Agricultural Micronutrients Market Size & Industry Growth Report 2032
Agricultural Micronutrients Market Outlook
According to the report by Expert Market Research (EMR), the global agricultural micronutrients market size, aided by the increasing adoption of automation across various industries, is assessed to grow at a CAGR of 8.2% during the forecast period of 2024-2032.
Agricultural micronutrients are essential elements required by plants in small quantities but are crucial for their growth, development, and overall health. Unlike macronutrients, which are needed in larger amounts, micronutrients play a pivotal role in various physiological and biochemical processes within the plant system.
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The global agricultural micronutrients market is witnessing significant growth, driven by a confluence of factors that are reshaping agricultural practices worldwide. As the importance of micronutrients in enhancing crop yield and quality becomes more widely recognised, several key trends are emerging in this dynamic market.
One of the primary trends driving the agricultural micronutrients market is the growing awareness of soil health and nutrient management among farmers and agronomists. As intensive farming practices and continuous cultivation deplete soil nutrients, the need for balanced fertilisation that includes micronutrients has become increasingly evident. Farmers are now more informed about the role of micronutrients such as zinc, boron, iron, manganese, and copper in promoting plant growth, disease resistance, and overall crop productivity. This awareness is translating into higher adoption rates of micronutrient fertilisers to address specific soil deficiencies and enhance soil fertility.
Technological advancements and the rise of precision agriculture are significantly influencing the agricultural micronutrients market. Precision agriculture involves the use of technologies such as GPS, sensors, drones, and data analytics to optimise field-level management of crops. These technologies enable farmers to precisely identify nutrient deficiencies and apply micronutrients in a targeted manner, thereby reducing wastage and enhancing efficiency. The integration of soil testing and plant tissue analysis with precision agriculture tools allows for accurate assessment of micronutrient needs, leading to more informed decision-making and better crop management practices.
The global shift towards sustainable and organic farming practices is another critical trend impacting the agricultural micronutrients market development. As consumers become more health-conscious and environmentally aware, there is increasing demand for organically grown produce. Organic farming practices emphasise the use of natural inputs and eschew synthetic fertilisers and pesticides. This has led to a rising demand for organic micronutrient sources such as chelated minerals and naturally derived products. Additionally, sustainable farming practices that focus on long-term soil health and environmental conservation are driving the adoption of micronutrient fertilisers as a means to improve soil quality and reduce reliance on chemical inputs.
The expansion of various application methods for micronutrients is further propelling the agricultural micronutrients market growth. Traditionally, micronutrients have been applied to the soil, but newer methods such as foliar spraying, fertigation, and seed treatment are gaining popularity. The foliar application involves spraying micronutrients directly onto plant leaves, ensuring quick absorption and immediate effect. Fertigation, which involves the application of micronutrients through irrigation systems, allows for uniform distribution and efficient use of water and nutrients. Seed treatment with micronutrients ensures that young plants have access to essential nutrients right from germination, promoting healthy early growth. These diverse application methods provide farmers with flexible options to meet their specific crop and soil needs.
The rising demand for high-value crops such as fruits, vegetables, and nuts is another significant agricultural micronutrients market trend. High-value crops require precise nutrient management to achieve optimal yield and quality. Micronutrients play a crucial role in enhancing the colour, size, taste, and nutritional content of these crops, making them more marketable and profitable for farmers. As global consumption of high-value crops increases, driven by changing dietary preferences and rising incomes, the demand for micronutrient fertilisers is expected to grow correspondingly.
Government initiatives and support for micronutrient fertilisation are also contributing to the market growth. Many governments are recognising the importance of micronutrients in improving agricultural productivity and food security. They are implementing policies and programs to promote the use of micronutrient fertilisers, including subsidies, awareness campaigns, and training programs for farmers. For instance, several countries in Asia and Africa are actively promoting the use of zinc and boron fertilisers to combat widespread soil deficiencies and enhance crop yields. Such initiatives are creating a favourable environment for the agricultural micronutrients market expansion.
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Despite the positive trends, the agricultural micronutrients market faces several challenges. One of the main challenges is the lack of awareness and knowledge among smallholder farmers, particularly in developing regions. Many farmers are still unaware of the benefits of micronutrient fertilisation and the specific needs of their soils and crops. Additionally, the high cost of micronutrient fertilisers can be a barrier to adoption for resource-poor farmers. To address these challenges, there is a need for continued education and extension services to disseminate knowledge about micronutrients and their benefits. Partnerships between governments, NGOs, and private sector companies can play a crucial role in providing training and resources to farmers.
The agricultural micronutrients market also presents significant opportunities for the market growth. The increasing focus on research and development is leading to the development of new and improved micronutrient products. Innovations in chelation technology, for instance, are enhancing the bioavailability and effectiveness of micronutrients, making them more efficient and easier to use. Additionally, the growing trend of fortifying conventional fertilisers with micronutrients is expanding the market and providing farmers with integrated nutrient solutions.
Market Segmentation
The global agricultural micronutrients market can be divided based on type, crop type, form, mode of application, and region.
Market Breakup by Type
- Zinc
- Boron
- Iron
- Molybdenum
- Copper
- Manganese
- Others
Market Breakup by Crop Type
- Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
- Others
Market Breakup by Form
- Chelated Micronutrients
- Non- Chelated Micronutrients
Market Breakup by Mode of Application
- Soil
- Foliar
- Fertigation
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global agricultural micronutrients market. Some of the major players explored in the report by Expert Market Research are as follows:
- BASF SE
- Yara International ASA
- Helena Agri-Enterprises, LLC
- Haifa Negev technologies LTD
- VALAGRO S.P.A
- Zuari Agro Chemicals LTD
- Baicor, LLC
- Others
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