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Global Agricultural Micronutrients Market Report By Nutrient Type, Form, Crop Type, Application, Countries and Company Analysis 2024-2032

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    Report

  • 220 Pages
  • July 2024
  • Region: Global
  • Renub Research
  • ID: 5780823

Agriculture Micronutrient Market is grow to be US$ 8.20 Billion by 2028

Global Agricultural Micronutrients Market

The Global Agricultural Micronutrients Market will US$ 10.14 billion in 2032, up from US$ 5.19 billion 2023, with a CAGR of 7.73% between 2024 to 2032. An increase in population of diverse population and the increasing need to ensure adequate food supplies will drive the market during the forecast period.

Agricultural Micronutrients Definition

Micronutrients entail and are therefore significant for plant development and are indispensable when considering the nutrition of the plant. A primary macronutrient may be needed in small amounts compared to secondary and micronutrients but a plant can be severely affected when these nutrients are not available. The problem of low micronutrients in the soil GAPs, is indeed a very big challenge to crop production and quality, which also has a very close relationship to food security on the global front. The micronutrient commonly reported to be deficient is Zinc. Nonetheless, the process of obtaining adequate amounts of iron is somewhat difficult given the high turnover rate and the fact that soil reserves are replenished very quickly; moreover, the use of facilities that irrigate rice fields significantly reduces the amount of available iron.

The presence of micronutrient will hasten metabolic activities of the plants and other quality parameters, availability of other nutrients like iron which is important in the synthesis of chlorophyll and photosynthesis to enhance yield. This role was very crucial during the Green Revolution era as there was a great increase in food production, especially grains, often at the cost of soils. The use of fertilizer in growth of HYVs led also to malnutrition of the soils thereby reducing the nutrient availabilities. The following are known to be important nutrients that are required by plants of which at least 17 are known. Micronutrients that are offered by the soil comprise of iron, manganese, boron, molybdenum, copper, zinc, chlorine, and cobalt though in small amounts.

Factor Driving the Global Agricultural Micronutrients Industry

Raising awareness and promoting the use of different micronutrients

Educating the society on various micronutrients that are available and the benefits that come with using different micronutrients are paramount for improving crop production and food security. There are essential microminerals Still that include Iron Zinc Copper Manganese and Boron that are very significant to plants’ growth, developments, and health. Through awareness creation on the aspects of these micronutrients, farmers will be informed on the ways to take proper care on soil management and application of fertilizers. It is possible to leverage awareness campaigns, training, and informative resources to promote women’s use of MISt-containing fertilisers and practice the efficient use of micronutrients in crop production. It enhances agricultural yields and a favorable nutrition value of food crops, and this eradicates malnutrition and health complications affecting societies that depend on farming.

The world's population is growing, and there are increasing worries about food security.

As the global demos grows in concern with food secure, it becomes even more imperative. As more people are being born hence people to feed more pressure is put on producers, distributors and availability of food. Eradicating this problem is not only necessary; it is mandatory. Supporting improved methods of farming and decent facilities for food storage together with the promotion of efficient ways of food preservation can go along way in making effective solutions to change the approach on food security for the worse. Food security can not be secured without sustainable production of food and the active participation of his community in food production for the increasing population globally. Among the report’s findings ho includes the World Bank’s expected global population to hit 9 billion people. 7 billion people require a fifty percent increase in agricultural productivity for food consumption to be met.

Integration of digital technologies into agriculture:

Digital technologies help organizations to achieve the goal of automation and improve efficiency in the business processes. Using data analytics, AI, and IoT devices is another path to the increase of the production and operational effectiveness of companies. These technologies also has brought in other means with which businesses can interact with their customers through social media, purchase and sales, advertisements among others which makes the interactions with customers to be more specific and thus leads to a better understanding of the consumers. The intertwining of digitization enhances concept generation for new products, business models and services leading to innovations and identification of new revenues. Further, through having access to large amounts of data, it is also possible to make efficient decisions with reference to its analysis of the trends in the marketplace, the contingent’s behavior, as well as organizational performance.

Growing Interest in Biofortifying Crops

Iron or vitamin A enhanced sweet potatoes and beans for instance are instances of bio fortified crops. They supplement the available nutrients in the community in a way that is sustainable and within easy reach for consumption especially for persons in the community that may not be able to afford energy dense foods most of the time. It has for instance been described that biofortification seeks to solve the crisis of low micronutrient levels in the staple foods thus the nutritional status is improved reducing the ability of diseases to affect people who have been biofortified. First of all, biofortified varieties have higher potential to better withstand the adverse weather conditions and contain higher resistance towards pests and diseases, which improves the crop resilience and food security. It also adds to the crop yields and or the market value of the produce, hence improving farmers’ income and productivity. This approach can be applied to the different staple crops, for example rice, maize, wheat and cassava, so different and healthy diet affordable by multiple population is freely available.

Asia Pacific Agriculture Micronutrients Market

The Asia Pacific agricultural micronutrient market grows at a very fast pace due to the large scale of agriculture and the rising food needs. These include; population increase, increased food processing marketing and urbanization, changes in diet and desire for quality produce. Increased awareness of the yields and quality of crops by small holder farmers due to resulting from the use of micronutrients is leading to growth if the market. Due to high production and demand for food and agricultural products, companies operational in China, India, and Japan are considered more influential in micronutrient for agriculture markets operational in the Asian Pacific region. As per the NIC database of India, the country is second in agricultural production all over the world. It is a main supplier of assorted aqueous agricultural products that help greater growth for the farm micronutrient market in the country and, in effect, inside the Asia Pacific. Major players in the markets of Asian agricultural micronutrients are anticipated to be Indonesia, Vietnam, and Thailand in the coming years.

