"Yield Higher Revenue with our Exclusive Insights "
The India agricultural micronutrients market size was USD 538.4 million in 2021. The market is projected to grow from USD 571.6 million in 2022 to USD 1,057.6 million by 2029, exhibiting a CAGR of 9.19% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 5.23% in 2020 as compared to 2019.
This market is witnessing promising growth attributed to increasing awareness regarding crop nutrition across the agriculture industry in India. The growing population, emergence of advanced technologies, and government facilities that boost the adoption of micronutrients to improve crop health and yield are anticipated to fuel the market growth in the coming years.
Disruption in Supply Chain amid COVID-19 to Affect Market Value of Agricultural Micronutrients in India
The India agricultural micronutrients market has experienced a significant impact of the pandemic. The COVID-19 pandemic has disrupted the supply chain of agricultural input in India, including micronutrients. An acute shortage of labor, restriction on inter-state movement, and exports were some of the unforeseen challenges that the stakeholders across the value chain witnessed.
However, the Government of India has been very supportive and provided timely exemptions to mitigate the damage caused by the pandemic. The economic relief package “Aatmanirbhar Bharat Abhiyan”, announced by the government has major reforms on agriculture and allied sectors, which are bound to bring a notable change in the agriculture economy.
Request a Free sample to learn more about this report.
Advancing Agricultural Practices in India to Propel Market Growth
The extensive farming practices such as the wide use of chemical fertilizers and burning crop residues in the past have led to the degradation of Indian soil. This has also negatively affected the health of consumers. However, the awareness regarding soil health has increased among farmers in recent years. The growing knowledge about the maintenance and improvement of soil health has significantly improved Indian agricultural practices. The increasing knowledge of the positive relation between soil health on plant growth and yield is expected to amplify the growth of the agricultural micronutrients market during the forecast period.
Furthermore, the information technology revolution in the country, new technologies in agriculture, increasing investments specifically on research and development, and government initiatives to address the problems of small holding farmers are supporting the evolution of agriculture in India.
Increasing Micronutrient Deficiencies in Agricultural Soils of India to Promote Market Growth
In India, intensive farming and changes in environmental conditions, such as increase in global warming, are the major factors, which contributed to the depletion of micronutrients in soil. Hence, crop cultivation in micronutrient deficient soils has adversely affected the crop yield, thereby leading to crop losses. Additionally, lack of adoption of timely soil testing has hampered the sustainable production of agricultural crops in India.
Thus, fortification of fertilizers with essential micronutrients is an efficient solution to eliminate the aforementioned problem as various micronutrients are able to deal with a wide range of soil conditions/problems. Moreover, the increased demand for high-quality and fully-developed fruits, vegetables, other horticulture, and ornamental crops worldwide is projected to play a crucial role in augmenting the demand for micronutrient enriched fertilizers. Thus, micronutrient fertilizers are gaining widespread recognition as they are the best fit for modern sustainable agriculture.
Strong Demand for High-Value Crops and Government Support to Boost Growth
In recent years, the Indian consumer inclination has shifted toward healthy foods to maintain and improve health. The increasing demand for high-value crops such as nutrient-rich fruits and vegetables is primarily fueling the demand for micronutrients across the Indian agriculture industry. In addition, rising knowledge about the relation between healthy crops and increased yield has amplified the agricultural micronutrients market growth.
Furthermore, the Indian government is taking initiatives to educate farmers about soil health by launching lucrative agricultural schemes and offering subsidies to promote the adoption of agriculture micronutrients. For instance, in 2020, the Government of India (GOI) implemented the Nutrient Based Subsidy (NBS) scheme and promoted fortified and customized fertilizers. The government also offered additional subsidies on zinc and boron to promote their usage alongside primary nutrients.
Unregulated Application and Low Adoption of Micronutrients to Hamper Market Growth
The primary factor restraining the growth of the micronutrients market is low awareness regarding the benefits of these products among farmers in India. Lack of awareness regarding the nutritional status of their farm lands among low-income farmers in the country limits the adoption of micronutrients. The efficacy of micronutrient products significantly depending on the rate of application and mode of application. It is important to identify proper application rate and method of application. The excessive application of micronutrients can cause soil toxicity and negatively impact crop productivity. Thus, lack of proper knowledge regarding efficient nutrition (other than conventional fertilizers) required by crops to attain healthy and timely growth further hampers the agricultural micronutrients market growth.
