May 29, 2024
Agricultural Micronutrients Market

Agricultural Micronutrients Market Is Expected To Be Flourished By Increased Focus On Sustainable Agriculture Practices

The agricultural micronutrients market includes various micro-components that are essential for normal plant growth and yield such as iron, zinc, boron, chlorine, manganese, molybdenum, copper, and others. Micronutrients are applied to soil or used as foliar sprays for cereal and grains, fruits and vegetables, oilseeds and pulses, and other crops. Micronutrient deficiencies can reduce crop yields and quality significantly. Increasing emphasis on sustainable agricultural practices and soil health management are expected to drive the demand for micronutrients over the forecast period.

The global agricultural micronutrients market is estimated to be valued at US$ 5.19 Billion in 2024 and is expected to exhibit a CAGR of 27.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increased focus on sustainable agriculture practices is a major driver for the agricultural micronutrients market. Micronutrients play a vital role in various plant metabolic activities and promote plant health and stress tolerance. Their application helps improve nutrient-use efficiency and optimize fertilizer usage, aligning well with sustainable agriculture goals. Growing adoption of precision farming and non-conventional fertilizer formulations like fertilizers coated with micronutrients are also expected to support market growth over the forecast period. Additionally, investments in R&D for developing novel formulations suitable for diverse soil compositions and crops will further expand market opportunities. While high costs involved and lack of awareness in some regions pose challenges, initiatives by governments and agriculture organizations promote balanced fertilization practices and soil remediation measures, benefiting micronutrients demand.

Segment Analysis

The global agricultural micronutrients market is dominated by the cereal & grains sub segment accounting for more than 35% share. Cereal and grains form a staple diet for majority of population globally. Micronutrients play a crucial role in increasing the yield and quality of cereal and grains. This drives the demand for micronutrients from the sub segment.

PEST Analysis

Political: Governments across countries are supporting farmers through various schemes to increase the agricultural productivity and output. This has positively impacted the micronutrients market.
Economic: Growth in GDP and disposable incomes has increased the spending on food globally. This presents an opportunity for increased micronutrient consumption from the agricultural sector.
Social: Rising health consciousness among consumers has increased the demand for nutrient rich food crops. This is driving the use of micronutrients in farming.
Technological: Advancements in formulation and application techniques of micronutrients have made them more effective and efficient. This coupled with better advisory services is benefiting the micronutrients market.

Key Takeaways

The global Agricultural Micronutrients Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by various government initiatives and growth in GDP.

Europe dominates currently accounting for more than 30% share due to intensive agricultural practices and advanced advisory systems in countries like Germany, France and UK. The Asia Pacific region is expected to witness fastest growth led by countries like China and India.

Key players operating in the agricultural micronutrients market are Drone Defence, DeTect Inc., Zen Technologies Limited, DroneShield Ltd, METIS Aerospace Ltd, QinetiQ Group PLC, Thales Group, Lockheed Martin Corporation SRC Inc., Dedrone, SAAB AB, Raytheon Technologies Corporation, IAI Group, Citadel Defense, and Robin Radar Systems. These companies are focusing on expanding their product portfolio and geographical presence through acquisitions and partnerships.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it