Agricultural Micronutrients Market to Grow with a CAGR of 8.73% through 2029

Increasing Preference for Sustainable products and a supportive regulatory environment are the major drivers for the Global Agricultural Micronutrients Market. 

According to TechSci Research report, “Agricultural Micronutrients Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Agricultural Micronutrients Market was valued at USD 4.43 Billion in 2023 and will see a steady growth in the forecast period at a CAGR of 8.73% through 2029. Increased awareness of Agricultural Micronutrients is driving market growth as stakeholders recognize their significance in optimizing crop health and yield. This trend has fostered a favorable market landscape, with farmers increasingly seeking micronutrient-based solutions to enhance agricultural practices. Advanced farming methods, particularly precision agriculture, are instrumental in boosting micronutrient adoption. These techniques enable farmers to identify specific micronutrient deficiencies within their fields and apply targeted solutions accordingly. Precision agriculture, facilitated by soil testing and specialized equipment, ensures optimal nutrient distribution across different field zones, with drones equipped with sensors and spraying systems proving invaluable in remote or challenging terrain.

Despite the benefits, challenges persist, particularly in regions with limited awareness and resources. Small-scale farmers in developing areas may be unaware of micronutrient benefits and face barriers due to perceived risks and higher costs. Limited access to micronutrient products and technical support further impedes adoption. Addressing these challenges requires collaborative efforts across the agricultural value chain, including education campaigns to raise awareness, investment in infrastructure, and resource allocation to facilitate access to micronutrient products and application equipment. These initiatives can unlock the full potential of agricultural micronutrients, promoting sustainable farming practices and enhancing crop health worldwide.

                                                                                             

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The Global Agricultural Micronutrients Market is segmented into Type, Crop Type, Form, Mode of Application, regional distribution, and company.

Based on its form, non-chelated micronutrients emerged as the fastest growing segment in the Global Agricultural Micronutrients Market in the forecast period. Non-chelated micronutrients offer a cost-effective option compared to chelated alternatives, appealing particularly to farmers facing budget constraints or prioritizing cost considerations. These micronutrients demonstrate versatility across various soil types and conditions, accommodating different pH levels and organic matter content, thereby facilitating their widespread use in diverse agricultural environments. Advancements in manufacturing technologies have resulted in enhanced formulations of non-chelated micronutrients, elevating their effectiveness and performance in crop production. These developments are driving increased adoption among farmers seeking dependable nutrient solutions. 

Based on region, Asia Pacific demonstrated significant growth in Global Agricultural Micronutrients Market in 2023. The Asia Pacific region boasts a substantial agricultural sector, with nations such as India, China, and Indonesia serving as key agricultural hubs. As population numbers continue to rise in these countries, there's mounting pressure to enhance agricultural efficiency and productivity, fueling the demand for micronutrients to optimize crop yields. Urbanization and increasing incomes in the Asia Pacific region have spurred consumer demand for superior-quality agricultural products. Micronutrients play a pivotal role in enhancing crop quality, nutritional content, and visual appeal, aligning with evolving consumer preferences and propelling market growth. Ongoing advancements in agricultural technology and innovation are catalyzing the development of novel micronutrient products featuring enhanced formulations and application methodologies. These technological strides are enhancing the accessibility and efficacy of micronutrients for farmers across the Asia Pacific region, thereby driving market expansion.

Major companies operating in Global Agricultural Micronutrients Market are:

• Aries Agro Limited
• BASF SE
• BMS Micro-Nutrients NV
• Haifa Negev Technologies Ltd. 
• Helena Agri-Enterprises, LLC
• Koch Industries, Inc.
• Nouryon Holdings BV
• Nufarm Limited

 

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“In the realm of global agriculture, micronutrients are indispensable elements essential for the optimal growth and development of plants. The Global Agricultural Micronutrients Market encompasses a wide array of these crucial plant nutrients. It is categorized into Non-chelated Micronutrients and Chelated Micronutrients. The latter involves micronutrients bonded to organic molecules, which enhances their solubility and accessibility to plants. Key micronutrients like iron, boron, zinc, and copper are pivotal for various physiological processes in plants, albeit required in small amounts. These micronutrients often bind to soil particles, rendering them unavailable to plants, particularly in high pH conditions. Chelation addresses this challenge by enveloping micronutrients with protective shields, ensuring their availability across a broader pH spectrum. This mechanism facilitates efficient absorption and utilization of micronutrients by plants, ultimately fostering healthier growth, increased yields, and superior crop quality in agricultural systems worldwide”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Agricultural Micronutrients Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Zinc, Boron, Iron, Copper, Manganese, Molybdenum, Others), By Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, others), By Form (Non-chelated Micronutrients, Chelated Micronutrients), By Mode of Application (Soil Treatment, Foliar Spray, Fertigation, Seed Treatment, others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Agricultural Micronutrients Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Agricultural Micronutrients Market.

 

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