The agricultural micronutrients market is estimated at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 8.6% from 2023 to 2028. Agricultural micronutrients are essential mineral elements required in small quantities by plants for their growth and development. These micronutrients include elements like iron, zinc, copper, manganese, and boron, among others. They play a crucial role in enhancing agricultural yield and crop quality by ensuring that plants receive the necessary nutrients for optimal growth.
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Key Highlights of Agricultural Micronutrients Market:
1. Increased Awareness: Farmers and agricultural experts have grown more aware of the crucial role micronutrients play in plant growth and development. This awareness has led to a rising demand for micronutrient-based solutions.
2. Technological Advancements: Ongoing research and technological advancements have enabled the development of innovative micronutrient formulations and delivery systems. This includes precision agriculture techniques, micronutrient-enhanced fertilizers, and application technologies that optimize nutrient uptake.
3. Growing Need for Soil Health: Soil depletion and nutrient imbalance have become prevalent issues in many agricultural regions. As a result, there’s a heightened focus on replenishing soil health through targeted micronutrient applications.
4. Expanding Product Portfolio: The market has witnessed an expansion in the range of micronutrient products available to farmers. These include various micronutrient blends, chelated micronutrients, and customized formulations catering to specific crop needs.
5. Regulatory Measures: Regulatory interventions and government initiatives to promote sustainable agricultural practices have influenced the use of micronutrients. This includes guidelines for micronutrient application rates, permissible levels, and environmental considerations.
6. Regional Market Dynamics: Variations in soil composition and agricultural practices across different regions have resulted in distinct market dynamics. The market growth and adoption of micronutrients vary based on geographical and economic factors.
Agricultural Micronutrients Market Drivers:
1. Increase in micronutrient deficiency in soil
2. Rising crop production rates and quality of arable lands
3. Focus on sustainable soil management practices by governments
4. Improved awareness and understanding of micronutrient management practices among farmers
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South America is estimated to grow at a significant CAGR in the global agricultural micronutrients market.
With the region’s growing population and rising disposable incomes, there is an increasing appetite for food products. The agricultural micronutrients market in South America is experiencing significant growth, driven by several key factors. First and foremost, there is a growing emphasis on improving crop yields and quality to meet the increasing demand for food in the region. Micronutrients play a crucial role in enhancing plant growth, nutrient uptake, and overall crop productivity. Additionally, South America’s diverse climate and soil conditions have created a need for tailored nutrient solutions, further boosting the market for agricultural micronutrients. The adoption of modern agricultural practices, including precision farming and technology-driven solutions, has facilitated efficient micronutrient application, maximizing agricultural output. Moreover, increasing awareness among farmers about the benefits of micronutrient fertilizers and government initiatives to promote sustainable agriculture have fueled the market’s growth.
Key Market Players:
Basf SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), Coromandel International Limited (India), Land O’lakes, Inc. (US), Helena Agri-Enterprises, LLC (US), The Mosaic Company (US), and Haifa Negev Technologies Ltd (Israel) are among the key players in the global agricultural micronutrients market.
Recent Developments:
1. In February 2023, Andersons Inc. introduced MicroMark DG, a new brand of granular micronutrients using dispersion granule (DG) technology. The new technique enables uniform spherical granules for easy blending, spreading, and greater efficacy. MicroMark DG Blitz, a calcium, boron, manganese, and zinc blend, and MicroMark DG Humic, a calcium, sulfur, manganese, zinc, and humic acid blend, will be the first to be released.
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