Global Agricultural Micronutrients Market is Forecasted to be more than US$ 10.7 Billion by the end of year 2027
08 Nov, 2021

Globally, micronutrients are vital for plant growth and are required in smaller amounts than those of the primary nutrients; nitrogen, phosphorus and potassium. The major micronutrients existing in the global market include boron (B), copper (Cu), iron (Fe), manganese (Mn), molybdenum (Mo) and zinc (Zn), and chloride (Cl), while chloride is a micronutrient whose deficiencies rarely occur in nature. Therefore, discussions on supplying micronutrient fertilizers are confined to the other six micronutrients. Addition, Global Agricultural Micronutrients Market will reach US$ 10.7 Billion by 2027.

Application of Micronutrients with Mixed Fertilizers:

The most popular method of micronutrient application for crops is soil application. Recommended application rates usually are less than 10 lb/acre (on an elemental basis), so the uniform application of micronutrient sources separately in the field is complex. Therefore, both granular and fluid NPK fertilizers are commonly used as carriers of micronutrients. Including micronutrients with mixed fertilizers is a convenient application method and allows more uniform distribution with conventional application equipment. Costs also are reduced by eliminating a separate application. Four modes of applying micronutrients with mixed fertilizers are: 

• Incorporation during manufacture
• Bulk blending with granular fertilizers 
• Coating onto granular fertilizers  
• Mixing with fluid fertilizers

Some reasons for deficiency are higher crop yields that increase plant nutrient demands, high analyses of NPK fertilizers containing lower quantities of micronutrient contaminants, and decreased use of farmyard manure on many agricultural soils. Hence, micronutrient deficiencies have been verified in many soils through increased soil testing and plant analyses.

Based on form, the overall agriculture micronutrients market is segmented within non-chelated and chelated forms, wherein the Chelated Micronutrients are formed by combining a chelating agent with metal through coordinate bonding. The stability of the metal-chelate bond affects availability to plants of the micronutrient metals, namely copper, iron, manganese, and zinc. However, the increasing application of non-chelated micronutrients is comparatively high because of their low price over chelated form micronutrients.

Globally intensifying zinc concentrate in the soil to improve quantitative and qualitative crop yield

Based on type, the overall agriculture micronutrients market is mainly segmented into zinc, boron, iron, copper, manganese, molybdenum, and other agricultural micronutrients. The zinc deficiency in soils and its wide range of functions in the growth of plants is renowned worldwide. In addition, the increase in the zinc agriculture micronutrients market is driven by the factors such as the rising need to meet food security challenges and the growing demand for zinc nutritious food products considering its health benefits. Rising global government initiatives towards intensifying zinc concentrate in the soil to improve quantitative and qualitative crop yield moreover support the growth of this market.

Recently, the deficiencies of micronutrients have been increasing in crops like Cereals, Food & Vegetables, Pulses & Oilseeds. Due to increasing nutrient loss incidences in cereals crops such as rice, wheat, and others, the cereals market has evolved the demand for the micronutrient. Moreover, the high demand for cereal-based crops as staples in many nations also increases micronutrient fertilizer application in these crops. Further, the growing health consciousness among consumers has fuelled the consumption of fruits & vegetables, consequently inflating the production of fruits & vegetables, boosting the utilization of global agricultural micronutrients in the fruits & vegetable crops.

Surging population & rapidly increasing demand for nutrient-rich foods will drive Asia-Pacific region market

Geographically, the market revolves around North America, Europe, and Asia – Pacific, South–America, and the World's rest. The Asia-Pacific region is attributed to the high consumption of primary nutrients and the rising incidences of micronutrient deficiency in the soil. In addition, the growing population and rapidly increasing demand for nutrient-rich foods will also boost the utilization of micronutrient fertilizers in the Asia-Pacific region. The North American region is anticipated to manifest the most accelerated growth throughout the foreseeable years. The region's tremendous growth can be attributed to continuously declining arable land within countries like the U.S. and Mexico, which further demand specialized products such as micronutrient fertilizer blends. To produce high-quality crops, enhanced awareness and adoption of crop nutrition products by growers within the region are predicted to aid the market in the region.

Additionally, the market in Europe is mainly induced by the extensive utilization of micronutrient manure by cereal crops in realms such as Germany, France, and the U.K. The expanding health awareness in the region and rising consumption of foods sourced from plant origin further support micronutrients' consumption in the region. Similarly, in South America, Brazil holds the lion's share and is driven by expanding planted areas and the growing agribusiness sector. Other significant countries consuming micronutrients as a fertilizer include Argentina, Chile, Colombia, Peru, and Paraguay. Also, in the Middle East and Africa, the demand for agricultural micronutrients is comparatively lower than in other regions. However, it will be increasing in the forthcoming years due to the rising agricultural yield and evolving farming technology in North Africa. The market for Agricultural Micronutrients worldwide will grow during 2020-2027 at a CAGR of % 7.62.

Healthy Smallholder Production Systems Develop as Mighty Nutrition Vehicles during COVID-19 Outbreak

The COVID-19 pandemic has had an instantaneous effect on food systems in emerging countries. Restrictions on the movement of people and goods have impaired access to the markets. Amid this uncertainty, governments are adopting strategies to safeguard the food and nutrition of people by prioritizing diversification of production. Such trends are creating revenue opportunities for companies in the agricultural micronutrients market.

Manufacturers in the agricultural micronutrient market encourage farmers and sellers to boost sales of nutritious and bio fortified crops such as wheat, maize, potato, and sweet potato. The COVID-19 pandemic has created people awake of foods rich in micronutrients. Local solid market chains, increased commercial utilization, and robust smallholder production systems make bio fortified crops powerful vehicles for nutrition. Global Agricultural Micronutrients Market valued at US$ 10.7 Billion in 2020.

Market Summary:

Product Type - We have covered the Global Micronutrients Market constituting Boron, Copper, Iron, Manganese, Molybdenum, Zinc, & Othersas product type.

Form Types -This report covers the Chelated and Non-Chelated as form types in the market.

Crop Types - We have covered the Global Micronutrients Market constituting Cereals, Food & Vegetables, Pulses & Oilseeds, Othersas crop type.

Region - This report studies Global Micronutrients Market of North America, Europe, Asia – Pacific, South–America, Rest of World.

Company - We have studied the company by Company Overview, Recent Development and Revenue of following companies The Mosaic Company, Yara International, Nutrien Limited, BASF SE, Nufarm.