Global Agricultural Micronutrients Market Outlook

Agricultural Micronutrients Market is poised to achieve a valuation of USD 9.60 Billion by 2030, projecting a Compound Annual Growth Rate (CAGR) of 8.4% between 2023 and 2030. Micronutrients play a pivotal role in agriculture by fostering sustainable crop production. Various factors contribute to the significance of these micronutrients, including continuous fertilization on limited agricultural land, over-application of fertilizers or manure, and natural calamities, all of which deplete essential nutrients from the soil, leading to nutrient deficiencies that adversely affect crop growth and nutrient content. Consequently, the escalating demand for nutrient-rich food due to the burgeoning global population serves as a catalyst for the growth of the agricultural micronutrients market. Market players are strategically focusing on product launches, partnerships, acquisitions, and expansions to cater to the surging market demand. For instance, in June 2017, AkzoNobel announced plans to invest over USD 12 million in Sweden to augment the production capacity for its chelated micronutrients, which are deemed essential in the agricultural sector.

The cereals & grains segment emerged as the dominant force in the global agricultural micronutrients market share in 2019 and is projected to maintain its dominance throughout the forecast period. Cereals & grains constitute the most consumed crops globally and occupy the largest share of agricultural land. Moreover, the growing demand for plant-based foods has further fueled the utilization of cereals & grains in food processing industries. Manganese, Copper, and Zinc stand out as the top three micronutrient deficiencies observed in cereal crops.

Global Zinc Deficiency in Soil: Zinc serves as an indispensable component of numerous enzymes and proteins in plants, playing a crucial role in various processes such as growth hormone production and internode elongation. However, Zinc deficiency represents one of the most prevalent micronutrient deficiencies affecting crops worldwide, resulting in significant reductions in crop yields.

Innovations in Chelated Micronutrients: Although non-chelated micronutrients command a significant share in the agricultural micronutrients market due to their affordability and widespread availability, chelated compounds exhibit greater stability compared to their non-chelated counterparts. Key industry players such as AkzoNobel and BASF SE are heavily investing in the innovation of chelated agricultural micronutrients.

Rise in Fertigation Method Adoption: While soil application has historically been the most common method for micronutrient application in crops, advancements in fertigation technology have led to an increased adoption of the fertigation method among farmers due to its efficiency and economic viability.

Key Market Players:

The agricultural micronutrients market is populated with several prominent players, including BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass Minerals International (US), Valagro (Italy), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Zuari Agrochemicals Ltd (India), Stoller Enterprises, Inc. (US), ATP Nutrition (Canada), Balchem (US), and Corteva, Inc. (US). These players are pivotal in shaping the dynamics of the agricultural micronutrients market through their innovative products, strategic partnerships, and expansive operations.

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