Agricultural Micronutrients Market: Current Analysis and Forecast (2024-2032)

Plant micronutrients are a set of essential nutrients that are crucial in very small amounts in the development of crops. These nutrients include iron, zinc manganese, copper, boron, and molybdenum and all of these are significant in physiological activities like photosynthesis as well as activation of enzymes and nitrogen fixation. These micronutrients are essential in plant growth and development; their absence could result in low yields, poor-quality produce, and diseases. With the increase in the world population, the focus shifts to micronutrients in agriculture, and farmers are compelled to perform soil testing and targeted fertilization to provide necessary nutrients in the soil. Such concentration on micronutrients is quite significant in the development of sound and sustainable agricultural practices and increases overall crop yields.

The Agricultural Micronutrients Market is expected to grow at a steady rate of around 7.4% owing to the expanding product portfolio. For instance, in September 2022, Nouryon entered into a definitive agreement to acquire ADOB Fertilizers, a supplier of chelated micronutrients, foliar, and other specialty fertilizers. The acquisition will enable Nouryon to expand its product portfolio and broaden its offerings for customers in the crop-type nutrition market. Moreover, increasing awareness of plant nutrition and a growing focus on the development of high crop-type yields are anticipated to boost the agricultural micronutrient market.

Based on the crop type, the market is segmented into cereals, fruits & vegetables, and others. The fruits & vegetables segment held a significant share of the market in the year 2023 as it contributes huge value to the food chains and the overall health of individuals and communities. The presence of micronutrients has a significant adverse impact on fruits and vegetables in so many ways including growth, quality, and yield. It is essential to apply micronutrients such as zinc, boron, and manganese to enhance the factors apart from boosting the general health of the crop types. As the demand for fresh and nutrient-rich vegetables and fruits has increased, growers are inclined to micronutrients for a viable solution to improve the crop type yields. The importance of the segment is further boosted by the rising trend of fortification and advancement in the practice of agriculture to get the best yields from the available resources. Therefore, this fruits & vegetable segment is still one of the core segments in the agricultural micronutrient market because of its importance in achieving quality and high yields in agricultural productivity.

Based on the form, the market is bifurcated into chelated and non-chelated. The chelated segment is expected to experience significant growth in the forecast period owing to better nutrient availability for plant and soil uptake. Chelation enhances the stability of micronutrients to reduce the propensity of cross-binding and the formation of insoluble products that may be rendered ineffective in traditional forms of micronutrients. With an increasing demand for better ways of fighting micronutrient deficiencies and enhancing the production of crops, chelated micronutrients are being embraced for their capacity to deliver those nutrients that are scarce in the soil to the crops in the most convenient way. Also, the trends such as precision agriculture and the shift towards ecologically sound agriculture are fueling growth in this market as well as the need for such complex formulations. Chelated micronutrients are increasingly being incorporated into the modern practices of agriculture as people get to know of their advantages for enhancing the health and yield of crops. Thus, the chelated segment is expected to grow at a significant rate in the forecast period among the form.

Based on the application, the market is segmented into foliar, fertigation, and others. The fertigation segment is expected to experience significant growth in the forecast period owing to increased precision in irrigation. Fertigation is a technique of applying nutrients and water at one go and it is an effective method to apply micronutrients directly at the root of the plant to avoid loss of nutrients. Also, this method increases nutrient use efficiency and reduces losses while at the same time increasing crop productivity and the quality of the crop produced. With the increase of scarce water resources, fertigation is increasingly being adopted by farmers to optimize resource use and conservation. Increased knowledge of the value of micronutrient application through fertigation and the latest irrigation technology, together with the increasing focus by growers on environmentally friendly farming practices, is seen to enhance the growth of this segment in the agricultural micronutrient marketplace. Thus, the fertigation segment is expected to grow at a significant rate in the forecast period among the applications.

For a better understanding of the market adoption of agricultural micronutrients, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the majority share of the market in the year 2023 owing to progressive farming practices, technological support, and growth in awareness about the soil. Many farmers in the region and their counterparts in the agribusiness industries have gradually embraced precision agriculture practices using micronutrients for higher and better yields. The need for micronutrients is further brought about by the effort to use sustainable systems of cultivation and correction of nutrient depletions that arise from constant farming. Further, the adoption of data and sophisticated soil testing methods facilitate the enhanced application of micronutrients with high accuracy. For instance, in February 2023, U.S.-based Andersons Inc. announced the launch of MicroMark DG, a new line of granular micronutrients featuring dispersing granule (DG) technology. The new technology allows for homogeneous spherical granules for easier blending, spreading, and increased efficacy. Thus, amongst areas, North America held a significant share of the market in the year 2023.

Some of the major players operating in the market include AgroLiquid; Aries Agro Limited; BASF SE; BMS Micro-Nutrients NV; Coromandel International Limited; Haifa Negev technologies LTD; Helena Agri-Enterprises, LLC; Koch, Inc.; Nouryon Chemicals Holding B.V.; Nufarm Limited.