The global agricultural micronutrients market, valued at USD 4.5 billion in 2023, is expected to reach USD 6.9 billion by 2028, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 8.6%. This growth is fueled by the pressing need to enhance agricultural yield and crop quality, an increasing global population, and the escalating demand for high-quality food. Agricultural micronutrients, vital for plant growth in small quantities, are pivotal in modern agriculture. The market’s expansion is further propelled by the awareness of their benefits and advancements in research and technology.
Drivers: Rise in Awareness about Crop Production and Quality
The growing focus on crop production and agricultural produce quality has led to an increased emphasis on agricultural micronutrients. These essential elements play a vital role in enhancing plant growth, nutrient uptake, and overall crop quality. Farmers and agricultural experts recognize their significance in achieving higher yields and better nutritional content in crops, driving the adoption of micronutrient fertilizers and soil amendments.
Restraints: Bioaccumulation of Biodegradable Chelates
The bioaccumulation of biodegradable chelates poses a challenge to the growth of agricultural micronutrients, inhibiting the bioavailability of essential micronutrients in soil and potentially leading to nutrient deficiencies and reduced crop yields.
Opportunities: Innovation in Biodegradable Chelates
The use of innovative biodegradable chelates presents opportunities for sustainable agriculture, enhancing the bioavailability and uptake of essential micronutrients by crops while reducing the environmental impact associated with conventional chelates.
Challenges: Sustainable Sourcing of Raw Materials
Sustainably sourcing agricultural micronutrients faces challenges related to supply chain disruptions, environmental impact, and cost-effectiveness. Innovative and sustainable practices, such as recycling and repurposing waste materials, are crucial for addressing these challenges.
Key Market Players:
Leading players in the agricultural micronutrients market, including BASF SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), and Coromandel International Ltd (India), are actively contributing to the market’s progress through innovation and technology advancements.