The Global Agricultural Micronutrients Market Overview:
The global agricultural micronutrients market, valued at USD 4.5 billion in 2023, is expected to reach USD 6.9 billion by 2028, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 8.6%. This growth is fueled by the pressing need to enhance agricultural yield and crop quality, an increasing global population, and the escalating demand for high-quality food. Agricultural micronutrients, vital for plant growth in small quantities, are pivotal in modern agriculture. The market’s expansion is further propelled by the awareness of their benefits and advancements in research and technology.
Key Areas of Growth and Development:
Boron Emergence:
Among the various micronutrient types, the boron segment is projected to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. Boron’s vital role in promoting plant growth and development, especially in sensitive high-value crops, coupled with its impact on crop yield and quality, is driving its rapid adoption in the agricultural micronutrients market.
Fertigation on the Rise:
Fertigation, the application of micronutrients through irrigation systems, is gaining traction due to its precise and efficient nutrient delivery directly to plant roots. This practice aligns with the growing demand for high-quality agricultural produce and the need for resource-efficient farming, contributing significantly to the growth of the agricultural micronutrients market.
Significance of Cereal and Grain Crops:
The cereal and grain crop segment is expected to witness significant growth, driven by the fundamental role of these staple foods in the global food supply. With changing dietary preferences and the emphasis on nutrient-rich foods, the application of agricultural micronutrients is crucial to ensure the nutritional value and quality of cereals and grains.
South America’s Market Growth:
South America is poised to exhibit substantial growth in the agricultural micronutrients market, fueled by the region’s increasing population and disposable incomes. Factors such as the emphasis on improving crop yield and quality, diverse climate and soil conditions, adoption of modern agricultural practices, and growing awareness among farmers about the benefits of micronutrient fertilizers are contributing to the region’s market expansion.
Key Market Players:
Leading players in the agricultural micronutrients market, including BASF SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), and Coromandel International Ltd (India), are actively contributing to the market’s progress through innovation and technology advancements.
