Agriculture Micronutrients Market

Market Study on Agriculture Micronutrients: Popularity of Zinc Micronutrients to Remain High

Agriculture Micronutrients Market Segmented By Cereals, Pulses and Oilseeds, Fruits and Vegetables Crop Type with Boron, Copper, Iron, Manganese, Molybdenum, Zinc Product for Fertigation, Foliar, Soil, Seed Treatment

Agriculture Micronutrients Market Outlook (2021-2031)

The global agriculture micronutrients market was valued at over US$ 5 Bn in 2021, and is expected to surge at a CAGR of 8.4% to reach close to US$ 11.3 Bn by the end of 2031.

Agriculture Micronutrients Market Size (2021E)

US$ 5 Bn

Projected Sales of Agriculture Micronutrients (2031F)

US$ 11.3 Bn

Value CAGR (2021-2031)

8.4%

Value Share of Top 5 Countries (2020A)

48.3%

Agriculture micronutrient sales account for approximately 3% to 5% share in the global industrial micronutrients market.

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Companies

  • ADAMA Agricultural Solutions Ltd.
  • Agrium Inc
  • Auriga Industries A/S
  • BASF SE
  • Bayer CropScience AG
  • Compass Minerals International Inc.
  • E.I. DuPont DE Nemours and Company
  • Land O'Lakes Inc. Monsanto Co.
  • Nufarm Limited
  • Sumitomo Chemical Co., Ltd.
  • Syngenta International AG
  • The Dow Chemical Co.
  • The Mosaic Company
  • Yara International ASA
  • ATP Nutrition
  • Baicor, L.C.
  • Brandt Consolidated Inc.
  • Grow More Inc.
  • Kay-Flo Company
  • Micnelf USA Inc.
  • Stoller USA, Inc.
  • Verdesian Life Sciences, LLC (QC Corporation)

Agriculture Micronutrients Consumption Analysis (2016-2020) Vs Market Estimation (2021-2031)

The global agriculture micronutrients market registered a value CAGR of 7.3% during the historical period (2016-2020). Major factor driving agro-micronutrients market growth is increasing incidence of micronutrients deficiency in soil. Micronutrients can be utilized as fertilizers to enhance soil concentrations to a level where the plant roots can absorb them properly.

Demand for micronutrients is increasing due to utilization for crop nutrition to eliminate deficiency, which is caused because of intensive cropping. Furthermore, farmers have become more cautious about micronutrient deficiency and strive to produce healthy nutrient crops, thereby driving market expansion.

The global market for agriculture micronutrients depicted an absolute opportunity of US$ 351.2 Mn in the year 2021 over 2020. Furthermore, for the forecast period (2021-2031), agriculture micronutrient consumption is anticipated to surge at a value CAGR of 8.4%.

agriculture-micronutrients-market

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How is Rising Consumption of Biofuel Driving Market Growth of Agriculture Micronutrients?

Biofuel is produced in various ways through different types of agricultural plants, commercial, domestic, and industrial wastes. 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 fertilizers to enhance crop quality.

Agriculture micronutrients usage by farmers is popular to increase crop yield. These micronutrients enhance the quality of the soil, thereby impacting biofuel crops as well. This, in turn, helps farmers supply biofuel crops for the production of high-quality biofuels.

As a result, increased demand for biofuels is driving up production of bio-crops such as sugarcane and increasing the worldwide need for agricultural micronutrients.

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What are the Factors Restricting Agriculture Micronutrient Demand Growth?

High prices of micronutrients have been a major restraint for demand growth of micronutrients in the recent past. Several farmers have reduced or resisted the use of micronutrients in their fertilizer programs due to high prices. This has caused a reduction and deficiency of micronutrient levels in the soil.

Farmers in developing countries lack awareness regarding the dosage and proper application of micronutrients. They 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. They mostly prefer applications such as soil and foliar; however, other applications such as fertigation, seed treatment, and hydroponics are fairly new to many farmers.

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Country-wise Insights

What Countries are Showing Promising Growth Potential in the European Agriculture Micronutrients Market?

Demand for agriculture micronutrients in Italy, Spain, and France is expected to increase at CAGRs of 7.4%, 6.9% and 6.7%, respectively, during the forecast period. This is because they are 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.

What Allows India to Lead the South Asia Agriculture Micronutrients Market?

India holds the largest share in the South Asia agriculture micronutrient market owing to the agriculture sector being the third-largest sector, which contributes significant amount to the GDP growth of the country, after the service and industry sector. Market share of India in the South Asian region is around 40.8%.

Category-wise Insights

Why are Zinc Micronutrients Highly Popular in the Global Market?

Zinc a key component of various enzymes that are responsible for several metabolic reactions in all crops. If specific enzymes aren't present in plant tissue, it will hinder growth of the plants. Proteins, carbohydrates, and chlorophyll formations are comparatively less in zinc-deficient plants.

Thus, continuous supply of zinc is required for optimal growth and maximum yield in plants. Market value share of zinc as an agriculture micronutrient was 38.1% in 2021.

Which Application of Agriculture Micronutrients is Showing High Growth Potential?

