The global agricultural micronutrients market is estimated to be valued at USD 3.6 billion in 2020 and is projected to reach USD 5.4 billion by 2025, recording a CAGR of 8.7%. The growth of the agricultural micronutrients market is driven by various factors, such as the increasing micronutrient deficiency in soil and rising focus on crop productivity and quality.
Key players in the agricultural micronutrients market include BASF SE (Germany), Nutrien, Ltd. (Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Valagro (Italy), and Compass Minerals International (US). Product innovations, expansions, mergers & acquisitions, agreements, collaborations, and partnerships were some of the core strengths of the leading players in the agricultural micronutrients market.
These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios.
Some of the other leading players in the agricultural micronutrients market include Nufarm (Australia), Land O’ Lakes (US), Coromandel International Limited (India), Helena Chemical Company (US), Sapec S.A. (Belgium), Haifa Group (Israel), Balchem (US), Stoller Enterprises (US), Zuari Agrochemicals Ltd. (India), ATP Nutrition (US), and BMS Micro-Nutrients NV (Belgium).
Nutrien Ltd. (Canada) has the largest crop nutrient product portfolio, which is combined with a global retail distribution network that includes more than 1,500 farm retail centers. Nutrien Ltd. specializes in crop nutrition and is engaged in the production and distribution of potash, nitrogen, and phosphate products for agricultural, industrial, and feed manufacturers. A subsidiary of Nutrien Ltd., Nutrien Ag Solutions is the leading provider of agricultural products and services for western Canadian growers. The company has a wide-ranging agricultural retail network that provides services to over 500,000 grower accounts. The company has a network of nearly 1,700 retail locations in seven countries, along with operations and investments in 14 countries, globally. The company has its presence in North America, South America, Europe, Asia, Africa, and Australia.
Yara International ASA (Norway) is a leading crop nutrition company. The company’s product segment comprises ammonia, nitrates, calcium nitrate, and NPKs, with a growing portfolio of phosphates, providing the foundation for its crop nutrition and industrial solutions businesses. It provides micronutrients through its crop nutrition segment. The product offering covers both commodity and high-value crops, where it offers differentiated fertilizer products and services. The segment offers the most comprehensive crop nutrition product portfolio, ranging from standard nitrogen products to complete crop nutrition solutions.
