The global agricultural micronutrients market, valued at USD 4.3 billion in 2022, is expected to exhibit a CAGR of 8.6% and reach USD 6.4 billion by 2027. The Asia Pacific region, with its expansive agricultural lands and key countries such as India, China, Japan, and Australia, holds the largest share in both volume and value. In contrast, North America's dominance is attributed to its well-established export-oriented agriculture, supported by factors such as fertile soil, adequate water availability, and efficient infrastructure.
Zinc Micronutrients Lead the Pack
Zinc micronutrients are poised to hold the largest share in the agricultural micronutrients market. Naturally occurring in rocks and soil, its deficiency can adversely affect crucial plant enzymes, carbohydrate and protein formations, and chlorophyll production. Notably, the foliar mode of application, especially for iron and manganese, remains the key method for applying micronutrients, particularly in fruit, vegetable, and flower crops.
Focus on Non-Chelated Micronutrients
The non-chelated segment is expected to dominate the market, with their widespread use as sulphate salts, especially in China, a major exporter of micronutrients. These non-chelated variants, being cost-effective, find extensive application across various crops.
Fruits & Vegetables Segment Holds Significance
The fruits and vegetables segment is expected to witness significant growth, driven by the increasing demand
for these nutritious products globally. With export potential boosting production levels, the requirement for micronutrient products is on the rise to maintain export quality standards.
Asia Pacific Takes the Lead
The Asia Pacific region is set to maintain its dominance in the global agricultural micronutrients market, with China and India playing a pivotal role in driving demand. Favorable regulations, increasing investments in agricultural inputs, and strong R&D activities by multinational manufacturers further contribute to the region's prominence.
Key Players in the Market
Key market players such as BASF SE (Germany), Nutrien Ltd (Canada), AkzoNobel (Netherlands), Yara International ASA (Norway), Compass Minerals International (US), and others are actively expanding their market presence through new product launches, partnerships, and collaborations. With manufacturing facilities and robust distribution networks, these companies maintain a strong foothold in North America, Asia Pacific, and Europe.
