ROCKVILLE, Md., Feb. 23. 28, 2022 (GLOBE NEWSWIRE) — According to a new report from Fact.MR – a market research and competitive intelligence provider, the global agricultural micronutrient market is expected to reach a valuation of $4.9 billion in 2021, and expand at a stable CAGR of 3.6% over the forecast period of 2021 to 2031.
“New product launches and product innovation in agricultural micronutrients are key drivers for market players across all regions,” says an analyst from Fact.MR.
Agriculture is the backbone of a majority of countries such as the United States, China, and India, among other important countries. The agricultural sector captures a significant share of the GDP of the countries mentioned above and, for the subsistence of their arable land, regional policies tend to be oriented towards the use of micronutrients.
- Fact.MR estimates that agricultural micronutrient sales are expected to increase 1.4 times between 2021 and 2031, reaching nearly US$7 billion in 2031,
- Due to the intensive use of micronutrients in the agricultural sector, commodity prices are expected to grow at a steady pace with minimal bubbles anticipated over the next few years.
- The demand for iron-based agricultural micronutrients will accelerate at the highest rate in the medium term.
- Tier 1 manufacturers of agricultural micronutrients held 35% market share in 2020.
- Agricultural micronutrients are seen as the backbone for the growth of the agricultural sector; therefore, COVID-19 has had only a minor impact on the demand for these micronutrients.
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Most of the companies examined in the study focused on expansion, investments, acquisitions, delivery focus, portfolio expansion and brand development.
Some of the key developments are:
- Rocket Seeds Moly Shine, a special micronutrient value-added seed finisher, was introduced by Compass Minerals in December 2019. Soybeans and legumes are excellent candidates for this product.
- AkzoNobel Specialty Chemicals, in conjunction with INEOS Nitriles, announced in April 2018 increased development of biodegradable chelates and micronutrients.
Diets low in nutrients can be blamed for an increase in the frequency of micronutrient deficiencies in populations. Micronutrient deficiencies in the soil not only reduce crop yield, but also nutritional quality. In addition, the low micronutrient content of crops has adverse effects on human health.
Agronomic biofortification improves the bioavailability of micronutrients in the edible part of crops as well as the bioavailability of processed foods consumed by humans. Attempts by various governments to regulate micronutrient deficiencies by increasing the content of agricultural micronutrients in agricultural products are pushing the market for agricultural micronutrients.
This research report categorizes the agricultural micronutrients market based on crop type, application method, shape, type, technology, and region.
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On the basis of nutrient type, the agricultural micronutrients market has been segmented as follows:
- Boron Agricultural trace elements
- Manganese Agricultural Micronutrients
- Zinc agricultural micronutrients
- Copper Agricultural Micronutrients
On the basis of crop type, the agricultural micronutrients market has been segmented as follows:
- Agricultural micronutrients for cereals and grains
- Agricultural micronutrients for fruits and vegetables
- Agricultural micronutrients for oilseeds and legumes
Based on the mode of application, the agricultural micronutrients market has been segmented as follows:
- Agricultural soil micronutrients for
- Fertigation Agricultural micronutrients for
- Foliar agricultural micronutrients for
- Agricultural micronutrients for seed treatment
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Key insights from market research
- The global agricultural micronutrient market is expected to reach a value of US$7 billion by 2031.
- The market is estimated to grow at a CAGR of 3.6% during the forecast period from 2021 to 2031.
- By nutrient, the zinc segment is expected to have a dominant share in the global market.
- North America accounted for more than 15% of global demand for agricultural micronutrients in 2020.
- The Asia-Pacific region dominates the demand pie for agricultural micronutrients.
- Cereals and grains will dominate demand and share of agricultural micronutrient sales in fiscal year 2021.
- The application of agricultural micronutrient fertigation is expected to grow at a rapid rate during the forecast period.
Impact of COVID-19 on the Agricultural Micronutrients Market
The COVID-19 pandemic has had an immediate impact on food systems in developing countries. Market access has been hampered by restrictions on the movement of people and goods. Faced with this uncertainty, policy makers are implementing laws to protect people’s food and nutrition by emphasizing the diversification of production. Companies manufacturing agricultural micronutrients are seeing their sales increase as a result of these developments.
Farmers and sellers of nutritious and biofortified crops such as wheat, corn, potato and sweet potato are being encouraged by agricultural micronutrient manufacturers to strengthen their business footprint. People are more aware of foods rich in micronutrients following the COVID-19 pandemic. Biofortified crops are becoming powerful carriers of nutrition through strong local market chains, increased commercial use and robust production systems for smallholders.
To learn more about short term & long term impact of COVID-19 on this Agricultural Micronutrients Market,
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Key Points Covered in the Agriculture Micronutrients Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Analysis by segment, by country and by region
- Competitive Mapping and Benchmarking
- Market share analysis
- Top Exports – Import Destinations
- Analysis of supply contracts, avg. Consumption, direct and indirect sales potential
- Impact of COVID-19 on agricultural micronutrients and how to navigate
Recommendation on the main winning strategies
Fact.MR, in its new offering, presents an unbiased analysis of the global agricultural micronutrients market, showcasing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
The study discloses essential market information on the basis of crop (cereals and grains, fruits and vegetables, oilseeds and pulses, and others), nutrients (boron, manganese, zinc, copper and others), application (soil, fertigation, foliar, seed treatment and others) and region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa)
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