Agriculture Micronutrients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global market for agriculture micronutrients is on a steady growth trajectory, driven by increasing awareness and application in the agricultural sector.The market is set to grow from $6.55 billion in 2024 to $11.79 billion by 2031, with a robust CAGR of 8.70%. Micronutrients play a vital role in plant growth, improving crop yield and quality, and enhancing soil fertility. They are essential elements required in small quantities for the development and growth of plants. The market for agriculture micronutrients is expanding due to their increasing demand in modern agricultural practices.

Agriculture Micronutrients Demand Analysis

• ver recent years, the demand for agriculture micronutrients has been rising due to the growing awareness among farmers regarding soil micronutrient deficiencies. These deficiencies can significantly impact crop productivity and quality. Micronutrients can be applied to the soil or leaves of plants to enhance soil nutrient levels to a point where plant roots can absorb them efficiently. They can be used individually or in combination with organic manures or macronutrients like potassium, phosphorus, calcium, nitrogen, sulfur, or magnesium.

The increasing use of intensive cropping has led to a higher demand for micronutrients to address soil deficiencies. Farmers are becoming more conscious of the need to produce nutrient-rich crops, which drives the utilization of micronutrients in agriculture. This rising awareness and the need for enhanced crop nutrition are major factors fueling the market growth.

Key Trends in the Agriculture Micronutrients Market

Fortifying Fertilizers: Fortified fertilizers, which include additional micronutrients and essential elements like nitrogen and phosphate, have been developed to be more effective in degraded soils. These fertilizers provide essential nutrients to plants and enhance soil quality, leading to increased agricultural yields. Fertilizer companies are increasingly enriching their products with micronutrients to improve soil fertility and address crop micronutrient deficiencies. This trend is driven by the need to combat nutrient deficiencies caused by modern intensive farming practices and declining soil quality.

Rising Consumption of Biofuels: The production of biofuels from various agricultural plants and waste materials is another significant trend. Crops such as corn, wheat, oilseeds, and sugarcane are grown specifically for biofuel production. These energy crops are low-cost and low-maintenance, making them ideal for biofuel production. The increased demand for biofuels has led farmers to enhance crop quality using fertilizers, including micronutrients, which in turn boosts the agriculture micronutrients market. Micronutrients improve soil quality and crop yield, essential for high-quality biofuel production.

Micronutrient Mixtures: Scientists are developing soil and crop-specific micronutrient mixtures for foliar application in various crops, such as black pepper, turmeric, cardamom, and ginger. These mixtures can increase crop yield and quality by 15-25%. Additionally, they offer the advantage of being environment-friendly and suitable for organic agriculture. The development of these mixtures addresses the issue of micronutrient deficiencies in soil and provides an efficient solution for farmers.

Widening Applications: Chelated iron fertilizers have proven effective for turf grass and decorative plants, driving the market for chelated iron micronutrients. The demand for high-quality cereals, fruits, and vegetables has increased globally due to rising consumer purchasing power, leading to higher demand for chelated fertilizers. This trend presents a profitable growth opportunity for the agriculture micronutrients market.

Factors Restricting Market Growth

High Prices: The high cost of micronutrients has been a significant restraint on market growth. Many farmers reduce or avoid the use of micronutrients due to their high prices, leading to soil deficiencies. This issue is particularly prevalent in regions with lower income levels, such as Brazil, the Indian subcontinent, North Africa, and parts of China. The high prices of micronutrients like molybdenum, manganese, boron, and zinc act as a constraint to market growth.

Lack of Awareness and Training: In many developing countries, farmers lack awareness regarding the proper dosage and application of micronutrients. They often do not have access to the necessary technology and knowledge for effective farming techniques. Issues related to the application of micronutrients also pose a challenge, as farmers are more familiar with traditional application methods like soil and foliar application, while newer methods such as fertigation, seed treatment, and hydroponics are not widely adopted.

Country-wise Insights

Europe: Countries like Italy, Spain, and France are showing promising growth potential in the agriculture micronutrients market. The demand for micronutrients is expected to rise as they are frequently used to treat plant deficiencies. These countries are focusing on improving soil fertility and addressing nutrient deficiencies through fortified fertilizers.

South Asia: India holds the largest share in the South Asian market for agriculture micronutrients. The agriculture sector is a significant contributor to the country's GDP, and the demand for micronutrients is increasing due to their importance in enhancing crop quality and yield.

Category-wise Insights

Zinc Micronutrient: Zinc is a crucial component of various enzymes responsible for metabolic reactions in crops. Its continuous supply is essential for optimal plant growth and maximum yield. Zinc-deficient plants show reduced protein, carbohydrate, and chlorophyll formation. As a result, zinc holds a significant market share in the agriculture micronutrients sector.

Applications Showing Potential Growth: The application of micronutrients in fertigation and soil treatment is providing substantial growth opportunities for producers. Fertigation, which involves the injection of fertilizers into the irrigation system, is registering significant growth. Soil application remains a widely adopted method, with both segments expected to drive market growth.

Competitive Dashboard

Major players in the agriculture micronutrients market are focusing on product and process innovation, geographic expansion, and increasing production capacities to strengthen their market position. Companies like BASF SE, Agrium Inc., and Stoller USA, Inc. are actively involved in strategic initiatives to enhance their market presence.

Key Companies Profiled

Leading companies in the agriculture micronutrients market include

• ADAMA Agricultural Solutions Ltd.
• Agrium Inc
• Auriga Industries A/S
• BASF SE
• Bayer CropScience AG
• Compass Minerals International Inc.
• E.I. DuPont DE Nemours and Company
• Land O'Lakes Inc. Monsanto Co.
• Nufarm Limited
• Sumitomo Chemical Co., Ltd.
• Syngenta International AG
• The Dow Chemical Co.
• The Mosaic Company
• Yara International ASA
• ATP Nutrition
• Baicor, L.C.
• Brandt Consolidated Inc.
• Grow More Inc.
• Micnelf USA Inc.
• Kay-Flo Company
• Stoller USA, Inc.
• Verdesian Life Sciences, LLC (QC Corporation)

Agriculture Micronutrients Market by Category

By Product Type

• Boron
• Copper
• Iron
• Manganese
• Molybdenum
• Zinc
• Others

By Crop Type

• Cereals
• Pulses and Oilseeds
• Fruits and Vegetables
• Others

By Application

• Fertigation
• Foliar
• Soil
• Seed Treatment
• Others

By Region

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

This product will be delivered within 1-3 business days.