Agricultural Micronutrients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global agricultural micronutrients market is witnessing remarkable growth, fueled by a multitude of factors such as soil condition, rainfall, atmospheric changes, and deforestation levels. Deficiency of micronutrients in soil remains a key concern worldwide, with soil erosion being a major contributing factor. The continuous process of erosion following farming generates sustained demand for external micronutrients to nourish the soil. Fairfield Market Research, in its ongoing research, presents a detailed analysis of the global agricultural micronutrients market, shedding light on its performance in the coming years.

Government Support and Awareness Drive Market Growth

Governments around the world are prioritizing soil fortification with micronutrients to enhance water uptake, boost crop yield, and foster soil strength and quality. This strong government support plays a crucial role in market build-up. However, a significant challenge hindering market growth is the lack of adequate awareness regarding the importance of proper nutrient provision to crops and the availability and benefits of externally provided micronutrients. Insufficient knowledge about proper dosage and application methods further restricts the growth of the agricultural micronutrients market.

Zinc Bio-fortification Addresses Nutrient Deficiency in Humans

Bio-fortification of soil using zinc has gained popularity as it helps address zinc deficiency in humans who consume the bio-treated crops. Zinc injection into the soil or foliar application adds value to cereal-based nutrition. Micronutrient deficiencies, such as zinc deficiency, can lead to deteriorated soil quality and lower crop productivity, which is undesirable given the growing global population's demand for increased agricultural yield. Governments, especially in developing nations like India, have initiated zinc biofortification to boost human immunity, even considering the supply of bio-fortified grains to the underprivileged population to enhance nutrition security.

Asia Pacific Presents Opportunities for Market Players

Asia Pacific holds significant opportunities for agricultural micronutrients market players, driven by concerns related to food safety, security, nutrition, and immunity. China and India, as highly populous nations, are projected to be important markets for the faster penetration of agricultural micronutrients. The Indian government's mandate to fortify rice with agricultural micronutrients like iron, folic acid, and vitamin B12 under all Social Safety Net Schemes by the end of 2024 is gaining traction as an effective method against anaemia and other nutritional deficiency conditions. Cost efficiency will be a vital factor in shaping the market's performance in the region.

Key Market Players

Leading global companies competing in the agricultural micronutrients market include Nufarm, BASF SE, AkzoNobel N.V., Compass Minerals, Haifa Group, Yara International, and BMS Micro-Nutrients.