PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536721
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536721
Agricultural Micronutrient Market size was valued at USD 5,125.2 Million in 2023, expanding at a CAGR of 7.50% from 2024 to 2032.
The Agricultural Micronutrient Market is the sector of the economy that buys and sells micronutrients specifically developed for agricultural purposes. Plants require micronutrients in small levels for growth and development. Iron, zinc, manganese, copper, boron, molybdenum, and chlorine are some of the nutrients in question.
Agricultural Micronutrient Market- Market Dynamics
Development of Efficient Fertilizer
The global market is expanding as arable land in key agricultural producing countries diminishes and soil degradation intensifies. Furthermore, increased R&D expenditure by leading market players in the development of low-cost and efficient micronutrient fertilizers would have a favorable impact on the market in the coming years. AgXplore, a leading agricultural specialist firm, for example, introduced Microcoat, a combination of five micro and secondary nutrients. The new product is a dry fertilizer containing a magnesium, sulphur, manganese, molybdenum, and zinc composite, making it an effective nutrient delivery fertiliser. Furthermore, according to Gunther Kreps, AgXplore's director of sales, "Microcoat is truly unique in that it allows dealers the flexibility to custom mix with any phosphorus and potassium fertiliser blend."
Agricultural Micronutrient Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.50% over the forecast period (2024-2032)
Based on Type segmentation, zinc was predicted to show maximum market share in the year 2023
Based on Crop Type segmentation, Non-agricultural Cereals & grains was the leading segment in 2023
Based on Application segmentation, the soil application segment accounted for a major share of the overall agriculture micronutrients market in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Agricultural Micronutrient Market is segmented on the basis of Type, Crop Type, Application, Form, and Region.
The market is divided into six categories based on Type: Zinc, Boron, Iron, Molybdenum, Manganese and Others. The zinc segment is likely to increase its market share significantly. Zinc also serves a range of activities during plant growth, such as enhancing N and P nutrient use, regulating metabolic responses, and supporting plants in the production of important plant proteins and growth hormones.
The market is divided into four categories based on Crop Type: Non-agricultural Cereals & grains, Fruits & vegetables, Oilseeds & pulses And Others. Non-agricultural Cereals and grains had the biggest market share of any of these segments. Cereals and grains are the most widely grown crops in the world, and they are important sources of food for both humans and animals. The growing population and changing dietary preferences are likely to drive demand for cereals and grains, hence driving demand for the agricultural micronutrients market in this category.
Agricultural Micronutrient Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia-Pacific dominated the worldwide market. The region's dominance is due to excessive primary fertilizer consumption and rising rates of micronutrient deficiencies in the soil. The region's burgeoning population and quickly increasing demand for nutrient-dense food will drive up the use of micronutrient fertilisers.
In the future years, North America is predicted to grow the fastest. The region's rapid expansion can be ascribed to the progressive reduction of arable land in nations such as the United States and Mexico, which increases demand for specialty products such as micronutrient fertilizer blends. Growers in the region are projected to become more aware of and use crop nutrition products to produce high-quality crops, benefiting the regional market.
The Agricultural Micronutrients Market industry has recently provided agriculture with significant advantages. The Agricultural Micronutrients Market is dominated by AkzoNobel N.V., Wilbur-Ellis Holdings, Inc., DowDuPont Inc., Valagro SpA, ATP Nutrition, and FMC Corporation, among others. To fulfill the growing demand for crop micronutrients, prominent market participants are focusing on R&D and introducing new offerings. Key firms are also investing in market development, such as new manufacturing facilities, in order to diversify their product offerings and expand their market position. In order to prosper and develop in a more competitive and expanding market climate, companies in the Agricultural Micronutrients Market business must produce cost-effective products
In February 2022, Marrone Bio and Corteva Agriscience have signed a distribution agreement under which Corteva will be Kinsidro Grow's only European distributor.
GLOBAL AGRICULTURAL MICRONUTRIENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Haifa Group
BASF SE
Nutrien Ltd.
Yara International ASA
The Mosaic Company
Coromandel International Limited
Compass Minerals International Inc.
Nufarm Limited
Sapec Agro Business
AkzoNobel N.V.
Wilbur-Ellis Holdings, Inc.
DowDuPont Inc.
Valagro SpA
ATP Nutrition
FMC Corporation
Bio Huma Netics Inc.
K+S AG
The Andersons Inc.
Sigma AgriScience, LLC
Brandt Consolidated, Inc.
Others