effective solutions for nutrient deficiencies in soil. Trends include the development of customized micronutrient blends tailored to specific crop and soil types, enhancing efficacy and yield outcomes. Innovations in coating technologies improve nutrient release and uptake efficiency. Growing demand for organic and sustainable farming practices further drives the solid micronutrient segment, reflecting a shift towards environmentally friendly agricultural solutions.
 

The soil segment will expand to USD 3.3 billion and garner an 6.9% CAGR from 2024 to 2032. Applying agricultural micronutrients in soil is essential for correcting nutrient deficiencies and promoting healthy plant growth. Micronutrients such as zinc, iron, manganese, copper, boron, molybdenum, and chlorine are vital for various physiological processes in plants. They are typically applied through soil amendments, foliar sprays, or fertigation methods. Soil application ensures direct delivery of nutrients to the root zone, enhancing absorption and utilization by plants. This practice improves crop yield, quality, and resistance to diseases and environmental stress. Precision farming techniques and soil testing help determine the specific micronutrient needs, enabling targeted and efficient application for optimal results.
 

North America agricultural micronutrients industry will record 7.1% CAGR during 2024 and 2032. The agricultural micronutrients market in North America is growing steadily due to advanced farming practices and high awareness among farmers regarding soil health and crop nutrition. The region benefits from extensive research and development activities, leading to innovative micronutrient formulations and application methods. Precision agriculture technologies, such as soil testing and variable rate application, are widely adopted, optimizing micronutrient use. Government support and subsidies for sustainable farming practices further boost market growth. The increasing demand for high-quality crops, driven by a growing population and changing dietary preferences, also contributes to the expansion of the market in North America.
 

Agricultural Micronutrients Market Share

Companies, including Basf SE, Nouryon, Nufarm, Yara International ASA, Coromandel International Limited are increasing their market foothold by investing heavily in R&D. Leading companies in the agricultural micronutrients industry, such as BASF SE, Nouryon, Nufarm, Yara International ASA, and Coromandel International Limited, are adopting various strategies to maintain competitive advantage and drive growth. These strategies include extensive investment in research and development to innovate and enhance micronutrient formulations for better efficacy and environmental sustainability. They are also expanding their product portfolios through strategic acquisitions and partnerships, enabling access to new markets and technologies. Emphasis on digital farming solutions and precision agriculture is another key strategy, improving nutrient application efficiency. Additionally, these companies focus on educational initiatives to raise awareness and train farmers on the benefits and proper use of micronutrients, fostering market expansion.
 

Agricultural Micronutrients Market Companies

Top companies operating in the industry include:

• Basf SE
• Nouryon
• Nufarm
• Yara International ASA
• Coromandel International Limited
• Land O’lakes, Inc.
• Helena AgriEnterprises, LLC
• The Mosaic Company
• Haifa Negev Technologies Ltd.
• Nutrien Ltd.
• Koch Agronomic Services, LLC
   

Agricultural Micronutrients Industry News

October 2021: Grupa Azoty announced its strategy for 2021-2030, making Green Azoty a flagship project. The new project was intended for decarbonization and reducing carbon emissions, implementing R&D projects consistent with the European Green Deal,and deploying new solutions in the environmentally friendly area. In the new R&D plans, the company would focus on climate neutrality targets and new formulas enriched with micronutrients from utilized waste streams.
 

The agricultural micronutrients market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Billion) (Tons) from 2024 to 2032, for the following segments:

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Market, By Type

• Zinc
• Boron
• Manganese
• Iron
• Molybdenum
• Copper
• Others

Market, By Crop Type

• Cereals and grains
• Oilseeds and pulses
• Fruits and vegetables
• Others

Market, By Form

• Solid
• Liquid

Market, By Application Mode

• Soil
• Foliar
• Fertigation

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA