Global Agriculture Micronutrients Market – Industry Trends and Forecast to 2029

Global Agriculture Micronutrients Market, By Type (Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Molybdenum, Others), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-Chelated, Chelated), Mode of Application (Soil, Foliar, Fertigation) – Industry Trends and Forecast to 2029

Market Analysis and Size

Agriculture micronutrients market are rising due to shift in consumer preference toward nutrient-rich foods, a growing population, and rising food insecurity. Furthermore, growing contract farming provides significant opportunities for agricultural micronutrients manufacturers.

Data Bridge Market Research analyses that the agriculture micronutrients market which was growing at a value of 4.90 billion in 2021 and is expected to reach the value of USD 9.98 billion by 2029, at a CAGR of 9.30% during the forecast period.  In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Report Scope and Market Segmentation

Market Definition

Agricultural micronutrients are essential mineral elements that plants use in small amounts, such as zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum (Mo). They are primarily used with soil, in foliar sprays, and in fertigation systems to improve agricultural yield and quality. They also aid in plant biological processes and cell growth.

Agriculture Micronutrients Market Dynamics

Drivers

• Growing focus on the development of high crop yields

One of the key factors driving market growth is the increased emphasis on plant nutrients for successful growth and optimal yields. They also improve sugar translocation and root strength, which aids in the development of large roots and overall plant immunity. Furthermore, they are considered an essential mineral element for nurturing horticultural crops because they act as enzyme cofactors and building blocks that allow plants to build complete proteins and compounds. As a result, their overall global sales are increasing.

• Rising awareness towards food security

Owing to the changing climatic conditions and the ever-present threat of anthropogenic activities, food security has received a lot of attention in recent years. Nowadays, all countries around the world are paying much more attention to food security, and they are all working together to achieve global food security. Food security is concerned not only with the quantity of food consumed by the global population, but also with food quality and variety. These factors necessitate the optimal utilisation of existing farmlands and the maximization of their yield. These can be overcome by using agricultural micronutrients.

Opportunity

Increased deficiency of essential minerals in soil required for plant growth, such as zinc, copper, iron, and others, is a vital factor driving the rise in agricultural micronutrients market. Other major factors driving the growth of agricultural micronutrients market include increasing soil contamination around the world and research activities on developing and introducing low-cost agricultural micronutrients. Technical advancements in agricultural micronutrient production and rapid development are likely to create new opportunities for the agricultural micronutrient market.

Restraints

High raw material prices, as well as increasing restrictions and regulatory bans, will act as market restraints for the growth of agriculture micronutrients during the forecast period. Less product awareness will act as a restraint further challenging the growth of the agriculture micronutrients market during the forecast period.

This agriculture micronutrients market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the agriculture micronutrients market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Agriculture Micronutrients Market

Fertilizers and agricultural micronutrients saw a significant slowdown in sales in 2020 due to COVID-19 pandemic and the first quarter of 2021 due to disruptions in logistics and transportation in many countries. Along with logistics and transportation, the agriculture micronutrients market saw disruptions throughout the sector's entire value chain, from raw material supply to manufacturing, packaging, and distribution.

Recent Development

• In October 2021, Cargill and BASF announced a collaboration for animal nutrition business, adding research and development capabilities and new markets to the partners' existing feed enzymes distribution agreements. This collaboration aided in the development, manufacturing, marketing, and sale of customer-focused enzyme products and solutions for animals, including pigs.
• In July 2021, De Heus acquired Coppens Diervoeding, a Dutch feed manufacturing company specialising in the pig farming sector. With this acquisition, the company was able to double its production capacity and increase its regional presence by 400k.
• ADM opened a new livestock feed plant in Ha Nam province, Vietnam, in November 2019. The new facility adds to ADM's growing list of investments in Vietnam, becoming the company's fifth plant dedicated to animal nutrition in the country.

Global Agriculture Micronutrients Market Scope

The agriculture micronutrients market is segmented on the basis of type, crop type, form & mode of application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Zinc
• Boron
• Iron
• Manganese
• Molybdenum
• Copper
• Molybdenum
• Others

Crop type

• Cereals and grains
• Fruits and vegetable

Form

• Chelated
• Non-chelated

Mode of Application

• Soil
• Foliar
• Fertigation

Agriculture Micronutrients Market Regional Analysis/Insights

The agriculture micronutrients market is analysed and market size insights and trends are provided by country, type, crop type, form & mode of application as referenced above.

The countries covered in the agriculture micronutrients market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Global (APAC) in the Global (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the agricultural micronutrients market. The region is experiencing high demand for zinc, copper, and boron in agricultural applications, with the primary use being in the cultivation of rice, wheat, and other food grains. With large agricultural activities and a high demand for nutrients, China and India are major markets for micronutrients in the region. Large-scale agricultural activities in these countries have resulted in a significant decline in soil nutrients.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Agriculture Micronutrients Market Share Analysis

The agriculture micronutrients market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to agriculture micronutrients market.

Some of the major players operating in the agriculture micronutrients market are:

• CHR. Hansen Holdings A/S (Denmark)
• Lallemand Inc. (Canada)
• Novus International Inc.(U.S)
• DSM (Netherlands)
• BASF SE (Germany)
• Alltech Inc. (U.S.)
• ADM (U.S.)
• Charoen Popkhand Foods (Thailand)
• Associated British Foods Plc (U.K.)
• Cargill Incorporated (U.S.)
• Upside Foods (U.S.)
• MosaMeat (Netherlands)
• Integriculture Inc. (Japan)
• Aleph Farms Ltd (Israel)
• Finless Foods Inc. (U.S.)
• AVANTMEATS.COM (China)
• Balletic Inc. (U.S.)