Agricultural Micronutrients Market Size, Share, Growth Analysis, By Type, By Form, By Crop Type, By Mode of Application, By Region - Industry Forecast 2024-2031

Global Agricultural Micronutrients Market size was valued at USD 3.9 billion in 2022 and is poised to grow from USD 4.2 billion in 2023 to USD 7.8 billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).

The agricultural micronutrient market is witnessing positive growth, driven by the critical role these nutrients-such as zinc, manganese, and copper-play in plant development and crop nutrition. Despite adequate soil nutrient levels, deficiencies in these micronutrients can hinder plant growth. Recent government support and innovative strategies implemented by micronutrient manufacturers during the pandemic have led to a notable 2.50% increase in global sales compared to the previous year. The rise in technology utilization by government agencies, along with favorable policies for farmers, is likely to further boost demand for these products. For instance, the Indian government is leveraging advanced tech to enhance agricultural monitoring, while the US has pledged an additional USD 14 billion in aid to agricultural producers, enhancing the overall landscape of agricultural micronutrients.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Agricultural Micronutrients market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Agricultural Micronutrients Market Segmental Analysis

Global Agricultural Micronutrients Market is segmented by Type, Form, Crop Type, Mode of Application and region. Based on Type, the market is segmented into Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Manganese, Other Types. Based on Form, the market is segmented into Chelated, Non-Chelated Micronutrients. Based on Crop Type, the market is segmented into Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses, Other. Based on Mode of Application, the market is segmented into Soil, Foliar, Fertigation, Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Agricultural Micronutrients Market

The Global Agricultural Micronutrients market is experiencing growth due to several key factors, primarily the need for innovative fertilizers amid diminishing arable land and rising soil contamination in leading agricultural nations. Increased investment in research and development by notable industry players is leading to the creation of cost-effective and efficient micronutrient fertilizers, thus enhancing market dynamics. A prominent example is AgXplore's launch of Microcoat, which combines five vital micro and secondary nutrients, including magnesium, sulfur, manganese, molybdenum, and zinc. This versatile dry fertilizer not only ensures efficient nutrient delivery but also allows dealers to customize mixes with existing phosphorus and potassium fertilizers, further boosting its appeal.

Restraints in the Global Agricultural Micronutrients Market

The Global Agricultural Micronutrients market faces significant restraints due to the widespread overuse of fertilizers, particularly synthetic varieties like nitrogen, phosphorus, potassium, and sulfur. Farmers in both developed and developing countries often favor these conventional fertilizers over organic options, leading to detrimental effects on soil health. Persistent application of conventional fertilizers, coupled with chemical pesticides, contributes to soil degradation, prompting a shift toward natural alternatives. Farmers are increasingly adopting organic fertilizers, such as animal manure, crop residues, and compost, which enhance soil structure, promote microbial activity, and improve nutrient availability while also minimizing environmental harm and protecting ecosystems. This transition highlights the benefits of organic fertilizers for farmers, consumers, and the environment alike.

Market Trends of the Global Agricultural Micronutrients Market

The global agricultural micronutrients market is witnessing a significant upward trend, driven by increasing awareness of soil health among crop growers and a surge in home gardening practices. As the Food and Agriculture Organization (FAO) emphasizes the importance of ecological soil management in enhancing food production, farmers are increasingly investing in soil amendments and micronutrients to ensure sustainable yields. The COVID-19 pandemic has further accelerated the home gardening movement, with individuals recognizing the nutritional benefits of horticultural crops. Consequently, the heightened focus on maintaining soil fertility and the rise of backyard cultivation are propelling the demand for agricultural micronutrients, shaping a dynamic market landscape.