April 17, 2024
Agricultural Micronutrients Market

Agricultural Micronutrients Market to Witness a Significant Growth Owing to Increasing Focus on High Crop Yields

The agricultural micronutrients market has garnered immense popularity over the recent years. Micronutrients are trace elements that are necessary for plant growth and metabolic activities. They include iron, zinc, manganese, copper, boron, chlorine and molybdenum among others. Micronutrients support the plants’ physiological functions, improve agricultural productivity, and increase crop quality. They optimize the usage of macronutrients by reducing their wastage. Rapid population growth has resulted in high demand for food, necessitating the adoption of modern agricultural practices to optimize crop production on limited cultivable land. This factor has majorly contributed to the growth of the agricultural micronutrients market.

The global agricultural micronutrients market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the agricultural micronutrients market are Drone Defence, DeTect Inc., Zen Technologies Limited, DroneShield Ltd, METIS Aerospace Ltd, QinetiQ Group PLC, Thales Group, Lockheed Martin Corporation SRC Inc., Dedrone, SAAB AB, Raytheon Technologies Corporation, IAI Group, Citadel Defense, and Robin Radar Systems. These players are focusing on developing advanced micronutrient formulations to cater to the growing demand from farmers.

The adoption of modern farming techniques and sustainable agricultural practices present key opportunities in the market. Precision farming and fertigation are some areas that are gaining traction. Furthermore, improving farmer outreach programs and easing credit availability for farm inputs would boost micronutrient usage.

Globally, the market is witnessing increased demand from countries like China, India, Brazil, the United States, Argentina and others. Countries in Asia Pacific and South America are expected to offer lucrative growth opportunities owing to the expansion of farmlands, rising population and growing emphasis on food security.

Market drivers

One of the key drivers of the Agricultural Micronutrients Market Demand is the increasing focus on higher crop yields. With the burgeoning global population, there is immense pressure on farmers to maximize production from available agricultural lands. Micronutrients play a crucial role in enhancing crop health, fertility and yields. Their use also minimizes wastage of macronutrients by enabling optimal uptake. This has fueled their adoption worldwide.

PEST Analysis

Political: Micronutrient fertilizers and foliar are important for food security and therefore governments worldwide are focused on ensuring their supply and access to farmers. Subsidies and initiatives are aimed at micronutrient deficiencies mitigation.

Economic: Rising disposable incomes and growing population is increasing global food demand. Micronutrients play a vital role in high yield and quality of food crops. Their use supports sustainable intensive agriculture and ensures food security.

Social: Micronutrient deficiencies lead to various health issues. Initiatives by government and non-profits are creating awareness about their role in balanced human nutrition. Farmers are educated on balanced use of fertilizers including micronutrients for better yield and quality.

Technological: Testing and soil analysis techniques are improving micronutrient deficiency detection. Nano-formulations and biofortification of crops are enhancing micronutrients absorption rate and bioavailability. Precision farming leverages big data and IoT for optimized site-specific micronutrient application.

In terms of value, Asia Pacific is currently the largest market for agricultural micronutrients owing to extensive agricultural practices and rising middle-income population in major countries like China and India. The region is anticipated to remain the key revenue generator over the forecast period. North America is considered among the fastest growing regions driven by growing organic farmland, traceability demand, and government sustainability focus in countries like the US and Canada.

India and China collectively account for more than half of the total cultivated land in the world and have large populations dependent on agriculture. Being home to over 25% of world’s population, demand in Asia Pacific will continue to grow driven majorly by India and China. Africa is poised to witness highest growth in the forecast period due to large arable land, promotion of sustainable farming practices, and initiatives against food insecurity. The growth will be led by countries like Nigeria, Ethiopia, Tanzania, and Kenya.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it