Agricultural Micronutrients Market Will Reach At A CAGR Of 7...| MENAFN.COM

Friday, 31 March 2023 03:49 GMT

Agricultural Micronutrients Market Will Reach At A CAGR Of 7.3% From 2023 To 2030

(MENAFN- Ameliorate Digital Consultancy) According to the Market Statsville Group (MSG), the global agricultural micronutrient market size is expected to grow from USD 4,241.8 million in 2022 to USD 7,808.9 million by 2030 , at a CAGR of 7.3 % from 2023 to 2030.

Agricultural micronutrients are essential mineral elements that plants use in small quantities, such as zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum (Mo). They are mostly used in soil, foliar sprays, and fertigation systems to boost agricultural yield and quality. They also aid in plant biological processes and cell proliferation. Micronutrients are blended with dry and liquid fertilizers to decrease costs and allow consistent dispersion using standard application equipment.

Plants use micronutrients to balance hormones, increase auxin activity, improve blooming flowers, and generate a consistent ripening process. The increased emphasis on plant nutrients for effective growth and optimal yields is responsible for the market growth. Additionally, they encourage sugar translocation and root vigor, which support the growth of large roots and overall plant immunity. Furthermore, they are a crucial mineral element for growing horticulture crops since they work as enzyme cofactors and building blocks that allow plants to form entire proteins and compounds. As a result, their entire global sales are increasing. Other factors driving a rise in agricultural micronutrient use include the requirement for good balanced nutrition in cereals, pulses, oilseeds, spices, and plantation crops. Aside from that, their demand in the agricultural industry is expected to grow because micronutrient deficiency causes stunted development, leaf discolouration, loss of fruiting bodies, plant deformations, and lower crop yields.

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COVID 19 Impact on the Global Agricultural Micronutrients Market

The COVID-19 pandemic's influence on soil fertility is caused by human activities such as farmers' late fertilizer application. During the COVID-19, it is critical to expand existing measures to boost agricultural input usage efficiency, particularly fertiliser, via the application of sensor and satellite technologies. During the COVID-19 epidemic, the influence of mineral fertilizer omissions on soil and production function is the most important component of agriculture to examine. Nitrogen (N) and phosphorus (P), two vital plant nutrients for crops, must be thoroughly investigated. Sustainable nutrient management refers to using micronutrients to restore the nutrients removed by crop harvest. The border blockade and shutdown prohibit fertilizer imports.

Global Agricultural Micronutrients Market Dynamics Drivers : Increased Soil Micronutrient Deficiency

Micronutrients are accessible in low concentrations to the plant, and deficiencies can result in crop diseases. Soils suffer from micronutrient imbalances and inadequacies; the primary culprits are humidity, temperature, and soil pH. Higher soil pH values reduce the number of micronutrients available in the soil. Governmental and non-governmental groups emphasize mineral fertilization activities to alleviate shortages. According to the FAO, nations like China, the United States, and India utilize about half of the mineral fertilizer nutrients. These nitrogen fertilizers are expected to reach 199 million tonnes (219.3 million tonnes) by 2030.

Many nations have achieved national food sufficiency; nonetheless, there is still a need to feed people with nutrient-rich food through upgrading farming methods. Countries are currently shifting toward“Integrated Nutrient Practices.” The present nutritional difficulties people experience are related to the decreased amount of soil micronutrients. These may, however, be balanced using a variety of market items, such as linear, chelated, and micronutrient combinations, which play a key role in restoring soil balance.

Restraints: The Organic Fertilizer Industry is Booming

According to the European Parliament's“Megatrends in the Agri-Food Sector” research, the food consumption trend in industrialized nations is mostly changing toward better meals derived from healthy and safe sources. As a result, growing awareness of the commercialization of agriculture and the widespread use of chemical and synthetic fertilizers can be hazardous to human health. As a result, in nations where food output exceeds demand, people are more concerned about food quality. Organic farming is practiced in over 181 countries. According to the 2017“World Organic Agriculture- Statistics and Emerging Trends” study, organic farming covers 69.8 million hectares of farm space, with Australia (35.6 million hectares), Argentina (3.4 million hectares), and China has the most (3 million hectares). This sector employs around 2.9 million farmers, mostly from India, Uganda, and Mexico.

