Agricultural Micronutrients Market Size, Growth & Forecast 2032

Market Insights

• The global demand for Agricultural Micronutrients was valued at USD 4815.2 Million in 2023 and is expected to reach USD 10286.6 Million in 2032, growing at a CAGR of 8.80% between 2024 and 2032.
• In 2023, the zinc sector is expected to dominate the global agricultural micronutrients market, while the boron category is expected to have the highest CAGR throughout the projected period.
• In 2023, the chelated form segment accounted for more than 70% of total market revenue, while the non-chelated category would grow at the second-fastest rate over the forecast period.
• In 2023, soil application accounted for nearly 65% of market value, while foliar application has the fastest rising CAGR throughout the forecast period.
• In 2023, cereals and grains are predicted to account for the majority of the agricultural micronutrients market, while the fruits and vegetables segment is expected to have the highest CAGR between 2024 and 2032.
• In 2023, Asia Pacific accounted for 42.3 percent of the agricultural micronutrients market.
• The Europe agricultural micronutrient market has the second-largest share.
• Growing population fuels the expansion of the agriculture micronutrient market.
• The organic fertilizer sector is expanding, which limits market growth.

Executive Summary

Market Definition

Micronutrients are necessary nutrients that plants need in trace amounts. Each micronutrient in a plant system serves a particular purpose. Even though these minerals are naturally found in soil, a number of processes, including leaching, monocropping, and soil erosion, can cause the soil to lose these nutrients. Micronutrient deficiencies in the soil can lead to anomalies in plants, slower crop growth, and lower crop yields overall. Foliar spraying, fertigation, and soil treatment all make use of micronutrients.

Market Overview

The global Agricultural micronutrient market has witnessed steady growth in recent years and is expected to grow at a CAGR of 8.80% between 2024 and 2032. The market was valued at USD 4815.2 million in 2023 and is expected to reach USD 10286.6 million in 2032.

Agricultural micronutrients promote plant growth and play an important role in balanced crop nutrition. These include zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum. A lack of any of these micronutrients in the soil might impede plant growth and cause crop loss.

Growing plant analysis and soil testing have revealed micronutrient insufficiency in many soils, which will increase the agricultural micronutrients market over the projection period. The growing usage of chemical fertilizer is also driving the rise of agricultural micronutrients, as it protects crops from UV radiation and insects while also improving production, which will benefit the overall development of the agricultural micronutrients market.

Segmentation By Type of Micronutrients

• In 2023, the zinc sector is predicted to dominate the worldwide agricultural micronutrients market. This segment's large market share is due to increased awareness of the wide range of functions that zinc plays in plant growth and how zinc deficiency in soils affects plants, as well as the growing demand to address food security issues and the rising demand for zinc-rich food products due to their health benefits.
• The boron category is predicted to have the greatest CAGR during the projection period. Boron is an essential element that promotes plant cell wall production and reproductive growth.

Segmentation By Formulation and Composition

• In 2023, the chelated form segment was responsible for more than 70% of total market revenue. Chelated micronutrients are commonly used in agriculture and are partially promoted by fertilizer manufacturers. They are organic compounds containing inorganic ingredients. In compared to their non-chelated cousins, they are more stable. As a result of these advantages, they are presently popular in farming, and this market is expected to grow in coming years.
• In addition, due to increased demand, the non-chelated category will expand at the second-fastest rate during the projected period.

Segmentation by Application Method

• In 2023, soil application accounted for approximately 65% of market revenue. Soil application is a common and popular way of administering micronutrients in agriculture. This component permits the uniform distribution of micronutrients to plants with standard fertilizer application equipment.
• Foliar application is increasingly popular among farmers due to its uniform administration of nutrients to crops, resulting in the fastest growing CAGR during the predicted period. The foliar application method provides additional feeding to complete soil fertilization and boost yield.

Segmentation By Crop Type

• In 2023, cereals and grains are estimated to account for the majority of the agricultural micronutrients market. This segment's large market share is attributed to rising demand for food grains as a result of global population growth, increased industrial application of cereals and grains, and massive production of staple crops such as wheat, maize, rice, and barley, which serve as the primary food source for a large portion of the world's population.
• However, the fruits and vegetables segment is expected to have the largest CAGR between 2024 and 2032. This segment's rapid expansion is being driven by increased fruit and vegetable production in response to rising consumption of nutritious foods, rising demand for organic fruits and vegetables, and micronutrient shortage in fruit and vegetable crops.

