Agricultural Micronutrients Market: Key Factors Fueling the Market Growth and Global Players

Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Copper), By Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated micronutrients), Crop Type, and Region Global Forecast to 2025

(EMAILWIRE.COM, March 25, 2021 ) The global agricultural micronutrients market is estimated to be valued at USD 3.6 billion in 2020 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.

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By crop type, the fruits & vegetables segment is projected to be the fastest-growing segment in the agricultural micronutrients market during the forecast period.

The trend of consuming fruits has witnessed a growth in the past two decades, and this trend is projected to continue in the coming years. According to the FAO, the global production levels of the fruits and the vegetables has raised from 108 hundred metric tons in 2007 to 141 hundred metric tons in 2017. The increasing exports of fruits & vegetables have also led to an increase in the crop plantation area, which has resulted in a rise in their production levels. Hence, the crop sustaining and protecting the chemicals market for fruits & vegetables is projected to witness significant growth.

By type, the zinc segment is projected to dominate the agricultural micronutrients market during the forecast period.

Zinc is required in plants for a wide range of functions such as protein synthesis, gene regulation, structure and integrity of biomembranes, protection of cells from oxidative damage, and others. Sandy, highly leached acid soil and soils having poor organic content, show lower zinc contents. The formations of essential enzymes in the plants, such as carbohydrate, protein, and chlorophyll is hampered in the zinc-deficient soils. Zinc deficiency is the most common problem witnessed around the globe, particularly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market.

By form, the chelated segment is projected to be the fastest-growing segment in the agricultural micronutrients market during the forecast period.

Chelated micronutrients are organic molecules that combine with metal cation to form a ring-like structure. Chelated micronutrients are available in different ranges of soil pH. Some of the most commonly used chelating agents during the production of synthetic micronutrient chelates are ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, N¡ä-bis (2-hydroxyphenyl acetic acid) (EDDHA). Moreover, due to the stable nature of chelated compounds, the adoption of chelated micronutrients is projected to grow at a faster pace.

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In terms of value, The market for agricultural micronutrients in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2025. Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat deficiency.

Leading companies are BASF SE (Germany), Nutrien, Ltd.(Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Balchem (US), Helena Chemical Company (US), Land O’ Lakes (US), Compass Minerals International (US), Sapec S.A. (Belgium), Valagro (Italy), Stoller Enterprises INC (US), Zuari Agrochemicals (India), Haifa Group (Israel), ATP Nutrition (Canada), Baicor LC (US), Coromandel International Ltd (India), Corteva INC (US), Nufarm (Australia), and BMS Micro-Nutrients NV (Belgium).

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