Global Agricultural Micronutrients Market - 2023-2030

Market Overview

The global agricultural micronutrients market reached US$ 9,706 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 19,197 million by 2030. The market is expected to exhibit a CAGR of 9% during the forecast period (2023-2030).

The adoption of precision farming techniques and the use of modern technology in agriculture has led to the development of micronutrient-enriched fertilizers, further driving agricultural micronutrients market growth. The global agricultural micronutrients market is expected to continue its growth trajectory in the coming years. Factors such as the increasing population and the need for sustainable agriculture practices are driving demand for the agricultural micronutrients market.

Market Dynamics

Increasing agricultural micronutrient deficiencies in soil across the globe

The increasing agricultural micronutrient deficiencies in soil across the globe are expected to have a significant impact on the global agricultural micronutrients market. The market, which includes micronutrient fertilizers, micronutrient-enriched seed coatings, and foliar sprays, is closely tied to agricultural production and is driven by the demand for high-quality crops.

Governments encouraging the use of agricultural micronutrients

Governments around the world are increasingly recognizing the importance of addressing soil micronutrient deficiencies, and are taking steps to encourage the use of agricultural micronutrients. This is expected to have a positive impact on the global agricultural micronutrients market, as it could drive up demand for micronutrient fertilizers, seed coatings, and foliar sprays.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted the global agricultural micronutrients market. The impact is the disruption in the supply chain and logistics operations due to the pandemic. This has led to a shortage of micronutrient products, resulting in a decline in sales and revenues for manufacturers and distributors. However, the pandemic has led to a shift in consumer behavior towards e-commerce platforms, which has created new opportunities for manufacturers and distributors to reach customers and expand their agricultural micronutrients market share.

Ukraine-Russia War Impact Analysis

The Ukraine-Russia conflict has caused disruptions to the global supply chain for agricultural micronutrients, leading to a decline in sales. This is due to the halt in transportation and production caused by the conflict. The reduction in agricultural production in Ukraine, one of the major suppliers of agricultural products, has also contributed to the decline in demand for micronutrients. The conflict has highlighted the need for a resilient and diversified supply chain for agricultural inputs to mitigate geopolitical risks.

Artificial Intelligence Impact Analysis

Artificial Intelligence (AI) based technologies have been used to develop precision agriculture solutions that optimize crop yields and minimize the use of micronutrients. This has resulted in improved crop quality and reduced production costs. Additionally, AI-based solutions have enabled better monitoring of soil health and crop growth, leading to more efficient use of micronutrients and increased yields.

Segment Analysis

The global agricultural micronutrients market is segmented based on type, application, form, crop type, and region.

Increased use of fertigation methods by the farmers

The fertigation segment of the global agricultural micronutrients market held a significant share of 11% in the year 2022 due to its ability to deliver nutrients directly to the plant roots. The use of drip irrigation systems has increased the yields by 20% - 25% and the use of micronutrients through fertigation has increased the crop yield further; this is one of the major factors driving the high growth rate of fertigation segment in the global agricultural micronutrients market.

Geographical Analysis

Increased innovations and investments of major companies in Asia Pacific

The Asia Pacific region dominated the global agricultural micronutrients market in 2022 with a share of 37%. The region has the largest population in the world, which drives the demand for food and agricultural products. This, in turn, has led to the adoption of modern agricultural practices, including the use of micronutrients, to improve crop yield and quality. Furthermore, the presence of emerging economies in the region such as China and India has led to increased investments in agriculture and infrastructure, which have further driven the demand for micronutrients.

Competitive Landscape

The major global players include Nutrien Ltd., Nouryon, BASF SE, Coromandel International Limited, Hafia Group, Trade Corporation International, The Mosaic Company, Valagro SpA, Yara International AsA, and Stoller USA, Inc.

Why Purchase the Report?

• To visualize the global agricultural micronutrients market segmentation based on type, application, form, crop type, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of agricultural micronutrients market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global agricultural micronutrients market report would provide approximately 69 tables, 72 figures and 141 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies