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Agricultural Micronutrients Market

Agricultural Micronutrients Market by Nutrient (Boron, Manganese, Zinc, Copper), by Crop (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses), by Application (Soil, Fertigation, Foliar, Seed Treatment), & by Region - Global Insights 2022-2032

Analysis of Agricultural Micronutrients market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Agricultural Micronutrients Market Outlook (2022-2032)

The global agricultural micronutrients market is anticipated to reach a valuation of US$ 4.9 Billion in 2022 and is expected to gain a market value of US$ 7 Billion by the end of the forecast period. The market for agricultural micronutrients, and expand at a steady CAGR of 3.6% over the forecast period of 2022 to 2032.

Near perfect competitive market with a bundle of players supplying the product has stabilized price points. This has compelled most market players to lower their margins by 5%.

Report Attributes

Details

Anticipated Base Year Value (2021)

US$ 4.74 Billion

Expected Market Value (2022)

US$ 4.9 Billion

Projected Forecast Value (2032)

US$ 7 Billion

Global Growth Rate (2022-2032)

3.6% CAGR

Expected CAGR of the Asia Pacific Market (2032)

4%

Anticipated CAGR of Egypt (2022-2032)

1%

Major Agricultural micronutrients Service Providers

  • BASF SE
  • BMS Micro-Nutrients
  • Compass Minerals
  • Coromandel International
  • Deepak Fertilizers
  • Haifa Group
  • Helena Agri-Enterprises, LLC
  • Nouryon
  • Nufarm
  • Nutrien Ltd.
  • Petrochemicals Ltd
  • The Mosaic Company
  • Valagro S.p.A.
  • Yara International

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Consumption Analysis of Agricultural Micronutrients from 2017 to 2032 Compared to Demand Outlook for 2022 to 2032

Agriculture is the backbone of a majority of countries such as the U.S., China, and India, among other prominent countries. The agricultural sector captures a major portion of the formerly mentioned countries’ GDP, and for the sustenance of their arable land, regional policies tend to incline towards the utilization of micronutrients.

According to the agricultural micronutrients business research by Fact.MR, a market research and competitive intelligence provider, historically, from 2017 to 2021, market value increased at around 2.3% CAGR, wherein, the United States, Russia, China, and India held significant share in the global market.

Increasing concerns of farmers for high-end production of crops to feed the growing population has led to the adoption of agricultural micronutrients. These micronutrients enhance the minerals in the soil and allow the crops to produce higher yield. Such a benefit has led to increase in demand, with the market anticipated to project a moderate CAGR of 3.6% over the coming 10 years.

  • Fact.MR estimates that agricultural micronutrient sales are set to swell 1.4X from 2022 to 2032, reaching nearly US$ 7 Billion in 2032
  • Owing to the extensive utilization of micronutrients in the agricultural sector, product prices are expected to grow at a stable pace with minimum anticipated bubbles over the coming years.
  • Demand for iron-based agricultural micronutrients will accelerate at the highest pace over the medium term.
  • Tier-1 manufacturers of agricultural micronutrients held 35% market share in 2021.
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Which are Some Prominent Drivers of Agricultural Micronutrients?

High yield of food crops driving growth for agricultural micronutrients

Micronutrients are necessary for plant growth, and lack of micronutrients leads to lower or limited agricultural output and poor crop quality. Micronutrients are essential for long-term crop production, and when combined with appropriate fertilization, boost crops productivity.

The global agricultural micronutrients industry is being driven by increase in demand for high yield of food crops in an environment where arable land is becoming scarce. The appropriate and balanced application of soil treatment chemicals is likely to help mitigate the effect of agricultural area and rise in food demand.

Global need for agricultural micronutrients is being driven by the adoption of high-yielding crop varieties and intensive farming practices.

Soil Micronutrient Deficiency Driving Demand for Agricultural Micronutrients

Micronutrient deficiency happens all over the world, but it varies depending on the atmosphere, soil conditions, rainfall, and other environmental factors. Increase in the rate of soil micronutrient deficiencies is a major factor driving global demand for agricultural micronutrients.

Activities such as soil erosion due to farming without sufficient fertilization cause micronutrient deficiency. Excess phosphate fertilization also contributes to micronutrient scarcity. The supply of zinc, iron, and copper for crops is hampered by phosphate. Micronutrient deficiency is expected to increase over the coming years and pave the way for business growth.

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Competitive landscape highlights only certain players
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What are the Challenges Faced by the Agricultural Micronutrients?

Demand for organic crops restraining market growth of agricultural micronutrients

People belonging to the developed regions are exhibiting inclination towards organically sourced crops. Thus, the demand for food grown at a safer space is creating demand for organic fertilizers and in turn affecting the sales of agricultural micronutrients. On the other hand, lack of awareness regarding the benefits of agricultural micronutrients in developing region is affecting the overall growth of the market.

Comparative View of Agricultural Micronutrients Markets

Agricultural Micronutrients Market :

Attributes

Agricultural Micronutrients Market

CAGR (2022-2032)

3.6%

Market Value (2032)

US$ 7 Billion

Growth Factor

Growing population across the globe along with increasing demand for nutrition-rich food is bolstering the demand for agricultural micronutrients.

Opportunity

Development of micronutrients based on soil and crop type is creating lucrative opportunities for agricultural micronutrients.

Agricultural Films Market :

Attributes

Agricultural Films Market

CAGR (2022-2032)

5.7%

Market Value (2032)

US$ 18.8 Billion

Growth Factor

Use of biodegradable & recycled material will enhance market growth of agricultural films.

Opportunity

Manufacturers are investing in R&D to develop innovative and eco-friendly solutions to cater to the varied needs of customers. This, in turn, is fueling the growth of agricultural films market.

Agricultural Tractors Market :

Attributes

Agricultural Tractors Market

CAGR (2022-2032)

6%

Market Value (2032)

US$ 113 Million

Growth Factor

A rapidly expanding population and consequent requirement of food has led to an increase in the proportion of food crops cultivation, impelling demand for agricultural tractors in the recent past.

Opportunity

Demand and supply chain of food is getting affected at a large scale, farmers are depending on options that make crop cultivation easy. Thus, the demand for agricultural tractors has increased.

Which Region Offers the Largest Opportunity for Sales of Agricultural Micronutrients?

Asia Pacific accounts for more than 40% of global agricultural micronutrient demand. Such a huge market share is due to the fact that most countries in the region have major employment from agriculture and produce near about 50% of global agricultural products.

Micronutrient deprivation is considered a serious nutritional concern in arable crops. The need for agricultural micronutrients in Asia Pacific is being driven by increase in food grain demand and rise in micronutrient deprivation across the region. Micronutrients such as iron, boron, and zinc are in short supply in India and China. Because of their low soil micronutrient status, emerging countries have increased their intake of agricultural micronutrients.

Continuous erosion of soil micronutrients due to floods and droughts, application of fertilizers containing lower quantities of micronutrients, increased cultivation of high yield crops, and shrinking arable land are all factors that are likely to increase agricultural micronutrient consumption in developing countries in the near future.

The Asia Pacific market is anticipated to grow 1.5X, projecting a CAGR of more than 4% during 2022-2032.

Country Wise Analysis

Why is China a Prominent Market for Agricultural Micronutrients?

Higher population increasing demand for agricultural micronutrients in China

China is one of the prime agricultural economies with the sector accounting for 37.8% of its total economy. The country holds more than 20% of the Asia Pacific agricultural micronutrient sales pie. This is due to deficiency of minerals in arable land in China, leading to high adoption of such micronutrients.

The country has the highest population in the world, and to feed this population, higher yield is required. Owing to these factors, China is considered as one of the key regional markets for agricultural micronutrients.

How is Demand for Agricultural Micronutrients Shaping Up across Egypt?

Higher cultivation of wheat fueling growth of agricultural micronutrients

Farming soil should be capable of bearing high yield crops, for which, it should have essential minerals such as boron, zinc, iron, etc.

Higher production over cultivation of crops is practised in Egypt, and this has led to deficiency of these minerals in the soil. As a solution, local farmers are adopting agricultural micronutrients and are extensively investing in them. This has led to significant demand in the country.

Owing to these factors, over the next 10 years, sales of agricultural micronutrients are anticipated to increase 1.5X in Egypt.

Country-wise Forecast CAGRs for the Agricultural Micronutrients Industry

Country CAGR

China

3%

India

3%

Egypt

1.5%

Category Wise Analysis

Why is Zinc Bio-fortification of Wheat Gaining Immense Popularity?

Zinc bio-fortification treating zinc deficiency in humans along with adding nutrients to crops

Zinc bio-fortification is gaining popularity as a viable alternative for treating zinc deficiency in humans. This helps to understand why demand for agricultural micronutrients is expected to increase at a healthy CAGR of 3.6% over the forecast period.

However, declining soil, underground water table, and new micronutrient deficiencies are blamed on paddy-wheat crop rotation. As wheat is genotype-dependent and interacts with the environment, zinc bio-fortification is emerging as a solution to address these challenges.

To boost cereal-based nutrition, zinc is added as a foliar and injected into the soil. Farmers and producers are being encouraged by companies in the agricultural micronutrients sector to allow bio-fortification of micronutrients at unique and essential growth stages of wheat, which helps increase yield.

Growing inclination of farmer towards zinc-based micronutrients and many other benefits pertaining to them have led to increased demand, owing to which, its market is expected to project a CAGR of 3.6% through 2032.

How are an Increase in Iron Levels of Mung Beans Generating High Economic Returns for Agricultural Micronutrient Producers?

Agricultural micronutrients supporting the growth of cereals and grains

Iron application has been linked to high yield, economic returns, and iron concentration in mung beans. Bio-fortification is a common trend in the agricultural micronutrients sector, and it aids in the integration of nutrients into food crops. This method is gaining popularity as a cost-effective and sustainable way to boost mineral concentration in staple crops such as mung beans.

Increased iron levels in mung beans is bringing in more money for farmers and improving agricultural micronutrient manufacturers' reputations. Manufacturers are increasing their iron compound manufacturing capabilities as women and pre-school children are the most vulnerable to micronutrient malnutrition. Thus, cereal and grains are expected to possess 45% market share for agricultural micronutrients in the market.

Start Ups in the Agricultural Micronutrients Market

Key players in the agricultural micronutrients are SOSBio, Fertoz, and Ficosterra

  • SOSBio, a key start-up player in agricultural micronutrients market is offering micronutrients made of organic matter, essential nutrients and microelements.
  • Fertoz, another key start-up player is manufacturing micronutrients by using phosphorous based fertilizers in granular, powered and micronized forms.

Market Competition

Most companies discussed in the study have focused on expansion, investments, acquisitions, delivery focus, portfolio expansion, and brand development.

Some of the key developments are :

  • Rocket Seeds Moly Shine, a special seed finisher with the added value of micronutrients, was introduced by Compass Minerals in December 2019. Soybeans and legumes are great candidates for this product.
  • AkzoNobel Specialty Chemicals in collaboration with INEOS Nitriles had announced in April 2018 to increase development of biodegradable chelates and micronutrients.

Similarly, recent developments related to companies manufacturing agricultural micronutrients have been tracked by the team at Fact.MR, which are available in the full report.

Report Scope

Report Attribute

Details

Market Value in 2022

US$ 4.9 Billion

Market Value in 2032

US$ 7 Billion

Growth Rate

CAGR of 3.6% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion and CAGR from 2022-2032

Report Coverage

  • Revenue Forecast
  • Volume Forecast
  • Company Ranking
  • Competitive Landscape
  • Growth Factors
  • Trends and Pricing Analysis

Segments Covered

  • Nutrient
  • Crop
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • BASF SE
  • BMS Micro-Nutrients
  • Compass Minerals
  • Coromandel International
  • Deepak Fertilizers
  • Haifa Group
  • Helena Agri-Enterprises, LLC
  • Nouryon
  • Nufarm
  • Nutrien Ltd.
  • Petrochemicals Ltd
  • The Mosaic Company
  • Valagro S.p.A.
  • Yara International

Customization

Available Upon Request

Key Segments Profiled in the Agricultural Micronutrients Industry Survey

  • By Nutrient :

    • Boron
    • Manganese
    • Zinc
    • Copper
    • Others
  • By Crop :

    • Cereals & Grains
    • Fruits & Vegetables
    • Oilseeds & Pulses
    • Others
  • By Application :

    • Soil
    • Fertigation
    • Foliar
    • Seed Treatment
    • Others
  • By Region :

    • North America 
    • Latin America 
    • Western Europe 
    • Eastern Europe 
    • APEJ 
    • Japan
    • Middle East & Africa

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Fact.MR expects agricultural micronutrients market revenue to flourish at a 3.6% CAGR from 2022-2032.

Fact.MR foresees agricultural micronutrients demand to reach US$ 4.9 Billion in 2022.

In 2032, agricultural micronutrients market worth is poised to reach US$ 7 Billion.

Asia Pacific market is anticipated to grow 1.5X, projecting a CAGR of more than 4% during 2022-2032.

China is expected to register a CAGR of 3% for assessment period 2022-2032.

China, India and Egypt will flourish at a CAGR of 7.5% combined until 2032.

Zinc expected to register a CAGR of 3.6% for agricultural micronutrients in the forecast period.

Cereal and grains are expected to possess 45% market share for agricultural micronutrients in the market.

As of 2021, the agricultural micronutrients market was worth US$ 4.74 Billion.

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