The Agricultural Micronutrients Market is estimated to be valued at USD 3.3 billion in 2019 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.
The Zinc segment is projected to be the largest segment in the agricultural micronutrients market during the forecast period. Zinc is required in plants for a wide range of functions such as protein synthesis, gene regulation, structure and integrity of biomembranes, protection of cells from oxidative damage, and others. Sandy, highly leached acid soil and soils having poor organic content, show lower zinc contents.
The formations of essential enzymes in the plants, such as carbohydrate, protein, and chlorophyll is hampered in the zinc-deficient soils. Zinc deficiency is the most common problem witnessed around the globe, particularly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market.
Soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China and Indonesia), sub-Saharan Africa and the northwestern region of South America.
The market for agricultural micronutrients in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2025. Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils. Large areas are affected by micronutrient deficiencies in China and is estimated that more than one-third of the country’s farmland area has soil Zn, Mo or B deficiencies. Problems with low soil Zn, B and Fe are very extensive and have become more widespread in recent times in India. Zinc sulfate is the most commonly used Zn source, particularly in the Asian market, where price is the main consideration in the micronutrient product choice. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat deficiency.
Leading companies are BASF SE (Germany), Nutrien, Ltd.(Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Balchem (US), Helena Chemical Company (US), Land O’ Lakes (US), Compass Minerals International (US), Sapec S.A. (Belgium), Valagro (Italy), Stoller Enterprises INC (US), Zuari Agrochemicals (India), Haifa Group (Israel), ATP Nutrition (Canada), Baicor LC (US), Coromandel International Ltd (India), Corteva INC (US), Nufarm (Australia), and BMS Micro-Nutrients NV (Belgium).
