The global agricultural micronutrients market is valued at US$ 4.5 Bn in 2023. Micronutrients refer to minerals that crops require in very small amounts for proper growth and yield. The key micronutrients for crops include boron, chlorine, copper, iron, manganese, molybdenum, and zinc. Micronutrient deficiency in soils is a widespread problem faced by farmers globally. It leads to decreased nutrient uptake by crops and reduction in yield and quality of produce. The use of micronutrient fertilizers helps overcome deficiencies and maximize agricultural productivity.

The global agricultural micronutrients Market is estimated to be valued at US$ 4.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing micronutrient deficiency in soils globally is a major factor contributing to the high demand for agricultural micronutrients. According to a study by the International Plant Nutrition Institute, over 50% of world's cultivated soils are deficient in micronutrients. Continuous cultivation of crops and lack of replenishment of micronutrients in soils has led to severe deficiencies. This has adversely impacted yields and promoted the use of micronutrient fertilizers. Furthermore, growing awareness among farmers about maintaining soil health and maximizing productivity through balanced fertilization is also driving market growth. However, the availability of micronutrients from organic sources and their high production costs pose a challenge to market expansion.

SWOT Analysis

Strength: The agricultural micronutrients market caters to the growing demand for increasing crop yields and ensures the health of agricultural soil. Micronutrients improve plant growth, development, and stress adaptation in crops. They also help improve nutritional value and shelf-life of agricultural produce. Several governments are promoting micronutrient fertilizers to tackle issues of malnutrition.

Weakness: High dependency on climatic conditions affects the performance and efficacy of micronutrients. Development of micronutrient deficiencies in soil despite applications can reduce market potential. Lack of awareness among smallholder farmers regarding benefits is also a challenge.

Opportunity: Growth in organic and sustainable farming practices worldwide will drive demand. Advancements in formulation technologies will aid in developing products tailored for different soil and crop types. Adoption of precision farming and digitalization in agriculture opens up new growth avenues.

Threats: Stringent regulations pertaining to residue limits pose challenges in some regions. Environmental concerns regarding industrial contamination can impact demand. Trade barriers and geopolitical uncertainties inhibit market accessibility in certain areas.

Key Takeaways

The Global Agricultural Micronutrients Market Size is expected to witness high growth over the forecast period owing to rising food demand and focus on sustainable intensification in agriculture. The Asia Pacific region currently dominates the market and is expected to maintain its leading position over the next decade due to growing population and rising farm incomes in countries such as India and China. Key players operating in the region are Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings, and Phibro Animal Health Corporation.

The Asia Pacific agricultural micronutrients market will grow at a CAGR of over 9% during the forecast period. This can be attributed to robust growth of the agricultural sector across countries such as India, China, Japan, and Australia. High population levels, rapid urbanization, rising incomes, and government support for modernizing agriculture are driving micronutrient adoption. China dominates regional demand, while India is projected to witness the fastest growth.

Key players operating in the agricultural micronutrients market are Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings, Phibro Animal Health Corporation, Intervet Inc., Norvartis, Merck Animal Health, Novartis AG, Pharmaq AS, AquaBounty Technologies, Alltech, Skretting, Nutreco, and Biomin. These enterprises are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market share.

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