"Yield Higher Revenue with our Exclusive Insights "
The global agricultural micronutrients market size was USD 3.86 billion in 2020 and is projected to grow from USD 4.00 billion in 2021 to USD 6.65 billion by 2028, exhibiting a CAGR of 7.51% during the forecast period 2021-2028. The COVID-19 spread across the world was followed by lockdown; thus, this imposed lockdown negatively impacted the fertilizer industry's supply chain, including micronutrient fertilizers. However, support from the government and different strategies adopted by micronutrient manufacturers during this pandemic has led to a rise in the global sales of agricultural micronutrients by 2.50% from the previous year.
The increasing adoption of technology by government agencies and incorporating supportive policies to help farmers will boost the product’s demand. For instance, the Indian government announced a plan to use technology on an exceptional scale to help track production and monitor critical agricultural data points during the lockdown. Similarly, the U.S. government announced that it would provide USD 14 billion as an additional aid to agricultural producers.
Supportive Government Policies for Agricultural Sector amid COVID-19 to Promote Growth
During the initial phase of the pandemic outbreak, supply chain disruptions were observed in the market. These disruptions in the supply chain occurred due to a shortage in raw materials, workers, and restrictions on transport. However, the operations were back to normal on the upliftment of lockdown. Additionally, government support, higher demand, and change in strategies by micronutrient manufacturers have positively impacted the global micronutrient manufacturer. According to the 2020 CropLife 100 survey, 69% of respondents said their micronutrient sales increased between 1% to 5% in 2020.
The high emphasis by the World Health Organization (WHO) on the consumption of fruits, vegetables, pulses, cereals and grains as a source of a balanced diet also drives the application of micronutrients for these crops. Therefore, this factor further boosts the usage of agricultural micronutrients, along with primary nutrients.
Request a Free sample to learn more about this report.
Rising Focus on Soil Health & Increasing Demand for Home-gardening Activities to Aid Growth
Crop growers focus on soil health as it is one of the key factors in plant growth and development. Also, according to the Food and Agricultural Organization (FAO), ecological soil management has the potential to produce 58% more food. The productive soils result in productive farms. Thus, agricultural inputs like soil amendment and micronutrients are becoming popular. Furthermore, many farmers perceive soil health as a way to preserve the land for their future generations.
In addition to soil health, the popularity of home-gardening is increasing across the world. Home gardeners mainly focus on the cultivation of horticultural crops due to their nutritious nature. The outbreak of COVID-19 pandemic has further fueled the number of home-gardeners who want to grow their own food. Therefore, the growing trend of home-gardening and rising focus on soil health would increase the demand for micronutrients.
Growing Incidence of Micronutrient Deficiency in Soil to Propel Growth
Although agricultural micronutrients are required in small quantities, they are essential for overall plant growth. The inadequate supply of these nutrients leads to their deficiency in plants, thereby declining their production and quality. Soils with alkaline pH, low organic matter, high calcium carbonate content, extreme temperature, and soils under moisture stress are more susceptible to micronutrient deficiencies. According to global studies, approximately 50% of the global soils are deficient in zinc; this trend is followed by boron and molybdenum, with 31% and 15% deficiency, respectively. Zinc deficiency is widespread in Asia (China, India, and Indonesia), Sub-Saharan Africa, and the north-western region of South America.
The rise in soil depletion caused by farming with inadequate fertilization also leads to micronutrient deficiency in the soil. Therefore, the rise in micronutrient deficiency in the soil would fuel the global agricultural micronutrients market growth in the forthcoming years.
Declining Arable Land Globally to Promote Growth
The decreasing arable land in major agricultural producing countries and increasing soil contamination drive the growth of the global market. Moreover, increasing investment in R&D for the development of affordable and efficient micronutrient fertilizers by key market players will positively shape the market during the forecast years. For instance, AgXplore, a premier agriculture specialty company, launched Microcoat, a mixture of five vita micro and secondary nutrients. The new product features a composite of magnesium, sulfur, manganese, molybdenum, and zinc to dry fertilizer, making it an efficient nutrient delivery fertilizer. Furthermore, Gunther Kreps, director of sales for AgXplore, said in a statement, “Microcoat is truly unique by allowing dealers the versatility to custom mix with any phosphorus and potassium fertilizer blend. It allows dealers to differentiate themselves in the marketplace by offering additional value and profit.”
Growing Adoption of Organic Fertilizers to Limit Adoption of Micronutrient Fertilizers
Nitrogen, phosphorus, potassium, and sulfur, are conventional fertilizers readily available in concentrated form. Thus, growers in developed and developing countries highly utilize conventional over organic fertilizers. However, the overconsumption of conventional fertilizers in combination with chemical pesticides has led to soil degradation. Thus, farmers worldwide move towards natural or organically produced fertilizers such as animal manure, crop residues, and compost.
Organic fertilizers help improve soil structure by stimulating microbial activity, ensuring a season-long supply of nutrients through a gradual release of nutrients, and increasing the water-holding capacity of soil by adding organic matter. Additionally, the use of organic fertilizers reduces the impact of farming and safeguard ecosystems by minimizing leaching. Therefore, organic and conventional farming fertilizers benefit the farmers, consumers, and the environment in many ways.
Zinc Segment to Dominate Owing to its High Deficiency in Soils
The global market is segmented into zinc, boron, iron, molybdenum, manganese, and other micronutrients.
