The global agricultural micronutrients market will witness a CAGR of 5.9% from 2022 to 2031, surpassing USD 7.8 billion by 2031. Agricultural micronutrients are essential to plant nutrients present in minimal amounts but are required for plant growth and development. They play an important role in growing the yield and quality of crops. The demand for agricultural micronutrients is driven by the need to increase crop production to meet the increasing global food demand.
COVID-19 has caused a slowdown in global trade and led to a decrease in demand for commodities. However, the market is expected to rebound in 2020 as the outbreak is contained. Agricultural micronutrients are essential for plant growth and development and play a key role in increasing crop yields.
Moreover, the pandemic has caused a shortage of labour in many countries and decreased purchasing power due to the economic slowdown. This has led to farmers increasingly looking for agricultural micronutrients to improve crop yields. In addition, governments are increasingly investing in Agricultural Micronutrient Programs (AMPs) to improve food security and ensure that their people have access to sufficient nutrients.
Source: ThinkWise Intelligence Analysis
The agricultural micronutrients market is driven by the increasing demand for micronutrients in the agriculture sector. The market is also driven by the increasing awareness about the benefits of micronutrients among farmers. The rising need for high-quality food products has also led to increased demand for micronutrients. The growing population and the rising income levels also contribute to the growth of the agricultural micronutrient market.
The global agricultural micronutrients market is restrained by the reluctance of farmers to pay for the products, despite their proven benefits. Moreover, the prices of agricultural micronutrients are high, and many smallholder farmers struggle to afford them. In addition, many farmers are unaware of the benefits of using agricultural micronutrients or the specific crops that can benefit from their use.
As the world's population rises, so does the need for food. This creates opportunities for companies that produce agricultural micronutrients, which are essential nutrients that plants need in small quantities to grow healthy and strong. Consumers are becoming more aware of the importance of nutritional content and are looking for products that contain more vitamins and minerals. Agricultural micronutrients can help plants absorb more nutrients from the soil, making them healthier and more nutritious.
The market for agricultural micronutrients is highly volatile, with prices for some minerals and trace elements fluctuating wildly from year to year. This volatility is complex and varies from one mineral to another but often include factors such as changes in global production, currency fluctuations, and government policies.
Iron sulfate is an excellent example of how prices can swing dramatically. In 2016, an annual ton of iron sulfate price ranged from $275 to $525. In 2017, the price dropped to as low as $175 per ton before rising again to over $400 in late 2018. These price fluctuations occur due to the uncertainty in global production; when there is an oversupply of a mineral on the market, prices will drop.
"During the projected period, the zinc agricultural micronutrients market is anticipated to dominate throughout the forecast period."
The market for agricultural micronutrients is divided into boron, copper, iron, manganese, zinc, others by type. Among these, zinc accounted for the largest share in 2021. The demand for zinc micronutrients is mainly driven by their ability to correct zinc deficiencies in crops and improve their yield and quality. Zinc micronutrient products are also increasingly being used as a seed treatment to protect plants from diseases and pests.
The demand for copper micronutrients is increasing due to the rising awareness of the importance of copper in plant growth. Copper deficiency can lead to poor plant health and reduced yields. Copper micronutrients are used to correct copper deficiencies and improve plant health.
"Cereals and Grains segment will have the largest share till the end of the forecast period."
Cereals and grains, fruits and vegetables, oilseeds and pulses, and others are among the crop types that make up the agricultural micronutrients market. In 2021, the cereals and grains category held the most significant proportion of the agricultural micronutrients market. The fruits and vegetables segment is likely to increase at the fastest CAGR throughout the forecast period.
"Chelated agricultural micronutrients market is projected to have the largest market share during the study period."
During the forecast period, chelated micronutrients are projected to grow at a higher rate than non-chelated micronutrients. Chelated micronutrients are those that have been bonded to a protein molecule. This makes them more available to plants, as they can withstand harsher environments. The growing demand for high-quality crops and the necessity to boost crop yields are propelling the agricultural micronutrients industry forward. The use of chelated micronutrients helps in improving the uptake of nutrients by plants, which leads to better yields. In addition, the growing awareness regarding the benefits of using chelated micronutrients is also propelling the growth of this market. Non-chelated micronutrients, on the other hand, do not have this protective coating and are therefore more susceptible to degradation.
"The Foliar segment will witness highest CAGR in the projected period."
Based on application, the global market is fragmented into fertigation, foliar, and soil application. Foliar feeding is further segmented into trace minerals, vitamins, and hormones. The foliar segment is anticipated to increase at the highest CAGR from 2022 to 2031. The growth of this segment can be attributed to the increasing awareness about the benefits of foliar application among farmers and the increasing use of foliar micronutrients by crop growers for achieving better yields. The demand for agricultural micronutrients is projected to grow as farmers worldwide realize their benefits through soil application. Agricultural micronutrients improve soil health, which leads to an increase in crop yields. They also help crops resist pests and diseases and improve their nutritional value of crops.
GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET TRENDS, BY REGION
"The Europe region will hold the largest share in the global market."
Europe agricultural micronutrients market has had a dominant position throughout the forecast period, owing to the high demand for quality crops. The regional market is expected to grow at a CAGR of 5.1% during the estimated period due to the mounting awareness about the advantages of micronutrients among farmers and the increasing adoption of precision farming techniques. The use of agricultural micronutrients helps improve the quality of crops, increasing their demand in Europe. The key players in this market are investing in R&D to develop innovative products that can address the specific needs of European farmers.
The growing demand for organic crops is also driving the demand for agricultural micronutrients in Europe. The players in this market are focusing on expanding their presence in this region by launching new products and strengthening their distribution network.
The major players in the global agricultural micronutrients market are BASF SE, AkzoNobel N.V., The Dow Chemical Company, Evonik Industries AG, and others. These companies are concentrating on expanding their production capacities to meet the growing demand for agricultural micronutrients. In addition, these companies are also investing in R&D to develop new products and applications to cater to the requirements of the agriculture sector.
CHAPTER 1. INTRODUCTION
1.1. KEY OBJECTIVES OF THE STUDY
1.2. MARKET SCOPE & DEFINITION
1.2.1. MARKET SEGMENTATION
1.3. REPORT DESCRIPTION
1.5. STAKEHOLDERS FOR PRIMARY INTERVIEWS
CHAPTER 2. RESEARCH METHODOLOGY
2.1. DATA EXPLORATION
2.1.1. PRIMARY DATA
126.96.36.199. DATA SOURCES
188.8.131.52. KEY DATA COLLECTED
2.1.2. SECONDARY DATA
184.108.40.206. DATA SOURCES
220.127.116.11. KEY DATA COLLECTED
2.2. MARKET SIZE ESTIMATION
2.2.1. TOP-DOWN APPROACH
2.2.2. BOTTOM-UP APPROACH
2.3. DATA BREAKDOWN & TRIANGULATION
2.4. ASSUMPTIONS & FORECAST PARAMETERS
CHAPTER 3. EXECUTIVE SUMMARY
CHAPTER 4. THINKWISE INTELLIGENCE EXCLUSIVE INSIGHTS
4.1. MARKET ATTRACTIVENESS, BY TYPE
4.2. MARKET ATTRACTIVENESS, BY CROP TYPE
4.3. MARKET ATTRACTIVENESS, BY FORM
4.4. MARKET ATTRACTIVENESS, BY APPLICATION
4.5. MARKET ATTRACTIVENESS, BY REGION
CHAPTER 5. MARKET OVERVIEW
5.2. GROWTH IMPACT FORCES
5.3. MARKET ECOSYSTEM & VALUE CHAIN
5.3.1. ECOSYSTEM ANALYSIS
18.104.22.168. IMPACT OF COVID-19 ON THE MARKET ECOSYSTEM
5.3.2. VALUE CHAIN ANALYSIS
22.214.171.124. IMPACT OF COVID-19 ON THE MARKET VALUE CHAIN
5.4. INNOVATION & SUSTAINABILITY MATRICES
5.4.1. PATENT MATRIX
5.4.2. REGULATORY MATRIX
5.5. PRICE MATRIX
5.5.1. IMPACT OF COVID-19 ON PRICING
5.5.2. PRICING ANALYSIS
126.96.36.199. BY TYPE
188.8.131.52. BY CROP TYPE
184.108.40.206. BY FORM
220.127.116.11. BY APPLICATION
18.104.22.168. BY REGION
5.6. PORTER’S FIVE FORCES ANALYSIS
5.6.1. BARGAINING POWER OF SUPPLIERS
5.6.2. BARGAINING POWER OF CONSUMERS
5.6.3. THREAT OF SUBSTITUTES
5.6.4. THREAT OF NEW-ENTRANTS
5.6.5. COMPETITIVE RIVALRY INTENSITY
5.7. PESTLE ANALYSIS
5.8. IMPACT OF COVID-19 ON GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET
5.8.1. PRE-COVID MARKET SCENARIO
5.8.2. POST-COVID MARKET SCENARIO
CHAPTER 6. GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET ANALYSIS, BY TYPE
CHAPTER 7. GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET ANALYSIS, BY CROP TYPE
7.1.1. FRUITS AND VEGETABLES
7.1.2. CEREALS AND GRAINS
7.1.3. OILSEEDS AND PULSES
CHAPTER 8. GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET ANALYSIS, BY FORM
CHAPTER 9. GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET ANALYSIS, BY APPLICATION
9.1.3. SOIL APPLICATION
CHAPTER 10. GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET ANALYSIS, BY REGION
