According to Renub Research latest report, "Agriculture Micronutrient Market, Size, Global forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis," Agriculture Micronutrient Market is estimated to grow at a CAGR of 8.09% by 2028. Micronutrients are essential elements necessary for plant growth in small amounts. Although crops require less than one pound of most micronutrients per acre, their deficiency can limit critical plant functions, reduce growth and yield, and cause abnormalities. The increasing concentration of CO2 in the atmosphere is causing a mineral deficiency in the soil, leading to faster depletion of micronutrients. With the changing climate and the constant threat to food security, this issue has gained significant attention in recent years. All nations worldwide are now placing more emphasis on food security and collaborating to achieve it.
Micronutrients, which are required by plants in small quantities, are crucial for preventing crop diseases. However, the deficiency of micronutrients in soils worldwide is caused by various factors, such as temperature, humidity, soil erosion, and soil pH. In particular, high soil pH can reduce the availability of micronutrients in the soil. The growing demand for biofuels and the production of bio-crops like sugarcane are driving the agricultural micronutrient market globally. Bioethanol and biodiesel are considered more sustainable alternatives to existing fuels, leading to an increase in biofuel crop production by farmers. Consequently, farmers are turning to micronutrients to enhance yields.
Several factors are driving the growth of the agricultural micronutrient market, such as the increasing global population, a reduction in arable land, soil and water pollution causing soil deficiency, a rise in demand for biofuels, and a growing need for high-quality food products with better yields. Additionally, the development of newer products and the reduction of agricultural land due to population growth are expected to further benefit the agricultural micronutrient market. However, the market's growth may be limited by the high cost of these products and a lack of awareness about their proper application and appropriate dosage, especially in underdeveloped countries.
Furthermore, the excessive use of fertilizers is causing a gradual decline in soil productivity. Consequently, agricultural scientists are focusing on enhancing product yields in less cultivation area, which is expected to fuel the growth of the agricultural micronutrient market. To increase their revenue share, agriculture industries are implementing various strategies such as conducting research and development activities to innovate newer products, acquiring and merging with other companies, obtaining product approvals and launches, filing patents, and collaborating with other businesses. For example, Novozymes acquired TJ Technologies Inc. to strengthen its bio-agriculture position, which includes its agricultural micronutrient product portfolio. Additionally, Zero Gravity Solutions, Inc. has received a U.S. patent for BAM-FX, an agricultural micronutrient product that improves fertilizer use efficiency.
Chelated Agents market is expected to grow due to the Increasing Demand for Soil Amendments to address Soil Micronutrient Deficiency
Chelated agents are characterized by large molecules that surround a metal nutrient ion. These molecules, known as chelates or ligands, can be combined with micronutrients to form chelated fertilizers that improve the availability and uptake of these nutrients in the soil. With the growing global population and increasing food demand, farmers are under pressure to cultivate crops with higher yields, which has led to an increased use of chelated fertilizers. Chelated fertilizers are especially useful for plants that require specific micronutrients, such as iron, zinc, or manganese. These micronutrients can be challenging for plants to absorb in their natural state in the soil. However, when chelates or ligands are combined with these micronutrients, it results in a more stable and soluble form that can be more easily absorbed by the plants, leading to better growth and development.
As agriculture continues to evolve globally, the use of hydroponics and fertigation is becoming more widespread, particularly in areas with challenging farming conditions. This trend is expected to increase the demand for chelated agents in the agriculture micronutrient market, as hydroponic systems rely heavily on the use of chelated micronutrients to achieve optimal plant growth and yields. Therefore, the growing popularity of hydroponics is expected to create significant growth opportunities for chelating agents in the agricultural micronutrient market.
Fruits and Vegetables segment is experiencing significant growth in the agriculture micronutrient market, driven by the increasing consumption of healthy foods and diets
With a growing awareness of the health benefits of a diet rich in fruits and vegetables, there has been a surge in demand for high-quality produce with improved yields. To meet this demand, farmers are turning to chelated micronutrient fertilizers to provide their crops with the essential micronutrients needed for optimal growth and development. As a result, the fruits and vegetables segment is expected to continue to register the highest growth in the agricultural micronutrient market.
The global demand for fresh and nutritious fruits and vegetables is increasing due to their nutritional value, including vitamins, minerals, fiber, and antioxidants, which have been shown to protect against chronic diseases such as cancer and heart disease. As a result of increasing health awareness, consumers worldwide are becoming more concerned about food safety and nutritional quality. The agriculture micronutrient market is expected to benefit from this trend, as the demand for high-quality, nutrient-rich produce continues to rise. Additionally, the shrinking availability of arable land and soil micronutrient deficiencies will further drive the demand for agriculture micronutrient products.
For thousands of years, cereal grains have been a crucial part of the human diet and played a significant role in shaping human civilization. Cereal grains directly contribute to more than 50% of the world's daily caloric intake. As the demand for cereals is expected to double in the coming decade, the use of Agriculture Micronutrient can help meet this growing demand worldwide.
Zinc is projected to Experience substantial growth in the Agricultural Micronutrient Market
Zinc is one of the essential micronutrients that are required for the proper growth and development of plants. It plays a crucial role in the activation of enzymes, the synthesis of proteins, and the regulation of plant growth hormones. Zinc deficiency in crops can lead to reduced yields and lower crop quality. Moreover, zinc deficiency in human diets can lead to serious health problems. Therefore, the use of zinc micronutrient fertilizers has become increasingly important in agriculture to address zinc deficiency in soils and ensure adequate crop yields and human nutrition.
The demand for zinc in the Agricultural Micronutrient Market is expected to grow rapidly in the coming years. This can be attributed to several factors, including increasing awareness about the health benefits of zinc consumption, the decline in the water table level, and the adoption of new farming technologies that require higher zinc input. Zinc deficiency is a common problem in many parts of the world, leading to stunted growth in children and other health concerns.
As a result, there is a growing demand for zinc-fortified food products and supplements. Additionally, the use of zinc in agriculture is essential for plant growth and development, as it plays a crucial role in several physiological processes, including photosynthesis, enzyme activation, and protein synthesis. With the increasing demand for higher crop yields and quality, the use of zinc as a micronutrient in agriculture is expected to grow significantly in the coming years.
By Application: Soil will have the Largest Market Share
The preferred method of applying agricultural micronutrients is through soil, as it is cost-effective and easy to implement. In underdeveloped countries with limited resources and low adoption of farming technologies, soil application is particularly popular. Direct contact with plant roots makes soil application highly effective, resulting in increased productivity and yield, thereby supporting the growth of the agriculture micronutrient market.
Additionally, seed treatment with micronutrients can improve the establishment of stands, promote phenological events, and enhance both yield and micronutrient content in the grains. This approach is more economical, as fewer micronutrients are required, and the application is straightforward, leading to improved seedling growth.
Asia-Pacific region is expected to have the highest Compound Annual Growth Rate (CAGR) in the Agriculture Micronutrient Market
The high consumption of primary nutrients and the rising incidence of micronutrient deficiency in the soil in Asia-Pacific is driving the growth of the Agriculture Micronutrient Market in the region. In addition, the growing population and the rapidly increasing demand for nutrient-rich food are expected to further boost the utilization of micronutrient fertilizers in the region. Moreover, the traditional farming methods still used in the region also support the need for micronutrients.
North America is a major producer of several crops however a recent report by the American Farmland Trust indicates that 11 million acres of farmland have been lost. This decline in arable land in the United States and Mexico is expected to increase the demand for specialized products such as micronutrient fertilizer blends. Additionally, the rising awareness and production of high-quality crops are expected to drive the growth of the agriculture micronutrient market in the North American region.
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Competitive Landscape Analysis:
Prominent companies competing currently in the Global Agriculture Micronutrient Market are BASF SE, Nutrien Ltd, Coromandel International Ltd, Nufarm, The Mosaic Company, Compass Minerals International, Zuari Agro Chemicals Ltd, Balchem.
Market Summary: -
- Form – Agriculture Micronutrient Market is broken into two points (Chelated and Non- Chelated)
- Crop Type – Agriculture Micronutrient Market is segregated into four points (Cereals, Pulses & Oilseeds, Fruits & Vegetable, and Others)
- Nutrients – Agriculture Micronutrient Market is differentiated into four points (Iron, Zinc, Magnesium, and Others).
- Application – Agriculture Micronutrient Market is divided into five parts (Soil Application, Foliar, Fertigation, Seed Treatment, and Others)
- Region – Agriculture Micronutrient Market is split into four parts (North America, Europe, Asia-Pacific, South America, and Rest of World)
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