Segmentation by Region

• In 2023, Asia Pacific held the largest market share for agricultural micronutrients, accounting for 42. 3%.
• The Europe agricultural micronutrient market holds the second-largest share.
• The rest of the world, including Latin America, the Middle East, and Africa, supplies the remaining demand for Agricultural Micronutrients.

Asia Pacific had the greatest agricultural micronutrient market share in 2023, owing to the region's significant cereal/staple crop producers, including China and India. According to the FAO, China's agricultural sector accounts for roughly one-fourth of global grain production and feeds approximately one-fifth of the world's population. Furthermore, China's arable land accounts for only 10% of the total arable area worldwide.\

Furthermore, these countries are significant exporters of high-quality agricultural products. The size and amount of food produced impact the value of exports, and micronutrients have a substantial impact on the quality of plant development, as a lack of such elements might disrupt trade activities. For example, boron is a key micronutrient that reduces mango quality. According to statistics from the National Institute of Health, micronutrient deficiencies cause abnormalities in plant growth and decreased output.

The Europe agricultural Micronutrients Market has the second-largest market share due to increased agricultural production on land in the region and rising food demand. In addition, fertilizer usage in this area has increased significantly. Furthermore, the German Agricultural Micronutrients Market had the biggest market share, while the UK Agricultural Micronutrients Market was the fastest expanding in the European region.

Key Highlights of the Report

Type of Micronutrients, Formulation and Composition, Application Method, Crop Type, and region segment of the global Agricultural Micronutrients Market. In 2023, the zinc sector is expected to dominate the market, with the boron category expected to have the highest CAGR. However, the non-chelated category is expected to grow at the second-fastest rate during the projected time, with the Foliar application being the most popular segment. In addition, by 2023, cereals and grains are expected to account for the majority of the agricultural micronutrient market and Asia Pacific, leading the market growth.

Growing awareness of the need of micronutrients in agriculture, adoption of advanced farming techniques and technologies, and rising demand for high-quality crops and agricultural productivity are the market's primary drivers. Furthermore, farmers' lack of information about the benefits of micronutrients, difficulties with product distribution and availability in distant areas, and environmental concerns about excessive micronutrient application are major market limitations. In addition, the market's significant opportunities include expanding the agriculture sector in new economies, developing customized micronutrient solutions for specific crops, and integrating micronutrient management with digital farming technology for precision agriculture.

Asia Pacific had the largest agricultural micronutrients market share in 2023, thanks to the region's considerable cereal/staple crop producers, such as China and India. Furthermore, the European Agricultural Micronutrients Market has the second-largest market share due to increased agricultural production on regional land and rising food demand.

What Are The Main Drivers Of The Global Agricultural Micronutrients Market?

The Agricultural Micronutrients Market is being driven by farmers' growing knowledge of the critical function of micronutrients in improving crop yield and quality. Furthermore, the use of contemporary farming techniques and technology is driving up demand for micronutrient goods to improve plant growth and production. Furthermore, the growing emphasis on producing high-quality crops to meet rising food demand is driving the market ahead.

What Are The Major Challenges Faced By The Global Agricultural Micronutrients Market?

Despite the market's expansion, there are a few constraints to consider. Farmers' lack of awareness about the benefits of micronutrients hinders market expansion. Furthermore, the difficulty in shipping micronutrient items to remote agricultural areas limits their availability. Environmental worries about the abuse of micronutrients also limit the market's potential expansion.

What Are The Growth Opportunities In The Global Agricultural Micronutrients Market?

The Agricultural Micronutrients Market offers numerous chances for growth. The growing agricultural industry in emerging nations offers a great prospect for expanded usage of micronutrient products. The creation of tailored micronutrient solutions for individual crops can meet farmers' different needs, hence increasing the market potential. Furthermore, combining micronutrient management with digital farming technologies for precision agriculture provides an unparalleled potential to maximize crop nutrition and improve overall agricultural operations.

Market Drivers

Several factors drive the global Agricultural micronutrient market. The following are the key drivers of the global Agricultural Micronutrients Market:

Growing Population

The global population is expanding rapidly. According to the World Bank, the global population is expected to reach 9.7 billion by 2050, representing a 35% increase that will necessitate a 50% increase in agricultural production. Food demand rises in tandem with global population growth. Farmers must increase agricultural yields and maintain optimal plant growth to fulfill rising food demand. Micronutrients are critical for plants' health and productivity. As a result, the expanding population and the need to boost crop productivity drive up demand for agricultural micronutrients.

Market Restraints

The global Agricultural micronutrient market faces some challenges that may hinder its growth. These include the following:

Industry Of Organic Fertilizers Is Expanding

According to the European Parliament's "Megatrends in the Agri-Food Sector" research, food consumption in industrialized nations is mostly shifting toward better meals derived from healthy and safe sources. As a result, more people are becoming aware of agriculture's commercialization and the extensive use of artificial and chemical fertilizers, both of which are harmful to human health. Individuals tend to focus on the quality of their meals in countries where food output outpaces demand. Organic farming is implemented in around 181 countries. According to the 2017 "World Organic Agriculture- Statistics and Emerging Trends" report, organic farming is conducted on 69.8 million hectares of farmland, with Australia, Argentina, and China having the highest numbers at 35.6 million, 3.4 million, and 1.4 million, respectively (3 million hectares). This industry employs more than 2.9 million farmers, the majority of whom are in India, Uganda, and Mexico.

The organic market is quickly developing, particularly in industrialized nations. Key markets include the United States, Germany, and France, with an estimated market value of USD 97 billion in 2017. As the organic market expanded, the production of organic food increased. As organic food production rose, so did the demand for organic agriculture inputs such as organic fertilisers obtained from plants and animals. Organic fertilizer is becoming increasingly popular, making it a potential market competitor for enterprises producing micronutrients.

Opportunities

The global Agricultural micronutrient market offers significant growth opportunities. These include the following:

Declining Arable Land Globally

Arable land is one of the most valuable resources for agricultural production. Many agricultural technologies have evolved throughout the years, resulting in an overutilization of land resources. Due to rising consumption and persistent demand, land has been exploited, resulting in a decrease in quantity and a deterioration in land quality. According to the FAO's Global Land Assessment of Degradation, almost two billion hectares of land have been degraded since the 1950s. It is one of the world's most critical environmental issues, and if no action is taken soon, it will deteriorate. Approximately 25% of the world's land has been degraded. Land degradation contributes greatly to climate change by emitting soil carbon and nitrous oxide into the atmosphere.

Furthermore, the Global Environment Facility estimates that unsustainable agriculture processes waste around 24 billion tons of valuable soil each year, with 95% of land areas damaged by 2050. The use of agricultural micronutrients promotes sustainable agriculture by improving soil and plant health, lowering the demand for hazardous pesticides, and increasing production. Micronutrients help to preserve arable land production in the long run by providing the soil with the nutrients it requires.

Agricultural micronutrients help address this issue by promoting healthy soil and plant growth, increasing production, and supporting sustainable agriculture practices. Thus, rising demand for sustainable agriculture and shrinking arable land are projected to drive the global agricultural micronutrient market.

Competitive Landscape

Key Players

The global Agricultural micronutrient market is highly competitive, with several key players. Some of the major players in the market and their market share are as follows:

• AkzoNobel
• ATP Nutrition
• Baicor LC
• Balchem
• BASF SE
• BMS Micronutrient NV
• Compass Minerals International
• Coromandel International Ltd
• Corteva Inc
• Haifa Group
• Helena Chemical Company
• Nufarm
• Nutrien, Ltd
• Sapec SA
• Stoller Enterprises Inc
• The Mosaic Company

These organizations prioritize product innovation, Application Method expansion, and mergers and acquisitions to stay competitive.

The global Agricultural Micronutrients Market's key players continually seek to stay ahead by offering new products and developments.

In August 2021, BASF launched Basagran Zinc, a new micronutrient product. The product combines the herbicide Basagran with zinc, which promotes crop growth and development.

In May 2020, Nutrien Ltd. bought Agrible, Inc., a digital agriculture company that offers agronomic and environmental solutions to farms. This acquisition is intended to boost Nutrien's offerings in the agricultural micronutrient sector.

In May 2022, Coromandel International added five additional items to its product portfolio to supplement its crop protection offerings.

In February 2022, The Mosaic Company announced a collaboration with the Ethos Institute to help its supply chain partners address all of the implications.

In September 2021, Coromandel International Limited has created a new fertilizer brand, GroShakti Plus, for Indian farmers.

