Global Agricultural Micronutrients Market to Grow at a CAGR of 8.2% During the Period 2024-2032, Driven by Increasing Growers’ Awareness of Plant Nutrition

The global agricultural micronutrients market is likely to be driven by efforts of growers to overcome micronutrient deficiency in the soil and enhance crop produce. Increased growers’ awareness of plant nutrition and acceptance of the need for micronutrients, and advancements in technologies related to precision agricultural equipment that enable efficient administration of micronutrients are also expected to stimulate market growth. North America, Europe and Asia are expected to be key markets.

Agricultural micronutrients comprise a combination of mineral elements such as Zinc (Zn), Copper (Cu), Manganese (Mn), Iron (Fe), Boron (B), Molybdenum (Mo).These elements foster horticultural crops as well as cereals, pulses, oilseeds, spices, and plantation. Zinc is absorbed by flora as the divalent Zn²⁺ cation. Zinc is essential to plant hormone balance and auxin activity, growth, cell division, and production of grain husk. Copper triggers enzymes and catalyzes reactions in multiple growth processes. The presence of copper is associated with the production of Vitamin A; the element also is essential to successful protein synthesis. Manganese acts as part of enzyme systems in flora. It triggers many essential metabolic processes and directly influences photosynthesis. Manganese quickens germination and maturity while enhancing phosphorus and calcium availability. Iron is crucial for growth of crops and production of food. Plants absorb Fe as the ferrous (Fe²⁺) cation. Iron is present in several enzymes linked with energy transfer, nitrogen reduction and fixation, and lignin formation. Boron is an important micronutrient influencing membrane stability. Molybdenum is essential to the synthesis and function of nitrate reductase (enzyme); molybdenum is key to symbiotic nitrogen fixation by Rhizobia (bacteria) in legume root modules.

In order to strengthen their market position, manufacturers are engaged in R&D efforts, enhancing capacities and delivering efficient novel solutions. For example, in 2020, The McGregor Company acquired micronutrients manufacturer HydroGro, a manufacturer of water-based, micronutrient solutions for agricultural and turf markets. HydroGro had been a partner of The McGregor Company in developing and producing “TMC SeedStart” line of products that delivered micronized, concentrated, and readily available seed applied nutrition. The acquisition strengthened the position of The McGregor Company in the micronutrient space.

Yara offers YaraVita® PROCOTE® - an oil-based liquid product that leverages the whole dry N, P, K and S fertilizer set as platform to deliver micronutrients.

In 2019, BASF Canada signed an agreement with Quadra Chemicals Ltd to represent BASF’s micronutrient products in Canada. Through the agreement, BASF sought to make its operations in Canada more efficient.

Companies are focusing on controlled release micronutrient fertilizers for precision agriculture and precise crop nutrition, an approach being considered the future of agriculture in which nutrients are administered in a controlled way with minimal damage to the environment. For example, CoteN™ is part of the Multicote™ range of Controlled Release Fertilizer (CRF), developed by Haifa Group. CoteN™ Mix is designed to stop nutrient release when the ground temperature goes below 12°C.

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Key Findings of the Report:

• In recent years, growers have become more aware of the importance of plant nutrition which has led to greater acceptance of the need for micronutrients. Such awareness and acceptance are expected to stimulate market growth.

• Advances in precision agricultural equipment technologies is also likely to help market growth.

• The regulatory environment may have a restricting effect on market growth. However, micronutrient and biological technologies are expected to witness opportunities due to the ban of certain pesticides in regions like EU.

Market Analysis by Type, Crop Type, Global Agricultural Micronutrients Market Segmentation:

• By type, the market is segmented into Zinc, Boron, Iron, Molybdenum, Copper, Manganese, and Others.

• By crop type, the market is classified into Cereals and Grains (further divided by type into Corn, Wheat, Rice and Others), Fruits and Vegetables, Oilseeds and Pulses (further divided by type into Soybean, Canola and Others) and Others.

• By form, the market is classified into Chelated Micronutrients [further divided by type into Ethylene diamine-tetra-acetic acid (EDTA), Ethlyenediamine Di-2-Hydroxyphenyl Acetate (EDDHA), Diethylene-triamine penta-acetic acid (DTPA), Iminodisuccinic Acid (IDHA) and Others] and Non-Chelated Micronutrients.

• By mode of application, the market is divided into Soil, Foliar, Fertigation and Others.

• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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