Micronutrient application in fertigation is set to register a value CAGR of 9.4% and application in soil at a value CAGR of 8.5%. These applications will provide high-potential growth opportunities for agriculture micronutrient producers over the coming years.

Market value of micronutrients in soil application was close to US$ 2.5 Bn in 2021.

COVID-19 Impact on Agriculture Micronutrients Industry

COVID-19 impacted almost every industry and slowed down operations worldwide. There have been several restrictions around the world to tackle the pandemic situation, and this heavily affected the supply chain of the fertilizer industries. Due to disruption in supply chains, there were logistical issues that proved to be one of the major challenges for every industry, and the fertilizer sector was not an exception.

Some of the challenges faced by the fertilizer industry include transportation problems due to lockdowns, travel restrictions, labour shortages, and others. These problems affected the production and sales of fertilizers, due to which, agricultural micronutrients market growth was hampered. However, decrease in COVID-19 cases and slow opening of economies have provided beneficial growth for agricultural micronutrient manufacturers off late.

Competitive Dashboard

Major agriculture micronutrient suppliers are capitalizing on product and process innovation along with geographic expansion of businesses to solidify their position in the global agriculture micronutrients landscape. To gain a competitive edge in the market, key agriculture micronutrient providers are also focusing on ramping up their production capacities.

  • In April 2019, BASF SE signed an agreement with Quadra Chemicals Ltd., one of the leading chemical and ingredient suppliers, to offer micronutrients products in Canada.
  • Kay-Flo Company introduced two new products - Nutra-Flo FlexEC technology and PureGrade EC - the only ones that allow growers to mix their choice of EC-based liquid fungicides and insecticides with starter fertilizers.
  • Stoller USA, Inc. launched a complete line of stimulate products that use EPA-registered technology to promote plant cell division and enhance yield.

Agriculture Micronutrients Industry Report Scope

Attribute

Details

Forecast period

2021-2031

Historical data available for

2016-2020

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Product Type
  • Crop Type
  • Application
  • Region

Key companies profiled

  • ADAMA Agricultural Solutions Ltd.
  • Agrium Inc
  • Auriga Industries A/S
  • BASF SE
  • Bayer CropScience AG
  • Compass Minerals International Inc.
  • E.I. DuPont DE Nemours and Company
  • Land O'Lakes Inc. Monsanto Co.
  • Nufarm Limited
  • Sumitomo Chemical Co., Ltd.
  • Syngenta International AG
  • The Dow Chemical Co.
  • The Mosaic Company
  • Yara International ASA
  • ATP Nutrition
  • Baicor, L.C.
  • Brandt Consolidated Inc.
  • Grow More Inc.
  • Micnelf USA Inc.
  • Kay-Flo Company
  • Stoller USA, Inc.
  • Verdesian Life Sciences, LLC (QC Corporation)

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Agriculture Micronutrients Industry Survey by Category

Agriculture Micronutrients Market by Product Type:

  • Boron
  • Copper
  • Iron
  • Manganese
  • Molybdenum
  • Zinc
  • Others

Agriculture Micronutrients by Crop Type:

  • Agriculture Micronutrients for Cereals
  • Agriculture Micronutrients for Pulses and Oilseeds
  • Agriculture Micronutrients for Fruits and Vegetables
  • Others

Agriculture Micronutrients by Application:

  • Agriculture Micronutrients for Fertigation
  • Agriculture Micronutrients for Foliar
  • Agriculture Micronutrients for Soil
  • Agriculture Micronutrients for Seed Treatment
  • Others

Agriculture Micronutrients by Region:

  • North America Agriculture Micronutrients Market
  • Latin America Agriculture Micronutrients Market
  • Europe Agriculture Micronutrients Market
  • South Asia Agriculture Micronutrients Market
  • East Asia Agriculture Micronutrients market
  • Oceania Agriculture Micronutrients Market
  • Middle East & Africa Agriculture Micronutrients Market

Media Release

- FAQs -

The global agriculture micronutrients market is currently valued at more than US$ 5 Bn.

Rising consumption of biofuels, need for effective fertilizers, surging world population, ease of application and effective functioning for soil & foliar, increasing agricultural contribution in GDP are factors driving market expansion.

From 2016 to 2020, demand for agriculture micronutrients increased at a CAGR of 7.3%.

Sales of agriculture micronutrients are projected to surge at 8.4% CAGR and be valued at close to US$ 11.3 Bn by 2031.

Market trends include fortifying fertilizer products with micronutrients, government initiatives to promote agriculture, and widening applications.

BASF SE, E.I. DuPont DE Nemours and Company, Bayer CropScience AG, Agrium Inc., and Compass Minerals International are the top 5 agriculture micronutrient manufacturers, accounting for around 50% to 60% market share.

France, followed by Germany, are leading the European market for agriculture micronutrients.

China, India, the U.S., France, and Brazil drive most of the demand for agriculture micronutrients.

Agriculture micronutrient sales in China are anticipated to top US$ 1.3 Bn by 2031, with the Indian market reaching US$ 1.25 Bn.

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