Agricultural Micronutrients Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Agricultural Micronutrients Market reached a valuation of USD 4.6 billion in 2023, with projections indicating a growth rate of 7.3% CAGR from 2024 to 2032.

Key trends shaping the market include a heightened focus on sustainable and organic farming, propelling the demand for natural micronutrient products. The rise of precision agriculture, leveraging technologies like soil testing and GPS mapping, aims to optimize micronutrient application, thereby boosting crop yields and minimizing waste. There is an intensified emphasis on R&D to formulate more efficient micronutrient solutions. Moreover, governmental backing and subsidies for micronutrient adoption, particularly in emerging markets, are fueling growth. The surge in online sales channels is further democratizing access to these products for farmers globally.

The agricultural micronutrients market is segmented by type, crop type, form, application mode, and region.

The zinc segment is poised to capture USD 2.4 billion, with a projected CAGR of 6.8% until 2032. Zinc's pivotal role in plant growth and enzyme function is driving its market expansion. Recognizing soil zinc deficiencies is becoming more prevalent, spurring demand for zinc-based fertilizers. Current trends spotlight the creation of efficient zinc formulations, like chelated zinc, which boost nutrient uptake. The rise in precision agriculture is optimizing zinc application rates. Furthermore, government endorsements of zinc fertilizers to address soil deficiencies and elevate crop yields are propelling market growth.

The cereals and grains segment is set to reach USD 3.7 billion, with an anticipated CAGR of 6.9% from 2024 to 2032. This segment's growth is driven by the global surge in staple food demand, emphasizing yield enhancement and nutritional quality via micronutrient supplementation. Trends highlight the use of fortified fertilizers, like zinc and iron, tailored for crops, such as wheat and rice. Innovations in micronutrient delivery systems are bolstering efficacy and absorption. Governmental pushes for food security and sustainable practices are amplifying market momentum, driving innovation and investment in this vital agricultural domain.

North America agricultural micronutrients market is on track to achieve a CAGR of 7.1% between 2024 and 2032. The growth is attributed to its advanced farming methodologies and heightened farmer awareness about soil health. North America stands out with its robust R&D activities, birthing innovative micronutrient solutions. The adoption of precision agriculture, including soil testing, is optimizing nutrient application. Government incentives for sustainable practices are further energizing the market growth. Additionally, the rising demand for premium crops, spurred by a growing populace and evolving dietary trends, is propelling regional industry expansion.

Product Code: 10712

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Key manufacturers
- 3.1.2 Distributors
- 3.1.3 Profit margins across the industry
3.2 Industry impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Increasing global population and food demand
  - 3.2.1.2 Soil degradation and nutrient deficiency
  - 3.2.1.3 Adoption of precision farming
- 3.2.2 Market challenges
  - 3.2.2.1 Limited consumer awareness
  - 3.2.2.2 Insufficient infrastructure for soil testing and analysis
- 3.2.3 Market opportunity
  - 3.2.3.1 New opportunities
  - 3.2.3.2 Growth potential analysis
3.3 Raw material landscape
- 3.3.1 Manufacturing trends
- 3.3.2 Technology evolution
  - 3.3.2.1 Sustainable manufacturing
    - 3.3.2.1.1 Green practices
    - 3.3.2.1.2 Decarbonization
- 3.3.3 Sustainability in raw materials
- 3.3.4 Pricing trends (USD/Ton), 2021 - 2032
  - 3.3.4.1 North America
  - 3.3.4.2 Europe
  - 3.3.4.3 Asia Pacific
  - 3.3.4.4 Latin America
  - 3.3.4.5 Middle East and Africa
3.4 Regulations and market impact
3.5 Porter's analysis
3.6 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Market Size and Forecast, By Type, 2021-2032 (USD Billion, Tons)

5.1 Key trends
5.2 Zinc
5.3 Boron
5.4 Manganese
5.5 Iron
5.6 Molybdenum
5.7 Copper
5.8 Others

Chapter 6 Market Size and Forecast, By Crop Type, 2021-2032 (USD Billion, Tons)

6.1 Key trends
6.2 Cereals and grains
6.3 Oilseeds and pulses
6.4 Fruits and vegetables
6.5 Others

Chapter 7 Market Size and Forecast, By Form, 2021-2032 (USD Billion, Tons)

7.1 Key trends
7.2 Solid
7.3 Liquid

Chapter 8 Market Size and Forecast, By Application Mode, 2021-2032 (USD Billion, Tons)

8.1 Key trends
8.2 Soil
8.3 Foliar
8.4 Fertigation

Chapter 9 Market Size and Forecast, By Region, 2021-2032 (USD Billion, Tons)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 South Africa
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 BASF SE
10.2 Nouryon
10.3 Nufarm
10.4 Yara International ASA
10.5 Coromandel International Limited
10.6 Land O'lakes, Inc.
10.7 Helena AgriEnterprises, LLC
10.8 The Mosaic Company
10.9 Haifa Negev Technologies Ltd.
10.10 Nutrien Ltd.
10.11 Koch Agronomic Services, LLC