The organic market is rapidly expanding, particularly in developed nations, with key markets including the United States, Germany, and France, with an estimated market of USD 97 billion in 2017. As the organic market expands, so will the manufacturing of organic food. Organic food production would raise demand for organic agriculture inputs such as organic fertilizers derived from plants and animals. Organic fertilizer demand is increasing; therefore, it may be a prospective competitive market for micronutrient producers.

Opportunities: Biodegradable Chelate Development

Because of the different recognized risks of non-biodegradable chelating agents, market attention is shifting toward creating biodegradable chelates. NTA, EDDS, and ITS are the most recently produced and commonly used agents widely pushed in markets in place of non-biodegradable agents. These are mostly used to remove metals that can harm plant and soil health and prevent the precipitation of these hazardous metals into the soil.

Farmers in the region are progressively transitioning away from commodity fertilizer products and are prone to adopt specialty fertilizers such as coated and encapsulated fertilizers, chelated fertilizers, and slow-release fertilizers. Using less water, these fertilizers have a strong growth potential for higher output. Fertilizer producers are creating agricultural chelates with the help of government regulations and subsidies, which are expected to expand in rising economies such as China and India.

Scope of the Global Agricultural Micronutrients Market

The study categorizes the agricultural micronutrients market based on form, type, crop type, and application at regional and global levels.

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By Form Outlook ( Sales, USD Million, 2017 2030)
  • Chelated
  • Non-Chelated
By Application Outlook ( Sales, USD Million, 2017 2030 )
  • Soil
  • Foliar
  • Fertigation
  • Others
By Type Outlook ( Sales, USD Million, 2017 2030 )
  • Zinc
  • Boron
  • Iron
  • Manganese
  • Molybdenum
  • Others
By Crop Type Outlook ( Sales, USD Million, 2017 2030 )
  • Cereals
  • Pulses and Oil seeds
  • Fruits and Vegetables
  • Others
By Region Outlook ( Sales, USD Million, 2017 2030 )
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • UK
    • Spain
    • Poland
    • Russia
    • The Netherlands
    • Norway
    • Czech Republic
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Singapore
    • Australia & New Zealand
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Northern Africa
    • Rest of MEA
Chelated micronutrients segment accounts for the highest CAGR during the forecast period by form

Based on the form, the global agricultural micronutrients market has been categorized into biological, chemical, and others. The chelated micronutrients segment is the fastest growing segment with highest CAGR due to chelated micronutrients are available in a variety of soil pH ranges. Diethylene-triamine Penta-acetic acid (DTPA), ethylenediamine-N, N′-bis (2-hydroxyphenyl acetic acid) (EDDHA), and ethylene diamine-tetra-acetic acid (EDDTA) are some of the most often utilized chelating chemicals in the synthesis of synthetic micronutrient chelates (EDTA). Furthermore, due to chelated compounds' stability, chelated micronutrients are expected to accelerate.

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Asia Pacific accounts for the largest market share by Region

Based on the regions, the global agricultural micronutrient market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific dominated the market with the largest share due to the increased development of high-value crops, and increased farmer knowledge of micronutrients is likely to give greater opportunities for market expansion. Government regulations enacted by Asia Pacific countries, as well as huge subsidies for crop fertilization and nutrition, often up to 100 percent for marginal farmers, are important drivers driving the growth of this industry in the area. The growing farming practices and need for high-quality agricultural output drive the growth of the Asia Pacific micronutrient fertilizer market.

As a result, such market trends are likely to assist the Asia Pacific in dominating the overall market.

Competitive Landscape – Global Agricultural Micronutrients Market

The global agricultural micronutrient market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding business across regions, enhancing their capabilities, and molding strong partner relations.

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Major players in the global agricultural micronutrients market are:
  • The Mosaic Company
  • Nouryon
  • Nutrien Ltd.
  • Nufarm
  • Yara International
  • Coromandel International
  • Helena Agri-Enterprises, LLC
  • Haifa Group
  • Compass Minerals

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About Market Statsville Group

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