10.1.1. NORTH AMERICA
10.1.1.1. UNITED STATES (U.S.)
10.1.2. SOUTH AMERICA
10.1.2.4. REST OF SOUTH AMERICA
10.1.3.3. UNITED KINGDOM (UK)
10.1.3.8. REST OF EUROPE
10.1.4.4. SOUTH KOREA
10.1.4.9. REST OF ASIA-PACIFIC
10.1.5. MIDDLE EAST
10.1.5.3. SAUDI ARABIA
10.1.5.4. UNITED ARAB EMIRATES (UAE)
10.1.5.5. REST OF MIDDLE EAST
10.1.6.3. SOUTH AFRICA
10.1.6.4. REST OF AFRICA
CHAPTER 11. COMPETITIVE LANDSCAPE
11.1. TOP WINNING STRATEGIES
11.1.1. BY STRATEGY
11.1.2. BY REGION
11.1.3. BY YEAR
11.2. COMPETITIVE HEATMAP
11.3. PRODUCT BENCHMARKING
11.4. STRATEGIC BENCHMARKING
11.4.1. MERGERS & ACQUISITIONS
11.4.2. STRATEGIC PARTNERSHIPS & COLLABORATIONS
CHAPTER 12. PLAYER BENCHMARKING
12.1. BASF SE
12.1.1. BUSINESS OVERVIEW
12.1.2. PRODUCT OFFERINGS
12.1.3. FINANCIAL OVERVIEW
12.1.4. STRATEGIC BENCHMARKING
12.1.5. SWOT ANALYSIS
12.2. AKZONOBEL N.V.
12.2.1. BUSINESS OVERVIEW
12.2.2. PRODUCT OFFERINGS
12.2.3. FINANCIAL OVERVIEW
12.2.4. STRATEGIC BENCHMARKING
12.2.5. SWOT ANALYSIS
12.3. THE DOW CHEMICAL COMPANY
12.3.1. BUSINESS OVERVIEW
12.3.2. PRODUCT OFFERINGS
12.3.3. FINANCIAL OVERVIEW
12.3.4. STRATEGIC BENCHMARKING
12.3.5. SWOT ANALYSIS
12.4. EVONIK INDUSTRIES AG
12.4.1. BUSINESS OVERVIEW
12.4.2. PRODUCT OFFERINGS
12.4.3. FINANCIAL OVERVIEW
12.4.4. STRATEGIC BENCHMARKING
12.4.5. SWOT ANALYSIS
12.5. THE MOSAIC COMPANY
12.5.1. BUSINESS OVERVIEW
12.5.2. PRODUCT OFFERINGS
12.5.3. FINANCIAL OVERVIEW
12.5.4. STRATEGIC BENCHMARKING
12.5.5. SWOT ANALYSIS
12.6. YARA INTERNATIONAL ASA
12.6.1. BUSINESS OVERVIEW
12.6.2. PRODUCT OFFERINGS
12.6.3. FINANCIAL OVERVIEW
12.6.4. STRATEGIC BENCHMARKING
12.6.5. SWOT ANALYSIS
12.7. ISRAEL CHEMICALS LTD.
12.7.1. BUSINESS OVERVIEW
12.7.2. PRODUCT OFFERINGS
12.7.3. FINANCIAL OVERVIEW
12.7.4. STRATEGIC BENCHMARKING
12.7.5. SWOT ANALYSIS
12.8. NUTRIEN LTD.
12.8.1. BUSINESS OVERVIEW
12.8.2. PRODUCT OFFERINGS
12.8.3. FINANCIAL OVERVIEW
12.8.4. STRATEGIC BENCHMARKING
12.8.5. SWOT ANALYSIS
12.9. SAPEC S.A.
12.9.1. BUSINESS OVERVIEW
12.9.2. PRODUCT OFFERINGS
12.9.3. FINANCIAL OVERVIEW
12.9.4. STRATEGIC BENCHMARKING
12.9.5. SWOT ANALYSIS
12.10. CORTEVA INC.
12.10.1. BUSINESS OVERVIEW
12.10.2. PRODUCT OFFERINGS
12.10.3. FINANCIAL OVERVIEW
12.10.4. STRATEGIC BENCHMARKING
12.10.5. SWOT ANALYSIS
CHAPTER 13. APPENDIX
13.1. PREMIUM INSIGHTS FROM INDUSTRY EXPERTS
13.2. RELATED REPORTS
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