Micronutrients Market Size Worth USD 10.46 Billion By 2027 | Emergen Research

The global micronutrients market size was USD 4.60 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.7% during the forecast period. The global micronutrients market is witnessing significant growth attributed to increasing demand from the Food & Beverage (F&B) industry and the adoption of micronutrients in agriculture for organic and precise farming practices. Market research indicates that micronutrients, including vitamins and minerals crucial for various bodily functions, are in high demand across multiple sectors, including agriculture, F&B, pharmaceuticals, and cosmetics.

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Key Findings:

• Market Drivers: Rising demand for healthy F&B options, adoption of micronutrients in organic farming, and stringent government regulations on food quality standards are driving market revenue growth.

• Product Insights: Chelated micronutrients, known for their effectiveness in enhancing crop yields and quality, dominate the market due to their chemical bonding properties, particularly in farming and fertilizer manufacturing.

• Form Insights: The zinc segment is expected to register steady growth, driven by its antioxidant properties and benefits in immunity and wound healing.

• Crop Insights: Cereals hold a significant share in the market, with increased adoption of micronutrients to optimize yields. Improved prospects for wheat production further contribute to market growth.

• Application Insights: The hydroponics segment is witnessing moderate growth, fueled by its effectiveness in meeting plant nutritional needs and addressing land depletion concerns.

• End-Use Insights: Agriculture remains the largest revenue contributor, with micronutrients increasingly used to enhance crop quality, disease resistance, and overall plant metabolism.

Notable Developments:

• Strategic Alliances: Companies like Mosaic Company and Sound Agriculture are collaborating to introduce innovative nutritional products aimed at enhancing crop yields and soil health.

• Innovative Solutions: BASF Care Creations introduced Z-COTE Sheer, a high-performance dispersant meeting consumer standards for sensory perception in personal care products.

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Challenges:

• Cost Volatility: The volatile cost of micronutrients and restricted supply pose challenges to market growth.

• Awareness: Lack of awareness regarding micronutrient consumption and potential health risks is a concern.

• Toxicity Risks: Excessive consumption of certain micronutrients, particularly fat-soluble vitamins, can lead to health issues like fatty liver.

Market Outlook:

• The global micronutrients market is poised for continued growth over the forecast period, driven by increasing demand for healthier food options, sustainable agricultural practices, and advancements in micronutrient technologies.

Major Companies and Competitive Landscape

The global micronutrients market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective micronutrients. Some of the major companies included in the global micronutrients market report are:

• Argium Inc.
• Aries Agro Limited
• BASF SE
• Coromandel International Ltd.
• Haifa Chemicals Ltd.
• H.J. Baker & Bro Inc.
• K+S Aktiendgeselischaft
• Sociedad Quimica y Minera S.A.
• Mosiac
• Wolf Trax Inc.
• Yara
• Gujarat State Fertilizers and Chemicals Limited
• Valagro
• Tradecorp International Ltd.
• Cheminova
• Akzonobel N.V.
• FMC Corporation
• Archer Daniels Midland Company
• Nutrien Ltd.
• Compass Minerals

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Strategic Development

• On 8 April, 2021, Compass Minerals reached a conclusive arrangement to divest specific North American micronutrient assets to Koch Agronomic Services, LLC (Koch), an affiliate of Koch Industries. The deal is projected to conclude in the second quarter of 2021, contingent upon standard closing prerequisites. This move signifies another calculated move by Compass Minerals in streamlining its asset portfolio, emphasizing concentration on the core operations of the company.

• On 9 March, 2021, Mosaic Company and Sound Agriculture formed a strategic partnership to introduce a revolutionary nutritionally effective product to increase yields of major crops and improve soil quality. The companies will collaborate to develop and distribute Sound Agriculture's proprietary blend of bio-inspired chemicals and key micronutrients. Early data indicate that this combination has the potential to be a best-in-class product in the broader nutritional efficacy field.

Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global micronutrients market on the basis of form, crop, product, application, end-use, and region:

• Form Outlook (Revenue, USD Billion; 2019-2032)
o Chelated
o Non-Chelated

• Product Outlook (Revenue, USD Billion; 2019-2032)
o Boron
o Copper
o Iron
o Manganese
o Molybdenum
o Zinc
o Others

• Crop Outlook (Revenue, USD Billion; 2019-2032)
o Cereals
o Pulses and Oil Seeds
o Fruits and Vegetables
o Others

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Fertigation
o Foilar
o Soil
o Seed Treatment
o Hydroponics
o Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

o Agriculture
o Pharmaceutical
o Cosmetics and Personal Care
o Food and Beverages
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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