The global agricultural micronutrients market is projected to reach a valuation of US$ 4.9 billion in 2022 and is anticipated to grow to US$ 7 billion by the end of the forecast period. The market is expected to expand at a steady CAGR of 3.6% from 2022 to 2032.
The agricultural micronutrients market is growing due to factors such as rising public awareness of the benefits of micronutrients on crop productivity and yields. Additionally, increasing consumer concern over food security is expected to drive market growth throughout the forecast period.
Moreover, as soil and plant analysis become more widespread, micronutrient deficiencies in many soils have been identified, highlighting the need for high-quality crop yields. This is expected to further boost the demand for agricultural micronutrients during the forecast period.
Another key factor contributing to market growth is the increased use of chemical fertilizers, which enhance crop yields while protecting plants from harmful UV radiation and insects. This trend is anticipated to accelerate the overall growth of the agricultural micronutrients market from 2022 to 2032.
The current growth in demand for micronutrients has been severely hampered by their high prices. Some farmers have reduced or refused to utilize micronutrients in their fertilizer programmes due to expensive expenses. As a result, the soil’s micronutrient levels have declined and become inadequate. Farmers in developing countries are ignorant of the proper dosage and use of micronutrients. They typically lack training, access to current technology, and expertise in farming processes. Such factors will hinder the market growth during the forecast period.
Region-wise, China is predicted to be the dominating market for agricultural micronutrients. The country accounts for more than 20% of agricultural micronutrient earnings in the Asia Pacific area. This is due to China’s arable soil missing specific minerals, resulting in a high adoption of particular micronutrients.
Since the country has the highest population density in the world, more yields are required to feed the people. As a result of these considerations, China is recognized as one of the primary regional markets for agricultural micronutrients.
Key Takeaways from the Market Study:
- In 2022, the global agricultural micronutrients market is estimated to have a global market size of US$ 5.08 Bn.
- The zinc segment is expected to have a 43% market share in 2022 and to dominate the global market from 2022 to 2032.
- The fruits and vegetables segment is predicted to increase at a robust CAGR of 4% between 2022 and 2032.
- The Chinese agricultural crop market is predicted to acquire a 35% global market share by 2022.
- The Indian agricultural micronutrients market is expected to grow with a steady CAGR of 3.8% during 2022-2032.
“Crop micronutrients are essential for plant development and metabolic activity. They help roots grow by fortifying them, making them bigger, and supplying them with organic chemicals and proteins. Such factors will boost global growth” comments a Fact.MR analyst.
Competitive Landscape
The bulk of the agricultural micronutrients companies featured in the research have focused on brand development, expansion, acquisitions, and investments.
- In May 2022, Coromandel International expanded their crop protection product offering by adding five new goods. Indian farmers now have a new option for crop protection thanks to Coromandel International Limited’s freshly announced products.
- Compass Minerals reported consolidated Y-O-Y sales increase of 7% in the first quarter of its fiscal year in 2022. Greater highway deicing sales volumes, improved consumer and industrial (C&I) sales volumes, and higher Plant Nutrition and C&I pricing drove this rise.