Agricultural Micronutrients Market Analysis: Size and Share Insights
The global agricultural micronutrients market has achieved remarkable growth, exceeding a valuation of US$4 billion in the year 2022. Market analysts predict that this sector is set to maintain a stable growth trajectory throughout the projection period until 2030. The agricultural micronutrient market’s robust performance can be attributed to several key factors and trends.
Market Analysis in Brief
Micronutrient deficiency in soil is a pervasive issue worldwide, influenced by various factors such as soil condition, climate changes, deforestation, and precipitation. Soil erosion, an undesirable consequence of farming, depletes essential micronutrients from the soil, necessitating the use of agricultural micronutrients. Furthermore, excessive phosphate fertilization contributes to micronutrient scarcity, as phosphate interferes with the supply of essential agricultural micronutrients like zinc, copper, and iron to crops through the soil. This heightened demand for agricultural micronutrients is driving growth in the global market.
Key Report Findings
The agricultural micronutrients market, valued at approximately US$4 billion in 2022, is anticipated to witness sustained growth by 2030. Government-led crop fortification initiatives are expected to be a significant contributor to market expansion. Bio-fortification of grains, particularly zinc bio-fortification, is gaining momentum. The Asia Pacific region represents a substantial market, with China and India spearheading the regional agricultural micronutrients market.
Growth Drivers
Supportive Government Initiatives
Growing concerns about crop and human health have prompted industry professionals worldwide to explore the fortification of crops with essential agricultural micronutrients. Governments are actively promoting crop fortification to combat micronutrient deficiencies and ensure healthy yields and high-quality output. For example, the Indian government’s PM Kisan scheme provides financial support to small and marginal farmer families, motivating them to focus on producing high-quality yields by fortifying crops with necessary micronutrients. This support is expected to drive significant demand for agricultural micronutrients in the coming years.
Growth Challenges
Lack of Adequate Knowledge and Awareness
Limited awareness of the benefits of agricultural micronutrients, compared to macronutrients, poses a challenge to market growth. Additionally, insufficient knowledge about micronutrient dosage and proper application, along with the presence of counterfeit products, may impede the expansion of the global agricultural micronutrients market.
Key Segments Overview
Zinc Bio-fortification Gains Strong Ground
Zinc bio-fortification is emerging as a vital strategy to address zinc deficiencies in both crops and humans. The addition of zinc as foliar spray or soil injection enhances cereal-based nutrition, particularly in regions with declining groundwater levels and soil micronutrient deficiencies. The absence of essential agricultural micronutrients like zinc can negatively impact crop yields, raising concerns about food security. Government bodies are actively promoting zinc bio-fortification to enhance immunity, which is crucial given that zinc deficiency contributes to millions of deaths annually, as reported by the World Health Organization and UNICEF. Such initiatives are expected to drive the agricultural micronutrients market.
Growth Opportunities Across Regions
Asia Pacific Reflects Rapid Growth Potential
Emerging economies in the Asia Pacific region are expected to experience a surge in demand for agricultural micronutrients due to increasing food security concerns and the need for immunity enhancement. Micronutrient deficiencies in the region are also fueling demand for agricultural micronutrients. Countries like China and India are likely to play a pivotal role in the growth of the Asia Pacific’s agricultural micronutrients market. The rising population and the demand for nutritional crop yields are expected to drive substantial sales of agricultural micronutrients in the coming years.
Indian Government Initiatives in Rice Fortification
India has demonstrated a growing inclination towards the use of agricultural micronutrients. Rice fortification has gained momentum as a strategy to combat anemia, with the government mandating the addition of agricultural micronutrients such as B12, folic acid, and iron to rice in all Social Safety Net Schemes by the end of 2024. This cost-effective and preventive approach is expected to contribute significantly to addressing the country’s nutritional challenges, making the Asia Pacific region a lucrative market with substantial growth opportunities.
Leading Players in Global Agricultural Micronutrients Market
Prominent players in the global agricultural micronutrients market include Compass Minerals, BASF SE, Haifa Group, Nufarm, BMS Micro-Nutrients, Yara International, and AkzoNobel N.V.
The global agricultural micronutrients market is poised for continued growth, driven by government support, increasing awareness of micronutrient benefits, and the imperative need for crop fortification to ensure food security and human health. With emerging economies in the Asia Pacific region leading the way, the market is set to witness remarkable expansion in the years to come.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/agricultural-micronutrients-market
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