The global Agricultural Micronutrients Market is estimated to be valued at US$4.3 Billion In 2022 and is expected to exhibit a CAGR of 8.6% over the forecast period of 2022-2027, as highlighted in a new report published by Coherent Market Insights.
Agricultural micronutrients are essential elements required by plants in small quantities for their growth and development. These micronutrients, including zinc, iron, manganese, and others, play a crucial role in increasing crop yields and improving crop quality. The market for agricultural micronutrients is driven by the rising demand for high-quality crops and the need to enhance soil fertility. These micronutrients are used in fertilizers and are applied to crops through foliar spraying or soil application, ensuring optimal nutrient uptake by plants.
Market Key Trends:
An increasing trend observed in the Agricultural Micronutrients Market is the adoption of advanced technologies for micronutrient application. Precision agriculture techniques, such as soil testing, remote sensing, and GPS-based crop management systems, are being used to identify nutrient deficiencies in crops and to accurately apply micronutrients based on specific plant requirements. This technology-driven approach helps in maximizing crop yield and minimizing the wastage of micronutrients. Moreover, the use of chelated micronutrients, which are more efficient and easily absorbed by plants, is gaining popularity in the market. These trends are expected to significantly drive the growth of the agricultural micronutrients market in the forecast period.
Threat of New Entrants: The threat of new entrants in the agricultural micronutrients market is low. The market is already dominated by major players who have established a strong presence and have high entry barriers. The existing players have significant brand recognition, large distribution networks, and strong relationships with suppliers, making it difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the Agricultural Micronutrients Market is moderate. Buyers have some power to negotiate prices and demand quality products. However, the limited number of key players in the market gives them less bargaining power compared to the suppliers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the agricultural micronutrients market is high. The suppliers of micronutrients hold significant power due to the limited availability of raw materials and their essential role in the manufacturing process. They can dictate prices, terms, and conditions to a certain extent.
Threat of New Substitutes: The threat of new substitutes in the agricultural micronutrients market is low. Micronutrients play a vital role in enhancing crop growth and improving yield. There are no known substitutes that can provide similar benefits, making the market less susceptible to substitutes.
Competitive Rivalry: The competitive rivalry in the agricultural micronutrients market is high. The market is highly consolidated, with a few dominant players controlling a significant share. Intense competition among key players, including The Dow Chemical Company, BASF SE, The Mosaic Company, Akzo Nobel N.V., Yara International ASA, The Potash Corporation, Land O’Lakes, Inc., Marubeni Corporation, and Nufarm Limited, drives innovation and product development.
The global agricultural micronutrients market is expected to witness high growth, exhibiting a CAGR of 8.6% over the forecast period of 2022-2027. This growth can be attributed to increasing awareness about the importance of micronutrients in crop cultivation, rising demand for high-quality agricultural produce, and the need for improved nutrient management.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the agricultural micronutrients market. Factors such as the presence of a large agricultural sector, increasing population and food demand, and government initiatives to promote sustainable agriculture are driving the market growth in this region.
Key players operating in the agricultural micronutrients market include The Dow Chemical Company, BASF SE, The Mosaic Company, Akzo Nobel N.V., Yara International ASA, The Potash Corporation, Land O’Lakes, Inc., Marubeni Corporation, and Nufarm Limited. These key players are focused on strategic collaborations, product launches, and geographical expansions to strengthen their market position and gain a competitive edge.
In conclusion, the agricultural micronutrients market is projected to experience steady growth in the coming years due to the increasing focus on improving crop productivity and yield. The market is highly competitive, with key players driving innovation and expansion. The Asia Pacific region is expected to witness significant growth, fueled by favorable government initiatives and the need to meet the rising food demand.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it