Agricultural Micronutrients Market To Generate $8,322.1 Million Revenue by 2030

The agricultural micronutrients market size is expected to advance at a CAGR of 8.5% during 2022–2030, to reach $8,322.1 million by 2030.

LATAM Is Expected To Have Rising Demand Of Micronutrients

The demand for agricultural micronutrients in the region is driven by the large-scale agricultural activities in the developing countries of LATAM, including Brazil, Mexico, Colombia, and Peru. Brazil is one of the major contributors to the demand for agricultural micronutrients in the region.

The adoption of modern farming techniques also involves the acceptance of micronutrients to improve the crop yield. With the growing population and need to improve the productivity of crops, the demand for agricultural micronutrients in the LATAM region is expected to rise at a significant rate during the forecast period.

Population Growth, Increasing Food Demand, and Requirement of Supplements To Drive Crop Yield And Productivity

The global population is increasing at a rapid rate. According to the Population Division of the United Nations Department of Economic and Social Affairs (UNDESA), the global population was 7.6 billion in 2017, and it is expected to reach nearly 9.8 billion by 2050. This additional population, of nearly 2.2 billion is expected to create demand for food crops, horticulture crops, and cash crops in the coming years. Additionally, there would be an increased pressure to improve volume of crop produced and yield of agricultural farmlands and related installations, due to the increase in population.

The major scalable solution to improve the yield and crop productivity comprise, increasing area under cultivation of crops or maximize yield from existing farmlands. The global land use trend paints form a basis of the former solution. The Food and Agriculture Organization (FAO), a United Nations agency, reported that the global arable land has been reduced significantly. Furthermore, the arable land per person is projected to shrink significantly per person by 2050. This is because of a number of factors such as degradation of agricultural land, shrinking farm incomes, and exodus of farmers and pastoralists to other ways of securing livelihoods. These factors contribute to generate a need for the optimum utilization of existing farmlands and maximize farm yield.

Advancements in farm management and technology can be viewed as a key solution to this conundrum. A key area of concern for agricultural growers has been to limit potential barriers for crop growth such as micronutrient deficiencies. The deficiencies can cause plant abnormalities (stunted growth) and reduce crop yield, thereby compromising crop productivity and farm income. This, in turn, is expected to increase the use of agricultural micronutrients and will contribute to the market growth during the forecast period.

Zinc Is Widely Used Micronutrient In The Agriculture

Zinc contributed the largest revenue to the global market in 2022, accounting for around 230% share in terms of value. The demand for zinc is majorly driven by its potential that helps in increasing plant growth, improving disease control, and increasing crop yield in a wide array of agronomic crops such as rice (Oryza sativa), bean (Phaseolus vulgaris), maize (Zea mays), potato (Solanum tuberosum l.), sorghum (Sorghum bicolor), and soybean (Glycine max).

Additionally, research indicates that the rate of protein synthesis and protein content of zinc-deficient plants are lower than their zinc-neutral counterparts. This encourages application rates of zinc as micronutrient to soil and fertilizers, and is thereby, expected to propel the demand in the future.

The most-significant agricultural micronutrients market players are The Mosaic Company, Yara International ASA, BASF SE, Akzo Nobel N.V., SAPEC, Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, Sinochem Group Co. Ltd., Haifa Group, and FMC Corporation.