The zinc segment is likely to gain significant market share due to its high deficiency in the soil across the globe and large consumption. Additionally, zinc performs a wide range of functions during plant growth, such as increasing utilization of N and P nutrients, regulating metabolic reactions, and supporting plants in the formation of key plant proteins and growth hormones.
The iron segment is expected to hold the second-largest position. It plays a key role in the biosynthesis of chlorophyll. Moreover, iron plays a critical role in enzymes and RNA metabolism and is responsible for oxidation-reduction in plants while regulating respiration and photosynthesis.
Chelated Segment to Exhibit Fastest Growth Due to Rising Demand
The demand for chelated micronutrients is projected to grow at a faster pace in the coming years as major market players such as AkzoNobel and BASF are inclined towards manufacturing innovative chelated agricultural micronutrients.
However, the non-chelated segment held a major market share due to its inexpensive pricing structure compared to chelated micronutrients. Also, the non-chelated micronutrients are highly preferred in developing regions, Asia, Africa, and the Middle East.
Soil Application to Hold Highest Share Owing to its Low-cost of Application
The application of agricultural micronutrients through soil is the most preferred way due to its low cost and ease of application. In developing countries, the soil application method is highly preferred due to limited resource availability and lower adoption of advanced fertilizer application techniques.
The agricultural micronutrient application through foliar mode is projected to grow faster in the forthcoming years due to increased awareness regarding the benefits of foliar application and the growing launch of foliar micronutrient products. For instance, in June 2019, Yara North America, a subsidiary of Yara International, launched YaraVita OptimumTurf, a foliar nutrition line for turf and ornamental crops. YaraVita PRISTINE GREEN and YaraVita Guard are micronutrient products provided under the YaraVita OptimumTurf line.
To know how our report can help streamline your business, Speak to Analyst
Fruits & Vegetables to Exhibit Fastest Growth Due to Rising Production and Consumption
The cereals segment is expected to dominate the market owing to increasing nutrient loss incidences in cereals crops such as rice, wheat, and others. The high demand for cereal based crops as staples in many nations also increases micronutrient fertilizer application in these crops.
The growing health consciousness among consumers has fueled the consumption of fruits & vegetables. In addition, the global production of fruits & vegetables is rising. For instance, in 2015, the global production of fruits & vegetables was 1.9 billion metric tons; in 2019, it was 2.0 billion metric tons. Thus, the growing production and rising demand for fruits & vegetables boost the utilization of global agricultural micronutrients in the crops mentioned above.
Asia Pacific Agricultural Micronutrients Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The global market in Asia-Pacific stood at USD 1.76 billion in 2020. The dominance of the region can be attributed to the high consumption of primary nutrients and the rising incidences of micronutrient deficiency in the soil. The growing population and rapidly increasing demand for nutrient-rich foods will boost the utilization of micronutrient fertilizers in the region.
North America is expected to register the fastest growth during the foreseeable years. The region's high growth can be attributed to gradually declining arable land within countries such as the U.S. and Mexico, which further generates the demand for specialized products such as micronutrient fertilizer blends. Increased awareness and adoption of crop nutrition products by growers within the region to produce high-quality crops are predicted to aid the market in the region.
The market in Europe is mainly driven by the large utilization of micronutrient fertilizers by cereal crops in countries such as Germany, France, and the U.K. The growing health consciousness in the region and rising consumption of foods sourced from plant origin further supports the consumption of micronutrients in the region.
In South America, Brazil holds the lion’s share and is driven by expanding planted areas and the growing agribusiness sector. Other major countries consuming micronutrients as a fertilizer include Argentina, Chile, Colombia, Peru, and Paraguay.
To know how our report can help streamline your business, Speak to Analyst
In the Middle East and Africa, the demand for agricultural micronutrients is comparatively lower than in other regions. However, it would be increasing in the forthcoming years due to the rising agricultural yield and evolving farming technology in North Africa.
Manufacturers Focus on New Product Development to Brighten Their Market Prospects
The global agricultural micronutrients market exhibits a consolidated structure. There are few prominent players such as Haifa Group, AkzoNobel, Yara International, and The Mosaic Company who hold a significant share in the entire market. These companies focus on product development and collaboration strategies to maximize their market share. Moreover, expanding product capacity development is becoming a top priority of key fertilizer giants in Asia and Europe. For instance, in January 2019, Haifa Group, a leading specialty crop nutrition company, expanded its Multicote CRF production facility in Lunel Ville, South France.
An Infographic Representation of Agricultural Micronutrients Market
To get information on various segments, share your queries with us
The global agricultural micronutrients market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, type, crop type, form, and application mode. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the abovementioned factors, the report encompasses several key factors driving and contributing to the market's growth opportunities in recent years.
Value (USD Billion)
By Crop Type
By Application Mode
Fortune Business Insights says that the global market size was USD 3.86 billion in 2020 and is projected to reach USD 6.65 billion by 2028.
In 2020, Asia Pacific market stood at USD 1.76 billion.
Registering a CAGR of 7.51%, the market is estimated to exhibit a steady growth rate during the forecast period (2021-2028).
Based on type, the zinc segment is expected to lead the market.
The rise in micronutrient deficiency is a significant factor driving the growth of the market.
Haifa Group, Yara International, and the Mosaic Company are a few major players in the global market.
Asia Pacific held the highest market share in 2020.
The increasing awareness, coupled with decreasing arable land, is expected to drive the adoption of these products.
“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