To know how our report can help streamline your business, Speak to Analyst
Zinc to Dominate Market as it Provides Higher Crop Yield
Based on type, the market is divided into zinc, boron, iron, molybdenum, manganese, and others.
Mineral elements support growth of cereals, spices, oilseeds, pulses, and plantation. The unavailability of micronutrients causes deformations, reduced growth, and reduced yield. Micronutrients are essential for the growth of plant and play a significant part in supporting crop nutrition. Zinc deficiency is one of the major concerns among Indian farmers. In addition, low hormone production due to zinc deficiency causes the shortening of internodes and stunted leaf growth in crops. Thus, zinc is required for protein synthesis, growth regulation, synthesis of plant-growth substances, and is essential for promoting certain metabolic reactions, which are particularly critical in the early growth stages.
Iron is a catalyst to chlorophyll formation. Iron acts as an oxygen carrier in the nodules of legume roots. The growing knowledge of the benefits of iron among farmers is surging the demand for ferrous fertilizers.
Chelated Micronutrients are Witnessing Promising Growth due to its Efficient Uptake
Based on source, the market segmented into chelated and non-chelated.
The increasing knowledge regarding advancing technologies among farmers is expected to amplify the use of micronutrient chelates. Chelation is an attachment of molecules and ions to metal ions. Chelates are considered to be organic molecules. Chelation is important as it makes the metal ions more available for efficient uptake. Moreover, chelates are available for different ranges of soil pH, which increase their adoption among farmers.
Traditionally, non-chelated micronutrient products have been extensively used by farmers due to their wider availability and easy application. The lack of knowledge regarding chelated micronutrients among low-income farmers has increased the value share of non-chelated micronutrients in the market.
Soil Application Segment to Remain Dominant owing to its Low-Cost of Application
Based on application, the market is segmented into soil, foliar, and fertigation.
Soil application is the most effective method for micronutrient application due to its low cost and ease of application. Lack of advanced fertilization techniques in various parts of India and dearth of knowledge among farmers have driven the adoption of soil application method.
However, foliar application is expected to witness strong growth in the coming years due to its uniform application. Moreover, increasing investment by manufacturers for commercializing the foliar products is projected to fuel the adoption of foliar application in the foreseeable years.
Cereal Segment to Hold Highest Share Attributed to its Strong Demand
Based on crop type, the market is segmented into cereals, pulses and oilseeds, fruits and vegetables, and others.
Cereal segment is projected to dominate the market attributed to the increasing prevalence of nutrient loss in cereal crops such as wheat, rice, and others. The growing demand for cereal crops as a staple food has significantly increased the demand for micronutrient fertilizers for these crops.
The demand for high-quality oilseeds & pulses and fruits & vegetables has significantly increased across the India market due to its nutritious value. This, in turn, has amplified the demand for these micronutrients for application on these crops to offer good quality crops in the domestic as well as international markets. This is one of the major reasons for the growth of the agricultural micronutrients market.
Key Players Investing in New Product Development to Fortify their Business Capabilities
The micronutrients market in India exhibits a fragmented structure with several local and major manufacturers of micronutrients competing with each other. Some of the major players of micronutrients in India include Coromandel International Limited, IFFCO, Deepak Fertilisers and Petrochemicals Corporation Limited, Aries Agro Limited, and Zuari Agro Chemicals Ltd. The major companies in the country are investing in the development of novel innovative products to fortify their business capabilities. For instance, in 2021, Coromandel International Limited introduced a new fertilizer, which is fortified with micronutrients in three markets of Telangana and Andhra Pradesh. Beside major nutrients, such as nitrogen, phosphorous, and potassium, the product contains zinc. The product is suitable for use in crops such as cereals, pulses, oilseeds, vegetables, and fruits.
An Infographic Representation of India Agricultural Micronutrients Market
To get information on various segments, share your queries with us
The agricultural micronutrients market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, types, sources, application mode, and crop type. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market growth in recent years.
Value (USD Million)
By Crop Type
Fortune Business Insights says that the market size was USD 538.4 million in 2021 and is projected to reach USD 1,057.6 million by 2029.
The market is projected to grow at a CAGR of 9.19% during the forecast period (2022-2029).
Zinc fertilizer is expected to be the leading type of segment in the India market.
Growing knowledge regarding crop nutrition among farmers is driving the market growth.
Coromandel International, IIFCO, and Yara International are a few of the top players in the India market.
Foliar application is expected to be the fastest-growing segment during the forecast period.
Unregulated application of micronutrients and low adoption of micronutrients are expected to hamper market growth.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry