The global agricultural micronutrients market size is projected to grow from USD 4.3 Billion in 2022 to USD 6.4 Billion by 2027, recording a compound annual growth rate (CAGR) of 8.6% during the forecast period. The rise in the global population, leads to rise in need for food security across the globe majorly in developing and underdeveloped countries in the world. These key factors that are projected to drive the growth of the agricultural micronutrients market during the forecast period.
Due to the various known hazards of the non-biodegradable chelating agents, the emphasis on the production of biodegradable chelates is rising in the markets. NTA, EDDS, and ITS are the most recently developed and adopted agents widely being promoted in the markets instead of the non-biodegradable agents. These are mainly used more with objectives such as removal of the metals that can affect the plant and soil health and further to avoid the precipitation of these toxic metals into the soil.
Farmers in the region are eventually shifting from using commodity fertilizer products to specialty fertilizers, such as coated & encapsulated fertilizers, chelated, and slow release. These fertilizers provide high growth potential for increased yield and low water consumption. With support from government policies and subsidies, fertilizer manufacturers are producing agricultural chelates, which is seen to increase in emerging economies such as China and India.
Asia Pacific accounted for the largest share, during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the micronutrients are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies for fertilization and nutrition of crops, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region.
The increasing agricultural practices and requirement of high-quality agricultural produce are factors that drive the micronutrient fertilizer market growth in the Asia Pacific region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced.
Key players in this market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
