Attractive Growth Opportunities in the Agricultural Micronutrients Market in Coming Years

The global agricultural micronutrients market size is projected to grow from USD 4.3 Billion in 2022 to USD 6.4 Billion by 2027, recording a compound annual growth rate (CAGR) of 8.6% during the forecast period. The rise in the global population, leads to rise in need for food security across the globe majorly in developing and underdeveloped countries in the world. These key factors that are projected to drive the growth of the agricultural micronutrients market during the forecast period.

Download PDF Brochure

Opportunity: Development of biodegradable chelates

Due to the various known hazards of the non-biodegradable chelating agents, the emphasis on the production of biodegradable chelates is rising in the markets. NTA, EDDS, and ITS are the most recently developed and adopted agents widely being promoted in the markets instead of the non-biodegradable agents. These are mainly used more with objectives such as removal of the metals that can affect the plant and soil health and further to avoid the precipitation of these toxic metals into the soil.

Farmers in the region are eventually shifting from using commodity fertilizer products to specialty fertilizers, such as coated & encapsulated fertilizers, chelated, and slow release. These fertilizers provide high growth potential for increased yield and low water consumption. With support from government policies and subsidies, fertilizer manufacturers are producing agricultural chelates, which is seen to increase in emerging economies such as China and India.

Challenge: Poor awareness among the developing regions regarding the benefits of micronutrients

Smallholding farmers hold most of the agricultural lands all over the globe. According to the MarketsandMarkets insights, factors such as the shift of young population from cultivation toward service-based professions, reducing the number of farmers, and the average ages of the farmers all around the globe going on increasing; there is very a low number of farmers that are well educated and completely aware of the conditions of soils that they cultivate, and the best methods to get the maximum outputs. Thus, they are mostly unaware of the micronutrients existing or deficient in the soil, and the use of nutrients still happens to be a luxury in most countries.

To capture the markets such as India, China, and Africa, which are among the developing nations, the governments, along with NGOs and private partnerships, take up awareness and education campaigns. This will help improve the production at the very base levels and improve soil fertility. In terms of usage, Asia Pacific is characterized to be the leading region for the micronutrients industry due to the growing agriculture industry, followed by North America and Europe, and then by the Middle Eastern and African regions.

Make an Inquiry

Key players in this market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.