Global Agriculture Micronutrients Market Size, Share, Opportunities And Trends By Type (Iron, Manganese, Zinc, Copper, Others), By Form (Chelated, Non-Chelated), By Crop Type (Pulses, Grains, Fruits And Vegetables, Others), By Application (Foliar, Fertigation), And By Geography - Forecasts From 2023 To 2028

The agriculture micronutrient market is projected to show steady growth during the forecast period.

Agriculture micronutrients are necessary substances that plants and crops only require in trace amounts. The majority of micronutrients are absorbed by plants at a rate of less than one pound per acre. Despite this minimal demand, micronutrient deficiencies can impair essential plant processes, leading to aberrant plant development and poorer production. If yield potential is being restricted by a micronutrient shortage under such circumstances, expensive, high-need agricultural inputs like nitrogen and water may be squandered. Some examples of essential agriculture micronutrients include Zinc, Copper, Manganese, Iron, Boron, and Molybdenum.

Micronutrients for agriculture applications are essential for plant development and metabolic processes. By fortifying, enlarging, and supplying roots with organic chemicals and proteins, they help in the growth of roots. Crop immunity is also improved by agricultural micronutrients. The market for agriculture micronutrients is expanding due to factors including rising public knowledge of the advantages of crop micronutrients on agricultural productivity and yields. Also, the rise in micronutrient deficiencies in soils worldwide and rising consumer concern about food security are anticipated to fuel market expansion over the projected period.

However, the rising demand for organic fertilizer and a lack of knowledge about micronutrient deficiency, especially in developing nations, hinder the growth of the global agriculture micronutrient market during the analysis period.

The rising population and growing food insecurity are anticipated to promote growth for the global agriculture micronutrient market during the projection period.

The world's population is currently estimated by the UN to be 7.3 billion, with a potential increase to 9.7 billion by 2050. As a result of this progress and the increased wealth in developing countries, there is a worldwide food shortage. By 2050, the Food and Agriculture Organisation projects that global food consumption will have increased by 70 per cent. This demonstrates that the predicted growth in global agrifood consumption will outpace the growth in the world population. Reductions in soil fertility are forcing farmers around the world to increase agricultural productivity to feed the growing hungry world. 

According to the United States Department of Agriculture, by 2032, 12 per cent of the population in the 77 nations is predicted to be food insecure. By 2032, there are expected to be 577.3 million people who will be food insecure. Crop micronutrient speeds up plants’ overall growth, increases plant resistance towards diseases, helps in nitrogen fixation and maintains the fruit's or vegetable's colour and texture. Therefore a decrease in soil fertility, higher yield productivity and rising food insecurity is propelling the demand for agriculture micronutrients.

Asia Pacific is expected to hold a significant industry share of the global market for agriculture micronutrients during the projection period.

Asia Pacific region is anticipated to hold a significant market share in the agriculture micronutrient market. The market for crop micronutrients is expanding as a result of increased agricultural techniques and rising demand for high-quality goods. The industry's requirement will be supported even more by the direct use of micronutrients for the treatment of plant deficits. According to UNICEF’s most recent report on food security, a projected 375.8 million people experienced hunger in 2020, approximately 54 million more than in 2019 in the Asia Pacific. More than 1.1 billion people in this region alone lacked access to enough food in 2020, an increase of about 150 million people in just one year. For 1.8 billion people in this region, a healthy diet remains out of reach due to the high expense of balanced food as well as chronically high levels of poverty and economic disparity. As a result, rising population and food insecurity are driving the growth agriculture micronutrient market in the region. Under the Asia Pacific region, the primary market includes India, China,  Japan, South Korea, Taiwan, Indonesia and Thailand.

Market Developments

• In March 2023, renowned Irish biostimulant manufacturer, C&B Agri Enterprise Ltd., has announced that Mitsui & Co. Ltd. has agreed to buy a stake in the business. Mitsui and CB-Agri will work together to improve and accelerate the overall growth plan of their biostimulant products through this alliance in Europe, North America and Asia.
• In February 2023, Andersons Inc. launched MicroMark DG, a new brand of granular micronutrients using dispersion granule (DG) technology. The new method enables uniform spherical granules for simpler mixing, spreading, and effectiveness. MicroMark DG Blitz, a combination of calcium, boron, manganese, and zinc, and MicroMark DG Humic, a combination of calcium, sulphur, manganese, zinc, and humic acid, will be included in the initial release.
• In September 2022, an agreement was reached by Nouryon to buy ADOB Fertilizers, a manufacturer of chelated micronutrients, foliar, and other speciality fertilisers. With the purchase, Nouryon will be able to increase the variety of products it offers to customers in the crop nutrition industry.

Global Agriculture Micronutrients Market Scope:

Segmentation:

• By Type
  • Iron
  • Manganese
  • Zinc
  • Copper
  • Others
• By Form
  • Chelated
  • Non-Chelated
• By  Crop Type
  • Pulses
  • Grains
  • Fruits and Vegetables
  • Others
• By  Application
  • Foliar
  • Fertigation
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others