The global agricultural micronutrients market is expected to value $9,009.2 million in 2023. The growth of the market is being driven by the increasing global population, which is raising the demand for grains and cereals. This, in turn, is boosting the demand and market for micronutrients that aid in the proper growth of crops.
Insights into market segments
Based on type, the agricultural micronutrients market is categorized into iron, zinc, molybdenum, boron, manganese, and others (nickel, copper, and chlorine). Among these, zinc micronutrients dominated the market in 2017, holding over 25.0% revenue share. The fact that zinc micronutrients are effective in increasing the yield of a range of crops, such as bean, rice, potato, maize, soybean, and sorghum, leads to a heavy demand for such additives. Further, research shows that the protein content and protein synthesis in zinc-deficient plants are lower than plants with adequate zinc nutrition.
On the basis of form factor, the agricultural micronutrients market is categorized into DTPA, EDTA, HBED, EDDHA, and non-chelated micronutrients. Among these, non-chelated micronutrients accounted for over 70.0% market share in terms of sales volume in 2017. The dominance of non-chelated micronutrients can be attributed to their cost-effectiveness as compared to chelated micronutrients, which continues to drive their demand across the globe.
Based on crop type, the agricultural micronutrients market is categorized into fruits and vegetables, oilseeds and pulses, cereals and grains, and others (cotton, coconut, sugarcane, rubber, and tea and coffee). In 2017, cereals and grains dominated the market in terms of sales value as well as sales volume. The demand for cereals and grains is quite high because of the increasing population and the ever-diversifying nutritional behavior of people, which are expected to raise the micronutrients adoption rate, thus helping the market grow during the forecast period.
On the basis of application mode, the agricultural micronutrients market is categorized into fertigation, foliar, soil, and others (broadcasting and banding). In 2017, soil, as an application mode, led the market by holding the majority of the share. The fact that the addition of micronutrients to the soil is easy and requires no advanced machinery (such as sprays and drippers) and that micronutrients can be easily added to the manure along with fertilizers have resulted in their heavy use during the historical period.
APAC was the largest market for agricultural micronutrients in 2017
In 2017, APAC led the agricultural micronutrients market globally, with over 45.0% revenue share. The growing demand for non-processed and processed food is driving the sale of micronutrients for the growth of different kinds of crops in the region.
Browse report overview with 443 tables and 134 figures spread through 414 pages and detailed TOC on "Agricultural Micronutrients Market by Type (Zinc, Iron, Boron, Molybdenum, Manganese), by Form Factor (EDTA, DTPA, EDDHA, HBED, Non-Chelated), by Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses), by Application Mode (Soil, Fertigation, Foliar), by Geography (U.S., Canada, Germany, U.K., France, Italy, China, India, Australia, New Zealand, Brazil, Argentina, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/agricultural-micronutrients-market
Increasing practice of contract farming is a major opportunity area
The growing practice of contract farming has been identified as a major growth opportunity for the players in the agricultural micronutrients market. The population is expected to grow considerably in developing countries, such as India, China, and Brazil, which, in turn, will increase the pressure on scarce farmlands. This will subsequently increase the pressure on farmers to maximize crop production. To deal with such issues, contract farming has been one of the initiatives launched and supported by the Government of India. The agreement requires produce buyers to extend production support (in the form of raw materials or technical expertise) to the farmers.
In May 2018, the Ministry of Agriculture and Farmers Welfare of the Indian government implemented the Model Contract Act 2018, which aims to offer support to contract farmers by introducing crop and livestock insurance and making the registration of contract agreements mandatory. This has been done to offer technology that was previously unavailable to the farmers and make them aware of their rights. This, in turn, is expected to open new avenues to maximize yield with the use of advanced farming technologies and chemicals such as micronutrients, further driving the agricultural micronutrients market growth.
Agricultural Micronutrients Market – Competitive Landscape
The agricultural micronutrients market is characterized by the presence of a large number of multinational corporations. Further, the majority of key players operating in the market are active in over three countries. In 2017, the market was dominated by Akzo Nobel N.V., Yara International ASA, FMC Corporation, Sinochem Group, BASF SE, and SAPEC SA. These companies offer a plethora of agricultural micronutrient products in the market. Moreover, many of these players have a strong distribution network to offer products in several countries around the world.
Some of the other major players in the global agricultural micronutrients market are Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, The Mosaic Company, and the Haifa Group.