Summary of Key Findings

• Declining arable land globally promotes the rise of the agricultural micronutrient market.
• The market is segmented by Type of Micronutrients: Formulation and Composition, Application Method, Crop Type, and region.
• The zinc sector is expected to dominate the global agricultural micronutrients market in 2023
• Foliar application has the fastest rising CAGR throughout the projected period.
• Asia Pacific is leading in market growth; the market is highly competitive, with key players including AkzoNobel, ATP Nutrition, Baicor LC, Balchem, BASF SE, BMS Micronutrient NV and Others.

Future Outlook

• Precision farming techniques are increasingly being adopted.
• Rising demand for food security and sustainable agricultural techniques.
• Increased awareness regarding micronutrient deficits in crops
• Technological developments in micronutrient formulations

How CXOs Can Benefit from the Credence Research Agricultural Micronutrients Market Report

The Credence Research Agricultural Micronutrients Market Report provides CXOs with a comprehensive overview of the market, including:

• Market size and growth forecast: The report provides detailed estimates of the global Agricultural Micronutrients Market size, segmented By Type of Micronutrients, Formulation and Composition, Application Method, Crop Type and region. It also includes forecasts for the market through 2032 based on key trends and drivers.
• Market segmentation: The report segments the Agricultural Micronutrients Market By Type of Micronutrients, Formulation and Composition, Application Method, Crop Type and region. This segmentation provides CXOs with a granular understanding of the market and the opportunities in each segment.
• Competitive Landscape: The report profiles the key players in the Agricultural Micronutrients Market and provides insights into their strategies, product offerings, and financial performance. This information can help CXOs to identify and assess their competition.
• Key trends and drivers: The report identifies and analyzes the key trends and drivers that are shaping the Agricultural Micronutrients Market. This information can help CXOs to make informed decisions about their investments and strategies.

CXOs can use the insights from the Credence Research Agricultural Micronutrients Market Report to:

• Identify growth opportunities: The report can help CXOs to identify new growth opportunities in the Agricultural Micronutrients Market. For example, by analyzing the data and trends in the report, they can make informed decisions on where to invest and expand their business.
• Make informed investment decisions: The report can help CXOs make informed investment decisions about Agricultural Micronutrients. For example, it may provide useful insights into market trends, customer preferences, the competitive landscape, and growth prospects in the mobile accessories business..
• Develop competitive strategies: The report can help CXOs develop competitive strategies for their Agricultural Micronutrients businesses. For example, by analyzing market trends, client preferences, and the competitive environment mentioned in the report, CXOs can fine-tune their strategies, differentiate their offers, and effectively position their firms in the marketplace.
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Overall, the Credence Research Agricultural Micronutrients Market Report is a valuable resource for CXOs who are looking to gain a deeper understanding of the market and identify .opportunities for growth.

Segmentation

• By Type of Micronutrients:
  • Boron (B)
  • Copper (Cu)
  • Iron (Fe)
  • Manganese (Mn)
  • Zinc (Zn)
  • Molybdenum (Mo)
  • Nickel (Ni)
• By Formulation and Composition:
  • Chelated Micronutrients
  • Non-Chelated Micronutrients
• By Application Method:
  • Soil Application
  • Foliar Spraying
  • Fertigation
• By Crop Type:
  • Cereals and Grains
  • Oilseeds and Pulses
  • Fruits and Vegetables
  • Horticultural Crops
• By Region
  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Growing Population and Food Security Needs

The rapid increase in global population is driving the need for higher agricultural productivity, making micronutrients essential for boosting crop yields and ensuring food security.

Micronutrient Deficiency in Soils

Widespread deficiencies of key micronutrients like zinc and boron in agricultural soils, identified through plant analysis and soil testing, are increasing the adoption of micronutrient products to restore soil fertility and crop health.

Adoption of Advanced Farming Techniques

The integration of precision agriculture and modern farming technologies is encouraging the use of tailored micronutrient solutions, enhancing nutrient management and crop performance.

Declining Arable Land and Soil Degradation

With global arable land decreasing due to overuse and degradation, farmers are turning to micronutrients to maintain soil productivity and support sustainable agriculture practices.

Rising Demand for High-Quality Crops

Consumers and food processors are increasingly demanding crops with higher nutritional value and quality, prompting farmers to use micronutrients to improve crop quality and meet market standards.

Note: The depth of individual sections depends on data availability for this market. Volume, capacity, trade and other unit-based metrics are included where applicable.