Status : Published | Published On : Dec, 2023 | Report Code : VRCH2028 | Industry : Chemicals & Materials | Available Format : | Page : 350 |
The global Agricultural Micronutrients Market is expected to be worth USD 4.2 billion in 2023, rising to USD 7.6 billion by 2030, with a CAGR of 9.4% over the forecast period. The agricultural micronutrient market is expected to expand due to factors such as rising soil micronutrient deficiencies and rising knowledge about food security.
Micronutrients are required by plants for healthy growth. Certain biochemical functions associated with plant metabolism and plant growth are associated with micronutrients. Conventionally, farmers focussed on phosphate, nitrogen, and potash, but lately, due to increased pest infestation and plant diseases, farmers are now focussing on increased adoption of various micronutrients.
Market Segmentation:
Based on Type
• Zinc
• Boron
• Iron
• Manganese
• Molybdenum
• Others (Chlorine and Nickel)
Because of the growing number of benefits offered and the increase in zinc deficiency in soil across various regions and countries, zinc as an agriculture micronutrient is expected to gain popularity in the coming years. Zinc application rates, on the other hand, vary depending on the amount of zinc required in the soil for agricultural purposes.
Based on Crop Type
• Cereals & grains
• Oilseeds & pulses
• Fruits & vegetables
• Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
Fruit consumption has increased dramatically over the last two decades, and this trend is expected to continue in the coming years. Increased fruit and vegetable exports have resulted in an increase in crop plantation area, which has resulted in increased production levels. As a result, the demand for crop-sustaining and preserving chemicals for fruits and vegetables is expected to rise significantly.
Based on Form
• Chelated
• Non-Chelated
Chelated micronutrients are organic molecules that form a ring-like structure when they combine with a metal cation. Chelated micronutrients are present in a variety of soil pH ranges. Ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, Nä-bis (2-hydroxyphenyl acetic acid) are some of the most widely used chelating agents in the manufacture of synthetic micronutrient chelates (EDDHA). Furthermore, the adoption of chelated micronutrients is expected to increase at a faster rate due to the stable existence of chelated compounds.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 4.2 Billion |
Revenue Forecast in 2030 |
U.S.D. 7.6 Billion |
Growth Rate |
9.4% |
Segments Covered in the Report |
By Type, By Crop, and Type By Form |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Based on Geographies
• North America
• Europe
• Asia Pacific (APAC)
• Latin America
• Middle East and Africa
During the historical era, APAC was the largest agricultural micronutrient sector, and this trend is expected to continue during the forecast period when it will also experience the fastest growth. Because of the constant sowing and reaping cycles, there is a strong micronutrient deficit in the soil and poor biofortification of crops.
Trends:
In the forecast period of 2025-2030, technological advances in the production of agricultural micronutrients, as well as rapid growth, are expected to generate new opportunities for the agricultural micronutrients market.
Since cereals are the most commonly consumed crop on the planet, the cereals & grains segment is expected to rise at the fastest rate. Food consumption is increasing in developing countries due to rising population and economic growth. Soil texture, pH impact, climatic variability, and organic matter are all factors that influence micronutrient availability in soil. The availability of micronutrients in the soil decreases as the pH rises. Crop growth is limited by a lack of micronutrients in the soil. If left unchecked, this will have a direct impact on crop production as well as decrease the efficiency with which macronutrient fertilizers are applied.
Market Drivers
Increased deficiency of essential minerals in the soil needed for plant growth, such as zinc, copper, and iron, among others, is a major factor driving the growth of the agricultural micronutrients market. Other major factors driving the growth of the agricultural micronutrients market include increasing soil pollution around the world and research activities on the production and introduction of low-cost agricultural micronutrients.
A bad diet can be blamed for an increase in the incidence of micronutrient deficiency in people. Micronutrient deficiencies in agricultural soil reduce crop yield and nutritional quality, as well as have an adverse effect on human health. Micronutrient deficiencies can cause a variety of health problems in people. It's also possible that it'll boost the mortality rate.
Opportunities
The global population is increasing tremendously. According to the Population Reference Bureau (PRB), the global human population is projected to increase by 75 million people each year, or 1.1 percent. As a result, the world's population is projected to hit 9.9 billion in 2050, up from an estimated 7.4 billion in 2017. As the world's population rises, so does the demand for food. An increasing population means a growing appetite and a growing appetite means agriculture can play a larger role in the world's future. Since the number of arable acres is only projected to increase modestly, agricultural farmers would need to become more effective and profitable in order to feed an increasing world of hungry people. At the same time, crop production will continue to be hampered by unpredictably harsh weather, such as drought, flooding, and extreme heat, among other factors.
