Agricultural Micronutrients Market to Exhibit 6.92% CAGR from 2023 to 2030; Yara International Inks Commercial Agreement with Lantmännen for the Development of Green Fertilizers

The global agricultural micronutrients market size stood at USD 4.58 billion in 2022. The market value is slated to rise from USD 4.87 billion in 2023 to USD 7.78 billion by 2030 at a CAGR of 6.92% during 2023-2030. The expansion is driven by the increasing focus of agricultural producers and farmers on soil health. Additional factor favoring the market expansion is the rising popularity of home gardening. Fortune Business Insights™ presents this information in its report titled “Agricultural Micronutrients Market Size, Share & COVID-19 Impact Analysis, By Type (Zinc, Boron, Iron, Molybdenum, Manganese, and Others), By Application Mode (Soil, Foliar, and Fertigation), By Form (Chelated and Non-chelated), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2023– 2030”.

Market Growth Affected Due to Disruptions in Supply Chain During COVID-19 Pandemic

The coronavirus crisis impacted industry expansion driven by disruptions in the supply chain. Food security concerns resulted in an upsurge in the introduction of credit policies for promoting fertilizer usage. The growing introduction of relief policies resulted in an increase in the trade of essential goods, impelling a surge in inflation on account of an escalated demand against the shortage of supply.

Yara International Enters Agreement with Lantmännen to Develop Green Fertilizers

In January 2022, Yara inked a commercial agreement with Lantmännen in a bid to bring fossil free fertilizers to the market. The green fertilizers (produced with renewable energy) would be vital for the decarbonization of food chain and offering more sustainable food choices to customers.

Industry Value to Rise Due to Growing Need for Soil Nutrient Management

The agricultural micronutrients market growth is being propelled by the surging need for soil nutrient management. The process is recommended for the improvement of crop yield and soil health.

However, the market growth could be affected by the high taxes on micronutrients and lack of access to government services.

Key Companies Enter into Partnership Agreements to Strengthen Market Position

Major industry players are formulating a series of strategies for strengthening their market positions. These include acquisitions, partnership agreements, and merger activities. Other steps comprise an upsurge in research activities and the development of new products.

Key Players Profiled

• 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)

Notable Industry Development

March 2021 – Haifa Group and AgrIOT entered an agreement for helping farmers purchase products and monitor crops. The deal would help provide effective and precise solutions for nutrient deficiency.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607

Further Report Findings

• The market has been analyzed across Asia Pacific, North America, Europe, South America, and the Middle East & Africa.


• Asia Pacific is a major producer of cereal/staple crops. Owing to this, the region is anticipated to dominate the global agricultural micronutrients market share.


• The Middle East & Africa, Europe, and South America regions are estimated to depict substantial expansion over the estimated period. The surge is propelled by the growing micronutrient deficiency awareness and rapid escalation in crop production.


• Based on type, the market is segmented into boron, zinc, iron, manganese, and molybdenum, and others. The zinc segment is slated to exhibit a notable surge over the study period.


• By application mode, the market is fragmented into foliar, fertigation, and soil. The soil segment is anticipated to grow at a substantial pace over the forecast period. The expansion is impelled by rising number of initiatives in higher-capacity fertilizer spreaders.


• On the basis of form, the market is bifurcated into chelated and non-chelated. The non-chelated segment is expected to expand at a considerable pace over the projected period. The rise is on account of the higher product availability when compared to chelated solutions.  

Table of Segmentation