Rising need for food security across the globe driving the agricultural micronutrients market
The global agricultural micronutrients market size is projected to grow from USD 4.3 Billion in 2022 to USD 6.4 Billion by 2027, recording a compound annual growth rate (CAGR) of 8.6% during the forecast period. The rise in the global population, leads to rise in need for food security across the globe majorly in developing and underdeveloped countries in the world. These key factors that are projected to drive the growth of the agricultural micronutrients market during the forecast period.
By type, the zinc segment is projected to dominate the agricultural micronutrients market during the forecast period.
Soil nutrient deficiencies of zinc are vastly recorded in regions of Asia (India, China, and Indonesia), sub-Saharan Africa and the northwestern region of South America.
According to a report on “Scarcity of micronutrients in soil, feed, food, and mineral reserves” by “The Platform for Agriculture, Innovation & Society,” an estimated 800,000 people die every year from zinc deficiency, moreover growth retardation, loss of appetite, and impaired immune function is rising amongst zinc deficient people. The mineral reserves for raw material supply, seem to be most restrictive for zinc. At the current production rates of mining, the known reserves are sufficient for only 21 years. Thus, the market for the same is driven towards growth, as it is an important micronutrient and the governments across the globe are making efforts to curb its deficiency through increasing its content in the agricultural produce.
By form, the chelated segment is projected to be the fastest-growing segment in the agricultural micronutrients market during the forecast period.
Chelated micronutrients are organic molecules that combine with metal cation to form a ring-like structure. Chelated micronutrients are available in different ranges of soil pH. Some of the most used chelating agents during the production of synthetic micronutrient chelates are diethylene-triamine Penta-acetic acid (DTPA), ethylenediamine-N, N′-bis (2-hydroxyphenyl acetic acid) (EDDHA), and ethylene diamine-tetra-acetic acid (EDTA). Moreover, due to the stable nature of chelated compounds, the adoption of chelated micronutrients is projected to grow at a faster pace.
Asia Pacific is projected to account for the largest share in the agricultural micronutrients market during the forecast period.
Asia Pacific accounted for the largest share, during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the micronutrients are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies for fertilization and nutrition of crops, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region. The increasing agricultural practices and requirement of high-quality agricultural produce are factors that drive the micronutrient fertilizer market growth in the Asia Pacific region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced.
Key players in this market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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