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Agricultural Micronutrients Market

Agricultural Micronutrients Market

Agricultural Micronutrients Market Share & Trends Analysis By Nutrient (Boron, Zinc , Manganese Agricultural Micronutrients), By Crop (Agricultural Micronutrients for Cereals & Grains, Fruits & Vegetables), By Application & By Region - Global Insights 2021-2031

Agricultural Micronutrients Market
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Agricultural Micronutrients Market Outlook (2021-2031)

 The global agricultural micronutrients market is anticipated to reach a valuation of US$ 4.9 Bn in 2021, and expand at a steady CAGR of 3.6% over the forecast period of 2021 to 2031.

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%.

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Key Points Covered in Agricultural Micronutrients Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Leading Export - Import Destinations
  • Analysis of Supply Contracts, Avg. Consumption, Potential for Direct & Indirect Sales
  • COVID-19 Impact on agricultural micronutrients and How to Navigate
  • Recommendation on Key Winning Strategies

Consumption Analysis of Agricultural Micronutrients from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

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 2016 to 2020, 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 2021 to 2031, reaching nearly US$ 7 Bn in 2031,
  • 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 2020.
  • Agricultural micronutrients are considered to be the backbone of agricultural sector growth; therefore, COVID-19 had only a minor impact on the demand for these micronutrients.

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What are the Main Factors Driving Demand 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.  

What is the Role of Soil Micronutrient Deficiency in 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.

agricultural micronutrients market region by FactMR

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 2021-31.

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Country Wise Analysis

Why is China is Prominent Market for Agricultural Micronutrients?

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 is 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 market for agricultural micronutrients.

How is Demand for Agricultural Micronutrients Shaping Up across India?

India is densely populated and has the second-largest population in the world. To feed such a huge population, 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 the country, 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 India.

Category Wise Analysis

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

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 2031.

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

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.

agricultural micronutrients market competition by FactMR

Competition Landscape

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.

Agricultural Micronutrients Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 4.9 Billion

Market forecast value in 2021

USD 7 Billion

Growth Rate

CAGR of 3.6% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

Tons for Volume and US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Key Countries Covered

  • U.S.
  • Mexico
  • Germany
  • U.K.
  • Russia
  • China
  • Japan
  • India
  • GCC

Key Market Segments Covered

  • Crop
  • Nutrient
  • Application
  • Region

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

Pricing

Available upon Request

Market Segments Covered in Agricultural Micronutrients Industry Analysis

  • By Nutrient

    • Boron Agricultural Micronutrients
    • Manganese Agricultural Micronutrients
    • Zinc Agricultural Micronutrients
    • Copper Agricultural Micronutrients
    • Others
  • By Crop

    • Agricultural Micronutrients for Cereals & Grains
    • Agricultural Micronutrients for Fruits & Vegetables
    • Agricultural Micronutrients for Oilseeds & Pulses
    • Others
  • By Application

    • Soil Agricultural Micronutrients for
    • Fertigation Agricultural Micronutrients for
    • Foliar Agricultural Micronutrients for
    • Seed Treatment Agricultural Micronutrients for
    • Others

- FAQs -

In FY2020, the global agricultural micronutrients market was valuated at US$ 4.5 Bn.

Sales of agricultural micronutrients are projected to increase at a CAGR of 3.6% during 2021 – 2031.

Value sales of agricultural micronutrients increased at a CAGR of 2.3% during 2016 – 2020.

The trend of zinc bio-fortification is emerging in the market, owing to the fact that deficiency of zinc in humans as led to adoption of zinc-based micronutrients.

The need to improve plant growth and metabolism to cater to food demand of a growing population is driving demand for agricultural micronutrients.

Top 5 manufacturers of agricultural micronutrients account for around 35% share in the global market.

Top 5 countries driving demand for agricultural micronutrients are China, Brazil India, Russia, and France.

North America accounted for over 15% of global agricultural micronutrient demand in 2020.

The United States, Russia, China, and India are key producers of agricultural micronutrients.

The market in South Korea and Japan is set to expand at over 4.4% CAGR, with both countries accounting for 10% share in the Asia Pacific market.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.