Challenges
The lack of knowledge among farmers about the benefits of using agricultural micronutrients will be a restraining factor for the agricultural micronutrients market during the forecast period, posing a further challenge to the market's development. Apart from this, the lack of an agriculture budget, the booming organic fertilizer industry, and the bio-accumulation of non-biodegradable chelates can hinder the agriculture micronutrient market rise.
COVID-19 Impact on the Global Agricultural Micronutrients Market
The COVID-19 pandemic has devastated agricultural micronutrient supply chains, as many countries were under lockdown and closed their borders to prevent the virus from spreading. Strict containment regulations implemented by various governments, as well as protective measures to monitor the outbreak's effects, had resulted in substantial transportation restrictions of agricultural micronutrients
Key Players
• BASF SE
• AkzoNobel
• Nutrien, Ltd.
• Yara International ASA
• The Mosaic Company
• Compass Minerals international
• Valagro
• Haifa Group
• Agrium Inc.
• ADAMA Agricultural Solutions Ltd.
• Baicor, L.C.
• Brandt Consolidated Inc.
• Grow More Inc.
• Kay-Flo.
• Micnelf USA Inc.
• Stoller USA, Inc.
• Verdesian Life Sciences, LLC
• Merck KGaA.
• Sigma-Aldrich Corporation
Recent Developments
• The Mosaic Company and the Technology Research Centre (FTRC) at the University of Adelaide in Australia signed an agreement in March 2020 to concentrate on improved fertilizer production.
• Rocket Seeds Moly Shine seed finisher, which has the advantage of micronutrient, was launched by Compass Minerals in December 2019. The company's Plant Nutrition business unit has a new addition with this launch.
• Valagro renewed its distribution agreement with Just Agrotech (China), a leading agricultural technology company in China, in October 2019. This agreement would assist the organization in expanding its market share.
• Nutrien completed the purchase of Ruralco Holdings Limited (Ruralco) in Australia in September 2019, which will help the company improve the supply of goods and services to Australian farmers.
The Agricultural Micronutrients Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Type
1.2.2. By Crop Type
1.2.3. By Form
1.3. Research Phases
1.4. Limitations
1.5. Research Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Type
5.1.1. Zinc
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2030
5.1.2. Boron
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2030
5.1.3. Iron
5.1.3.1. Market Definition
5.1.3.2. Market Estimation and Forecast to 2030
5.1.4. Manganese
5.1.4.1. Market Definition
5.1.4.2. Market Estimation and Forecast to 2030
5.1.5. Molybdenum
5.1.5.1. Market Definition
5.1.5.2. Market Estimation and Forecast to 2030
5.1.6. Others (Chlorine and Nickel)
5.1.6.1. Market Definition
5.1.6.2. Market Estimation and Forecast to 2030
5.2. By Crop Type
5.2.1. Cereals & grains
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. Oilseeds & pulses
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.2.3. Fruits & vegetables
5.2.3.1. Market Definition
5.2.3.2. Market Estimation and Forecast to 2030
5.2.4. Others (Turfs, ornamentals, plantation crops, forages and fiber crops)
5.2.4.1. Market Definition
5.2.4.2. Market Estimation and Forecast to 2030
5.3. By Form
5.3.1. Chelated
5.3.1.1. Market Definition
5.3.1.2. Market Estimation and Forecast to 2030
5.3.2. Non- Chelated
5.3.2.1. Market Definition
5.3.2.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Type
6.2. By Crop Type
6.3. By Form
6.3.1. U.S. Market Estimate and Forecast
6.3.2. Canada Market Estimate and Forecast
6.3.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Type
7.2. By Crop Type
7.3. By Form
7.3.1. Germany Market Estimate and Forecast
7.3.2. France Market Estimate and Forecast
7.3.3. U.K. Market Estimate and Forecast
7.3.4. Italy Market Estimate and Forecast
7.3.5. Spain Market Estimate and Forecast
7.3.6. Russia Market Estimate and Forecast
7.3.7. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Type
8.2. By Crop Type
8.3. By Form
8.3.1. China Market Estimate and Forecast
8.3.2. Japan Market Estimate and Forecast
8.3.3. India Market Estimate and Forecast
8.3.4. South Korea Market Estimate and Forecast
8.3.5. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Type
9.2. By Crop Type
9.3. By Form
9.3.1. Brazil Market Estimate and Forecast
9.3.2. Saudi Arabia Market Estimate and Forecast
9.3.3. South Africa Market Estimate and Forecast
9.3.4. U.A.E. Market Estimate and Forecast
9.3.5. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. BASF SE
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. AkzoNobel
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. Nutrien, Ltd.
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. Yara International ASA
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. The Mosaic Company
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. Compass Minerals International
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. Valagro
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Haifa Group
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. Agrium Inc.
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. ADAMA Agricultural Solutions Ltd.
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
10.11. Baicor, L.C.
10.11.1. Snapshot
10.11.2. Overview
10.11.3. Offerings
10.11.4. Financial Insight
10.11.5. Recent Developments
10.12. Brandt Consolidated Inc.
10.12.1. Snapshot
10.12.2. Overview
10.12.3. Offerings
10.12.4. Financial Insight
10.12.5. Recent Developments
10.13. Grow More Inc.
10.13.1. Snapshot
10.13.2. Overview
10.13.3. Offerings
10.13.4. Financial Insight
10.13.5. Recent Developments
10.14. Kay-Flo.
10.14.1. Snapshot
10.14.2. Overview
10.14.3. Offerings
10.14.4. Financial Insight
10.14.5. Recent Developments
10.15. Micnelf USA Inc.
10.15.1. Snapshot
10.15.2. Overview
10.15.3. Offerings
10.15.4. Financial Insight
10.15.5. Recent Developments
10.16. Stroller USA, Inc.
10.16.1. Snapshot
10.16.2. Overview
10.16.3. Offerings
10.16.4. Financial Insight
10.16.5. Recent Developments
10.17. Verdesian Life Sciences, LLC.
10.17.1. Snapshot
10.17.2. Overview
10.17.3. Offerings
10.17.4. Financial Insight
10.17.5. Recent Developments
10.18. Merck KGaA
10.18.1. Snapshot
10.18.2. Overview
10.18.3. Offerings
10.18.4. Financial Insight
10.18.5. Recent Developments
10.19. Sigma- Aldrich Corporation
10.19.1. Snapshot
10.19.2. Overview
10.19.3. Offerings
10.19.4. Financial Insight
10.19.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Agricultural Micronutrients Market Size, by Type, 2018 – 2023 (USD Billion)
Table 5 Global Agricultural Micronutrients Market Size, by Type, 2025 – 2030 (USD Billion)
Table 6 Global Agricultural Micronutrients Market Size, by Crop Type, 2018 – 2023 (USD Billion)
Table 7 Global Agricultural Micronutrients Market Size, by Crop Type, 2025 – 2030 (USD Billion)
Table 8 Global Agricultural Micronutrients Market Size, by Form, 2018 – 2023 (USD Billion)
Table 9 Global Agricultural Micronutrients Market Size, by Form, 2025 – 2030 (USD Billion)
Table 10 Global Agricultural Micronutrients Market Size, by Region, 2018 – 2023 (USD Billion)
Table 11 Global Agricultural Micronutrients Market Size, by Region, 2025 – 2030 (USD Billion)
Table 12 North America Global Agricultural Micronutrients Market Size, by Type, 2018 – 2023 (USD Billion)
Table 13 North America Global Agricultural Micronutrients Market Size, by Type, 2025 – 2030 (USD Billion)
Table 14 North America Global Agricultural Micronutrients Market Size, by Crop Type, 2018 – 2023 (USD Billion)
Table 15 North America Global Agricultural Micronutrients Market Size, by Crop Type, 2025 – 2030 (USD Billion)
Table 16 North America Global Agricultural Micronutrients Market Size, by Form, 2018 – 2023 (USD Billion)
Table 17 North America Global Agricultural Micronutrients Market Size, by Form, 2025 – 2030 (USD Billion)
Table 18 North America Global Agricultural Micronutrients Market Size, by Region, 2018 – 2023 (USD Billion)
Table 19 North America Global Agricultural Micronutrients Market Size, by Region, 2025 – 2030 (USD Billion)
Table 20 Europe Global Agricultural Micronutrients Market Size, by Type, 2018 – 2023 (USD Billion)
Table 21 Europe Global Agricultural Micronutrients Market Size, by Type, 2025 – 2030 (USD Billion)
Table 22 Europe Global Agricultural Micronutrients Market Size, by Crop Type, 2018 – 2023 (USD Billion)
Table 23 Europe Global Agricultural Micronutrients Market Size, by Crop Type, 2025 – 2030 (USD Billion)
Table 24 Europe Global Agricultural Micronutrients Market Size, by Form, 2018 – 2023 (USD Billion)
Table 25 Europe Global Agricultural Micronutrients Market Size, by Form, 2025 – 2030 (USD Billion)
Table 26 Europe Global Agricultural Micronutrients Market Size, by Region, 2018 – 2023 (USD Billion)
Table 27 Europe Global Agricultural Micronutrients Market Size, by Region, 2025 – 2030 (USD Billion)
Table 28 Asia-Pacific Global Agricultural Micronutrients Market Size, by Type, 2018 – 2023 (USD Billion)
Table 29 Asia-Pacific Global Agricultural Micronutrients Market Size, by Type, 2025 – 2030 (USD Billion)
Table 30 Asia-Pacific Global Agricultural Micronutrients Market Size, by Crop Type, 2018 – 2023 (USD Billion)
Table 31 Asia-Pacific Global Agricultural Micronutrients Market Size, by Crop Type, 2025 – 2030 (USD Billion)
Table 32 Asia-Pacific Global Agricultural Micronutrients Market Size, by Form, 2018 – 2023 (USD Billion)
Table 33 Asia-Pacific Global Agricultural Micronutrients Market Size, by Form, 2025 – 2030 (USD Billion)
Table 34 Asia-Pacific Global Agricultural Micronutrients Market Size, by Region, 2018 – 2023 (USD Billion)
Table 35 Asia-Pacific Global Agricultural Micronutrients Market Size, by Region, 2025 – 2030 (USD Billion)
Table 36 RoW Global Agricultural Micronutrients Market Size, by Type, 2018 – 2023 (USD Billion)
Table 37 RoW Global Agricultural Micronutrients Market Size, by Type, 2025 – 2030 (USD Billion)
Table 38 RoW Global Agricultural Micronutrients Market Size, by Crop Type, 2018 – 2023 (USD Billion)
Table 39 RoW Global Agricultural Micronutrients Market Size, by Crop Type, 2025 – 2030 (USD Billion)
Table 40 RoW Global Agricultural Micronutrients Market Size, by Form, 2018 – 2023 (USD Billion)
Table 41 RoW Global Agricultural Micronutrients Market Size, by Form, 2025 – 2030 (USD Billion)
Table 42 RoW Global Agricultural Micronutrients Market Size, by Region, 2018 – 2023 (USD Billion)
Table 43 RoW Global Agricultural Micronutrients Market Size, by Region, 2025 – 2030 (USD Billion)
Table 44 Snapshot – BASF SE
Table 45 Snapshot – AkzoNobel
Table 46 Snapshot – Nutrien, Ltd.
Table 47 Snapshot – Yara International ASA
Table 48 Snapshot – The Mosaic Company
Table 49 Snapshot – Compass minerals international
Table 50 Snapshot – Valagro
Table 51 Snapshot – Agrium Inc.
Table 52 Snapshot – ADAMA Agricultural Solutions Ltd.
Table 53 Snapshot – Baicor, L.C.
Table 54 Snapshot – Brandt Consolidated Inc.
Table 55 Snapshot – Grow More Inc.
Table 56 Snapshot – Kay-Flo.
Table 57 Snapshot – Micnelf USA Inc.
Table 58 Snapshot – Stoller USA, Inc.
Table 59 Snapshot – Verdesian Life Sciences, LLC.
Table 60 Snapshot – Merck KGaA.
Table 61 Snapshot – Sigma- Aldrich Corporation
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Agricultural Micronutrients Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Agricultural Micronutrients Market Highlight
Figure 12 Global Agricultural Micronutrients Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 13 Global Agricultural Micronutrients Market Size, by Crop Type, 2018 - 2030 (USD Billion)
Figure 14 Global Agricultural Micronutrients Market Size, by Form, 2018 - 2030 (USD Billion)
Figure 15 Global Agricultural Micronutrients Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Global Agricultural Micronutrients Market Highlight
Figure 17 North America Global Agricultural Micronutrients Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 18 North America Global Agricultural Micronutrients Market Size, by Crop Type, 2018 - 2030 (USD Billion)
Figure 19 North America Global Agricultural Micronutrients Market Size, by Form, 2018 - 2030 (USD Billion)
Figure 20 North America Global Agricultural Micronutrients Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 21 Europe Global Agricultural Micronutrients Market Highlight
Figure 22 Europe Global Agricultural Micronutrients Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 23 Europe Global Agricultural Micronutrients Market Size, by Crop Type, 2018 - 2030 (USD Billion)
Figure 24 Europe Global Agricultural Micronutrients Market Size, by Form, 2018 - 2030 (USD Billion)
Figure 25 Europe Global Agricultural Micronutrients Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Global Agricultural Micronutrients Market Highlight
Figure 27 Asia-Pacific Global Agricultural Micronutrients Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Global Agricultural Micronutrients Market Size, by Crop Type, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific Global Agricultural Micronutrients Market Size, by Form, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Global Agricultural Micronutrients Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 31 RoW Global Agricultural Micronutrients Market Highlight
Figure 32 RoW Global Agricultural Micronutrients Market Size, by Type, 2018 - 2030 (USD Billion)
Figure 33 RoW Global Agricultural Micronutrients Market Size, by Crop Type, 2018 - 2030 (USD Billion)
Figure 34 RoW Global Agricultural Micronutrients Market Size, by Form, 2018 - 2030 (USD Billion)
Figure 35 RoW Global Agricultural Micronutrients Market Size, by Region, 2018 - 2030 (USD Billion)
Global Agricultural Micronutrients Market Coverage
Type Insight and Forecast 2025-2030
Crop Type Insight and Forecast 2025-2030
Form Insight and Forecast 2025-2030
Geographical Segmentation
Global Agricultural Micronutrients Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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