Agricultural Micronutrients Company Analysis

The agricultural micronutrient market includes key players such as Basf SE, Compass Minerals, Coromandel International, Deepak Fertilizers, Nouryon, Nufarm, Nutrien Ltd., and Yara International.

In July 2022, Anand Agro Care unveiled two innovative product categories: Anand Agro Care’s Dr. Bacto’s 4K and Anand Agro Care’s Dr. Bacto’s 5G. These products are glucose-based, environmentally friendly, and biodegradable gelatinous capsules, particularly well-suited for organic farming applications.

In May 2023, Aries Agro Limited launched the 100 Days Drone Yatra program, which uses drones to provide micronutrient spraying services for crops. This initiative is ideal for vast fields, effectively reducing time and labor costs through drone technology.

Form - Market is divided into 2 viewpoints

1. Chelated
2. Non-Chelated

Crop Type - Market is divided into 4 viewpoints

1. Fruits & Vegetables
2. Cereals & Grains
3. Oilseeds & Pulses
4. Other Crop Types

Nutrient Type - Market is divided into 6 viewpoints

1. Zinc
2. Boron
3. Iron
4. Molybdenum
5. Manganese
6. Others

Application - Market is divided into 3 viewpoints

1. Soil
2. Foliar
3. Fertigation

Countries - Market breakup of 25 Countries

North America

  • United States
  • Canada

Europe

  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Belgium
  • Netherlands
  • Turkey

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Malaysia
  • Indonesia
  • New Zealand

Latin America

  • Brazil
  • Mexico
  • Argentina

Middle East & Africa

  • South Africa
  • Saudi Arabia
  • United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

  • Overviews
  • Recent Developments
  • Product Portfolio
  • Revenue

Companies List

1. Basf SE
2. Compass Minerals
3. Coromandel International
4. Deepak Fertilizers
5. Nouryon
6. Nufarm
7. Nutrien Ltd
8. Yara International
9. The Mosaic Company

Table of Contents

1. Introduction2. Research Methodology3. Executive Summary
4. Market Dynamic
4.1 Growth Drivers
4.2 Challenges
4.3 Opportunities
5. Global Agricultural Micronutrients Market
6. Global Agricultural Micronutrients Market Share Analysis
6.1 By Form
6.2 By Crop Type
6.3 By Nutrient Type
6.4 By Application
6.5 By Countries
7. Form - Global Agricultural Micronutrients Market
7.1 Chelated
7.2 Non-Chelated
8. Crop Type - Global Agricultural Micronutrients Market
8.1 Fruits & Vegetables
8.2 Cereals & Grains
8.3 Oilseeds & Pulses
8.4 Other Crop Types
9. Nutrient Type - Global Agricultural Micronutrients Market
9.1 Zinc
9.2 Boron
9.3 Iron
9.4 Molybdenum
9.5 Manganese
9.6 Others
10. Application - Global Agricultural Micronutrients Market
10.1 Soil
10.2 Foliar
10.3 Fertigation
11. Countries - Global Agricultural Micronutrients Market
11.1 North America
11.1.1 United States
11.1.2 Canada
11.2 Europe
11.2.1 France
11.2.2 Germany
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Belgium
11.2.7 Netherlands
11.2.8 Turkey
11.3 Asia Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 Australia
11.3.5 South Korea
11.3.6 Thailand
11.3.7 Malaysia
11.3.8 Indonesia
11.3.9 New Zealand
11.4 Latin America
11.4.1 Brazil
11.4.2 Mexico
11.4.3 Argentina
11.5 Middle East & Africa
11.5.1 South Africa
11.5.2 Saudi Arabia
11.5.3 United Arab Emirates
12. Porter's Five Forces Analysis
12.1 Bargaining Power of Buyers
12.2 Bargaining Power of Suppliers
12.3 Degree of Competition
12.4 Threat of New Entrants
12.5 Threat of Substitutes
13. SWOT Analysis
13.1 Strength
13.2 Weakness
13.3 Opportunity
13.4 Threats
14. Key Players Analysis
14.1 Basf se
14.1.1 Overviews
14.1.2 Recent Developments
14.1.3 Product Portfolio
14.1.4 Revenue
14.2 Compass Minerals
14.2.1 Overviews
14.2.2 Recent Developments
14.2.3 Product Portfolio
14.2.4 Revenue
14.3 Coromandel International
14.3.1 Overviews
14.3.2 Recent Developments
14.3.3 Product Portfolio
14.3.4 Revenue
14.4 Deepak fertilizers
14.4.1 Overviews
14.4.2 Recent Developments
14.4.3 Product Portfolio
14.4.4 Revenue
14.5 Nouryon
14.5.1 Overviews
14.5.2 Recent Developments
14.5.3 Product Portfolio
14.5.4 Revenue
14.6 Nufarm
14.6.1 Overviews
14.6.2 Recent Developments
14.6.3 Product Portfolio
14.6.4 Revenue
14.7 Nutrien Ltd.
14.7.1 Overviews
14.7.2 Recent Developments
14.7.3 Product Portfolio
14.7.4 Revenue
14.8 The Mosaic Company
14.8.1 Overviews
14.8.2 Recent Developments
14.8.3 Product Portfolio
14.8.4 Revenue
14.9 Yara International
14.9.1 Overviews
14.9.2 Recent Developments
14.9.3 Product Portfolio
14.9.4 Revenue

Companies Mentioned

  • BASF SE
  • Compass Minerals
  • Coromandel International
  • Deepak fertilizers
  • Nouryon
  • Nufarm
  • Nutrien Ltd.
  • The Mosaic Company
  • Yara International

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

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