Agricultural Micronutrients Market Growth Projected to Reach USD 16.12 Billion by 2030
Rising Food Demand and Soil Health Awareness Drive Market Growth
THE GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET GROWTH is experiencing significant expansion, with its valuation standing at USD 8.89 billion in 2023 and projected to reach USD 16.12 billion by 2030, reflecting a compound annual growth rate (CAGR) of 8.86% during the forecast period.
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Market Definition and Overview
Agricultural micronutrients are essential elements required in trace amounts for the optimal growth and development of plants. These include zinc, boron, iron, manganese, molybdenum, and copper, which play pivotal roles in various physiological functions such as enzyme activation, photosynthesis, and nitrogen fixation. Despite their minimal presence, deficiencies in these micronutrients can lead to significant reductions in crop yield and quality.
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Growth Drivers and Opportunities
Several factors are propelling the expansion of the agricultural micronutrients market:
- Increasing Global Population: With the global population expected to surpass 8 billion by 2023, there is a heightened demand for food production. This surge necessitates enhanced agricultural practices, including the use of micronutrients to boost crop yields.
- Soil Health Awareness: Growing awareness among farmers about soil nutrient deficiencies and the benefits of micronutrient supplementation has led to increased adoption of these products to improve soil fertility and crop productivity.
- Government Initiatives: Various governments are implementing policies and subsidy programs to promote the use of micronutrients in agriculture. For instance, initiatives like the Soil Health Card Scheme and National Food Security Mission aim to address micronutrient deficiencies in soils.
- Technological Advancements: Innovations in agricultural practices and the development of chelated micronutrient formulations have improved the efficiency of nutrient uptake in plants, offering lucrative opportunities for market growth.
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Segmentation Analysis
The agricultural micronutrients market is segmented based on type, form, mode of application, crop type, and region.
- By Type:
- Zinc: Essential for enzyme function and protein synthesis.
- Boron: Crucial for cell wall formation and reproductive development.
- Iron: Key component of chlorophyll and involved in photosynthesis.
- Manganese: Important for nitrogen metabolism and enzyme activation.
- Molybdenum: Plays a role in nitrogen fixation and reduction.
- Copper: Involved in lignin synthesis and acts as a catalyst in respiration.
- By Form:
- Chelated: Micronutrients bound to organic molecules, enhancing their availability to plants.
- Non-Chelated: Inorganic forms of micronutrients.
- By Mode of Application:
- Soil Application: Direct incorporation into the soil.
- Foliar Application: Spraying nutrient solutions onto plant leaves.
- Fertigation: Delivering nutrients through irrigation systems.
- By Crop Type:
- Cereals and Grains: Wheat, rice, maize, etc.
- Pulses and Oilseeds: Soybean, lentils, etc.
- Fruits and Vegetables: Apples, tomatoes, etc.
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Regional Insights
- Asia Pacific: Dominating the market with a share of 46.62% in 2024, driven by extensive agricultural activities and increasing awareness about micronutrient benefits among farmers.
- North America: The U.S. agricultural micronutrients market is projected to reach an estimated value of USD 1.88 billion by 2032, attributed to high application on large-acre crops.
Competitive Landscape
The agricultural micronutrients market is characterized by the presence of several key players focusing on product innovation, strategic partnerships, and regional expansion. Notable companies include:
BASF SE: Offers a comprehensive range of micronutrient products tailored to various crop needs.
Nutrien Ltd.: Provides a diverse portfolio of agricultural solutions, including micronutrient fertilizers.
Yara International ASA: Specializes in developing micronutrient blends to address specific soil deficiencies.
The Mosaic Company: Focuses on producing high-quality micronutrient products to enhance crop performance.
AkzoNobel N.V.: Engages in the production of chelated micronutrients to improve nutrient uptake efficiency.
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