Agriculture Micronutrients Market Segmented By Cereals, Pulses and Oilseeds, Fruits and Vegetables Crop Type with Boron, Copper, Iron, Manganese, Molybdenum, Zinc Product
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP3825
The global market for agriculture micronutrients is expected to grow at a compounded annual growth rate (CAGR) of 8.6% for the forecast period (2023-2033). The market is estimated to be valued at US$ 6,046.6 Mn in the year 2023 and is expected to reach US$ 13,292.1 Mn by the end of 2033.
| Attributes | Key Insights |
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Agriculture Micronutrients Market Value (2023E) |
US$ 6,046.6 Mn |
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Projected Sales of Agriculture Micronutrients (2033F) |
US$ 13,292.1 Mn |
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Value CAGR (2023-2033) |
8.6% |
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Value Share of Top 5 Countries (2020A) |
48.9% |
As on 2022, the agriculture micronutrients market held the value share of approximately 3% to 5% in global industrial micronutrient market.
The global market for agriculture micronutrients has registered a value CAGR of 6.3% during the historical period (2018-2022). The major factor that drives the market for agro micronutrients is increasing incidence of micronutrients deficiency in soil. Micronutrients can be utilized as fertilizers to enhance soil concentrations to a level where plant roots can absorb them properly.
Micronutrients can be used separately or in combination with organic manures or one or more macronutrients such as potassium, phosphorus, calcium, nitrogen, sulphur, or magnesium. Fertilizers can be applied to the soil or the leaves of the plants in a diluted aqueous solution for the proper growth of a crops and plants.
The demand for micronutrients is increasing due to utilization of micronutrients for crop nutrition to eliminate the deficiency in the crop which is caused because of intensive cropping. Furthermore, farmers became more cautious about micronutrient deficiency and strive to produce healthy nutrient crops that help to increase the utilization of micronutrients in agricultural field.
The global market for agriculture micronutrients was valued at US$ 5,695.3 Mn. Furthermore, for the forecast period (2023-2033) the global market is anticipated to grow at a value CAGR of 8.6%.
The global market for agriculture micronutrients is expected to be valued at US$ 6,046.6 Mn by the end of 2022. Based on the crop type, cereals have the highest market value share around 36.2% for the global agriculture micronutrients market.
“How will fortifying fertilizer product will drive the market for the micronutrients?”
Compost that has been fortified with additional micronutrients and nitrogen and phosphate fertilisers has been developed to be more effective in degraded soil. By giving plants vital nutrients and protecting the soil, these fertilisers increase agricultural yields. To improve soil fertility and minimise crop micronutrient deficiencies, fertiliser firms voluntarily enrich their products with micronutrients.
Due to intensive farming practises and declining soil fertility/quality, nutrient deficiencies are pervasive worldwide, which raises the need for minerals. The loss of soil nutrients caused by modern cropping strategies rather than conventional farming methods in many developing nations will fuel the market for micronutrients in plants and crops.
“How will rising consumption of biofuel will boost the market growth for agriculture micronutrients?”
Biofuel is produced in various ways through different types of agricultural plants, commercial, domestic, and industrial wastes. The agricultural plants include biofuel crops from which biofuel is manufactured by various industries. These crops include corn, wheat, oilseeds, sugarcane, and many more. These crops are also termed as energy crops since they are low cost and low maintenance crops which are majorly grown for the purpose of energy production. Farmers have boosted their biofuel crop output and have turned to fertilisers to enhance the crop quality.
Agriculture micronutrients are used by farmers to increase the crop yield. These micronutrients enhance the quality of the soil thereby impacting the biofuel crops as well. This in turn help the farmers to supply the biofuel crops for the production of high-quality biofuels. As a result, the increased demand for biofuels is driving up the production of bio-crops like sugarcane and increasing worldwide need for agricultural micronutrients.
“How does the mixture of micronutrients provides the potential growth opportunity for agro-micronutrients?”
Apart from promoting metabolic activities and growth of the plants, micronutrients play a vital role in improving efficiency of fertilizers, water use, disease resistance, quality, size, color etc. As the micronutrients are comparatively expensive and are needed in smaller quantities, generally a dealer of fertilizers avoids to stock mixtures of micronutrients like other bulk fertilizers. This makes it difficult for farmers to enhance micronutrient deficiencies in soil in their fields.
In order to combat this issue, scientists are engaged in developing soil/crop specific micronutrient mixtures for foliar application in crops such as black pepper, turmeric, cardamom, and ginger, which guarantees 15–25% increase in quality and yield. Additionally, these mixtures offer an innate advantage of being environment-friendly and thus can be used in organic agriculture. The concept of micronutrient mixtures has been proposed by scientists at the Indian Institute of Spices Research (IISR), Kozhikode, Kerala, India.
“How does widening application provide growth opportunity to agriculture micronutrients?”
Chelated iron fertilizers are very effective when used on turf grass and decorative plants. The market for chelated iron micronutrients has grown significantly in recent years due to emerging nations' efforts to beautify cities by building green gardens and recreation areas. Additionally, it has been noted that chelated iron micronutrients are quite successful in soybean and alfalfa crops. Globally, demand for high-quality cereals, fruits, and vegetables has increased due to rising consumer purchasing power. This has led to rising demand for high-quality chelated fertilizers for a variety of applications, which will give the agro micronutrients with a profitable growth potential.
“What are the factors that restrict the growth of agriculture micronutrients?”
High prices of micronutrients have been a major restraint for growth of the global micronutrients market in the recent past. Several farmers have reduced or resisted the use of micronutrients in their fertilizer program due to high associated prices. This has caused a reduction and deficiency of micronutrients levels in soil. Farmers would need to add these nutrients to the mix to prevent deficiencies. Farmers in geographies such as Brazil, the Indian subcontinent, North Africa, and some parts of China have lower income levels. This is expected to negatively affect the demand for micronutrients. Prices of most micronutrients such as molybdenum, manganese, boron, and zinc are higher. This acts as a constraint to market growth.
Farmers in developing countries lack awareness regarding the dosage and proper application of micronutrients. Farmers are not trained and often do not have access to technology and knowledge regarding farming techniques. Additionally, farmers face issues regarding the application of micronutrients. Farmers mostly prefer applications such as soil and foliar; however, other applications such as fertigation, seed treatment, and hydroponics are fairly new to some farmers.
What are the Countries Showing Promising Growth Potential in European Market?
Italy, Spain, and France are expected to grow at a CAGR of 7.4%, 6.9% and 6.7% respectively during the forecast period. The demand for agriculture micronutrients is expected to increase, as it is frequently sprayed in combination or as additions to treat plant deficiencies. Micronutrients are vital components that plants require in little amounts for their proper growth.
Which Country Holds the Highest Market Share in South Asian Market?
India holds the largest share in the South Asian market for agriculture micronutrients owing to agriculture sector being the third largest sector which contribute significant amount to the GDP growth of the country after service and industry sector. The market share of India in the South Asian region is around 40.8%.
Why is Zinc Micronutrient Highly Demanded in the Global Market?
Zinc a key component of various enzymes that is responsible for several metabolic reactions in all crops. If specific enzymes aren't present in plant tissue, it will hinder the growth of the plants. Proteins, carbohydrate, and chlorophyll formation are comparatively less in zinc-deficient plants. Thus, the continuous supply of zinc is required for optimal growth and maximum yield in the plants. The market value share of zinc as an agriculture micronutrient is 38.1% in 2023.
What are the Application that are Showing a Potential Growth for Agriculture Micronutrients?
The application of micronutrients in fertigation is registering a value CAGR of 9.4% and the application in soil at a value CAGR of 8.5%. These application segments are providing potential growth opportunities for the producers of agriculture micronutrients during the forecast period.
Furthermore, the market value of micronutrients in soil application is expected to value at US$ 2,479.4 Mn, in 2023.
The major players of the agriculture micronutrients are capitalizing on the product and process innovation along with geographic expansion of businesses to solidify their position in the global agriculture micronutrients marketplace. To gain a competitive edge in the global market of agriculture micronutrients, the key players are also focusing on ramping up their production capacities.
Agrium Inc. setting up of a new production facility for urea production in Texas with a view to expand its product portfolio. The company entered into an agreement with Cameron Chemicals – a global manufacturer of dry granular micronutrients – in order to purchase Reese Micronutrient Production Facility.
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
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Customization & pricing |
Available upon request |
By Product Type
By Crop Type
By Application
By Region
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South Asia registered major value share around 23.2% for agriculture micronutrients in 2023.
The application of agriculture micronutrients in foliar is growing at a CARG of 8.3% during the forecast period.
The leading manufacturers of agriculture micronutrients are BASF SE, E.I. DuPont DE Nemours and Company, Bayer CropScience AG, Agrium Inc, Compass Minerals International. Land O'Lakes Inc. Monsanto Co.
The maximum growth potential regions are South Asia, East Asia followed by Middle East. These regions are expected to witness a market expansion at CAGRs of 9.5%, 9.0%, and 8.3% respectively.
In the global market approximate share of leading manufacturer of agriculture micronutrients is around 50% to 60%.
The market value of agriculture micronutrients in China is valued at US$ 653.7 Mn in 2023. However, the market value of Brazilian market for agriculture micronutrients is expected to be valued at US$ 478.1 Mn at the end of the forecast period.
