Agriculture Micronutrients Market Increasing Demand for Fertilizers and Increasing R&D Activities

As demonstrated by Precision Business Insights (PBI), the latest report, the global agriculture micronutrient market was valued at USD 5,799.10 Million in 2023 and grew at a CAGR of 9.9% over the forecasted period. The key drivers for the growth of the global agricultural micronutrient market are increasing demand for fertilizers, increasing R&D activities and technology advancement, decreasing soil health, introduction to 'green' micronutrient fertilizers, and the effect of climate change.

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The agriculture micronutrients market Detailed segmentation:
Based on the crop type the market is segmented into the following
• Cereals
• Pulses & Oil Seeds
• Fruits & Vegetables
• Others

Based on the product type the market is segmented into the following
• Copper
• Zinc
• Boron
• Iron
• Molybdenum
• Manganese
• Others

Based on the application, the market is segmented into the following
• Foliar
• Fertigation
• Seed Treatment
• Soil
• Others

Based on the product type, the agricultural micronutrient market is segmented into copper, zinc, boron, iron, molybdenum, manganese, and others. Among these, zinc is anticipated to account for a larger revenue share in the global agricultural micronutrient market. In 2023, the zinc segment accounted for 42.5% of revenue share and is projected to grow at 10.0% CAGR over 2024-2030 due to a confluence of factors such as essential for plant health, rising awareness, food security concerns, and demand for nutritious food. Zinc plays a critical role in various plant functions, promoting growth, development, and improving crop yields. Its deficiency in soil directly translates to stunted plants and lower harvests. Farmers are becoming increasingly aware of the importance of micronutrients like zinc, and how their presence (or absence) impacts crop health and productivity.

The global focus on ensuring food security for a growing population translates to a demand for maximizing crop yields. Zinc fertilizers play a part in achieving this goal. Consumers are increasingly interested in purchasing food products that are not only sufficient in quantity but also rich in essential nutrients. Zinc-fortified crops contribute to this growing demand.

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Based on the region, the market is segmented into the following
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

The Asia-pacific region currently holds the largest market share of 42.2% globally & a market size of USD 2,448.8 million in 2023 and a growing CAGR of 10.1%, due to the large agricultural sector, depleted soil micronutrients, growing demand for high-quality food, and government support. Asia-Pacific region is a major producer of crops, particularly cereals like rice and wheat, which are staples for a significant portion of the world's population. Countries like China and India are leading producers, with China alone accounting for roughly a quarter of global grain output. Intensive farming practices and reliance on traditional fertilizers have depleted essential micronutrients from the soil in many Asian countries. This micronutrient deficiency leads to lower crop yields and reduced nutritional value of the produce. With rising populations and increasing disposable incomes, there's a growing demand for high-quality, nutritious food in Asia. Micronutrients play a crucial role in achieving this, as they enhance crop quality and address deficiencies in the food chain. Recognizing the importance of micronutrients for agricultural productivity and food security, governments in several Asian countries are providing subsidies and promoting the use of micronutrient fertilizers

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Strategic Expansion, Mergers, Collaborations, and Agreements are the key Strategies Adopted by Market Players:
The market players in the agricultural micronutrient market adopt a combination of these strategies to stay competitive, drive growth, and capitalize on opportunities in the dynamic agricultural sector & life science landscape. Companies invest in expanding their capabilities to meet the growing demand for fertilizers. This includes entering new areas of manufacturing and leveraging existing expertise and infrastructure for diversification. For instance, In Aug 2023, The Mosaic Company launched the Mosaic Biosciences platform, a global project bringing cutting-edge research and innovation to the agriculture sector. Mosaic Biosciences' innovations improve crop health and support natural biology in plants and soil, ultimately increasing production potential in every field.

The agriculture micronutrients market key players are BASF SE, The Mosaic Company Inc., Corteva Agriscience, Coromandel International Limited, Fertoz, Sigma AgriScience, LLC, Compo-Expert, Koch Agronomic Services, Nouryon, and Haifa Negev technologies LTD

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This release was published on openPR.