The global agricultural micronutrients market was valued at USD 4.87 billion in 2023 and is projected to grow from USD 5.19 billion in 2024 to USD 9.03 billion by 2032, registering a CAGR of 6.92% during the forecast period. This growth is driven by the increasing demand for high-quality agricultural products, coupled with the rising popularity of home gardening.
These insights are from the Fortune Business Insights™ report titled, “Agricultural Micronutrients Market, 2024–2032.”
List of Key Players Mentioned in the Report:
- Nutrien Ltd. (Canada)
- Israel Chemicals Ltd. (Israel)
- Coromandel International (India)
- Yara International ASA (Norway)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
- Haifa Group (Israel)
- Koch Agronomic Services, LLC (U.S.)
- Grupa Azoty Zaklady Chemiczne Police Group (Poland)
- Marubeni Corporation (Helena Agri-Enterprises, LLC) (U.S.)
- Nouryon Chemicals Holdings B.V. (North Holland)
Information Source:- https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607
Segments:
Zinc Segment to Register Notable Traction Owing to Growing Awareness Regarding its Deficiency
By type, the market is fragmented into iron, zinc, boron, molybdenum, and manganese, and others. The zinc segment is poised to record considerable expansion over the forecast period. The rise is due to the growing awareness regarding the deficiency of zinc across various regions.
Soil Segment to Grow at Substantial Pace Driven by Soaring Investment in Technological Advancements
Based on application mode, the market for agricultural micronutrients is subdivided into fertigation, foliar, and soil. The soil segment is touted to exhibit remarkable expansion over the analysis period. The surge is propelled by the growing initiatives in building advanced and higher-capacity fertilizer spreaders.
Non-chelated Segment to Register Remarkable Growth Owing to Lower Cost
By form, the market is segmented into non-chelated and chelated. The non-chelated segment is anticipated to record appreciable growth throughout the study period. The growth is due to the higher availability of the product and a lower price compared to chelated products.
Cereals Segment to Depict Considerable Growth Impelled by Higher Cultivation Rate
By crop type, the market is fragmented into pulses & oilseeds, fruits & vegetables, cereals, and others. The cereals segment is expected to register substantial expansion over the projected period. The rise is driven by an upsurge in the higher rate of cultivation of cereal crops.
Based on region, the market for agricultural micronutrients is segmented into Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Report Coverage:
The report provides an analysis of key trends driving industry growth in the coming years. Additional factors supporting the global market expansion include acquisitions, merger agreements, and various strategic initiatives undertaken by major market players to strengthen their market positions.
Drivers and Restraints:
Market Growth Propelled by Rise in Cultivation and Production Areas of High-Value Crops
The growth of the agricultural micronutrients market is driven by the increasing cultivation of high-value crops, including vegetables, fruits, ornamentals, and turf, along with the rising production of these crops.
However, market expansion may face challenges due to limited access to government schemes.
Regional Insights:
Asia Pacific to Emerge as Leading Region Considering the Major Production in India and China
The Asia Pacific agricultural micronutrients market is projected to grow at a significant pace, maintaining a dominant share over the forecast period. This growth is attributed to the region's status as a leading producer of staple and cereal crops.
Meanwhile, the North American market is expected to witness substantial expansion during the study period, driven by increasing awareness of micronutrient deficiencies in the region.
Competitive Landscape:
Leading Companies Enter into Collaborations to Increase Geographical Footprint
Leading market participants are adopting various strategic initiatives to expand their geographical presence. These include acquisitions, mergers, partnerships, collaborations, and the development of innovative products to strengthen their market positions.
Key Industry Development:
March 2021 – Haifa Group signed an agreement with AgrIOT, an agriculture technology provider, aimed at assisting farmers with crop monitoring and product purchasing. The partnership focuses on offering effective and precise solutions to address nutrient deficiencies.
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