Agricultural Micronutrients Market to reach USD 8.2 billion in 2030, at a CAGR of 8.3%

Agricultural Micronutrients Market is expected to grow from USD 4.7 billion in 2023-e to touch USD 8.2 billion in 2030, growing at a CAGR of 8.3% The exponential growth of the global population raises significant concerns about food security, necessitating increased agricultural productivity. Micronutrients play a critical role in enhancing crop yields and nutritional quality, directly impacting food availability and nutritional diversity. Micronutrient-rich crops contribute to a more balanced and nutritious food supply, addressing the nutritional needs of a growing population. Governments, international organizations, and agricultural communities are recognizing the role of micronutrients in addressing food security concerns and are actively promoting practices that prioritize the efficient use of micronutrients for sustainable and resilient agriculture.

Boron is a micronutrient that is essential for flowering and fruit setting of crops. It also enhances the absorption of other nutrients such as calcium in plants. Boron is widely used to address deficiencies in leached soils, which are typically low in nutrients, acidic, and have low organic matter. These conditions make leached soils prone to boron deficiency, leading to an increased demand for micronutrients containing boron.

Source: Intent Market Research Analysis

The oilseeds and pulses segment encompassing key crops like soybean, canola, and others, holds substantial significance. Soybean ranks among the most extensively cultivated legume crops globally. With a global production of approximately 119.9 Million Metric Tons during the 2021-2022 period, it holds a prominent position in the agricultural landscape. In the US, soybean takes second place, following corn with its production reaching significant volumes. Predominantly cultivated in the Midwest region, approximately 75% of the total agricultural area, encompassing 38.5 million hectares, is allocated to corn and soybean cultivation.

The foliar application method stands out as a crucial avenue for delivering essential nutrients to crops. Foliar application involves the application of micronutrients directly onto the plant's leaves, allowing for rapid absorption and utilization. This method proves particularly effective in addressing nutrient deficiencies promptly and enhancing overall plant health. It offers a targeted approach, ensuring that crops receive the necessary micronutrients for optimal growth and development. The adoption of foliar micronutrient application reflects a strategic and efficient approach to meet the nutritional needs of crops, ultimately promoting agricultural resilience and productivity.

North America market commands a substantial portion, driven by increased awareness of prevalent micronutrient deficiencies in soil. In the US, nutrient deficiency assessments began in the early 1980s, revealing deficits in key elements like boron (B), copper (Cu), zinc (Zn), mirroring the situation in Canada. The expansive US agricultural landscape contributes to varying micronutrient adoption among farmers across different regions due to diverse soil conditions and farming practices.

The presence of various small and big players characterizes the agricultural micronutrients market. The major market players include agricultural micronutrients market are BASF, Coromandel International, Helena Agri-Enterprises, Indian Farmers Fertiliser Cooperative Limited (IFFCO), Land O'Lakes, Nouryon, Nufarm, The Mosaic Company, Yara International, Zuari Agro Chemicals. In a competitive market, companies are quickly adopting advanced technologies to improve their agricultural micronutrient operations and strengthen their competitive position through strategic actions, such as mergers, acquisitions, and the launch of new products.