Key Highlights of the Report:

Ø  The market is growing owing to increased global consumption of food, demand for better quality crops, and environmentally friendly farming.

Ø  Soil micronutrient deficiencies are receiving more attention due to the need for precise micronutrient applications.

Ø  The foliar segment is growing due to the ability of farmers to use this method to get nutrients to plants quickly in stressful conditions.

According to a new report by Univdatos, the Agricultural Micronutrients Market is expected to reach ~USD 10.16 billion in 2032 by growing at a CAGR of ~7.4%. Plant micronutrients are a set of essential nutrients that are crucial in very small amounts in the development of crops. These nutrients include iron, zinc manganese, copper, boron, and molybdenum and all of these are significant in physiological activities like photosynthesis as well as activation of enzymes and nitrogen fixation. These micronutrients are essential in plant growth and development; their absence could result in low yields, poor-quality produce, and diseases. With the increase in the world population, the focus shifts to micronutrients in agriculture, and farmers are compelled to perform soil testing and targeted fertilization to provide necessary nutrients in the soil. Such concentration on micronutrients is quite significant in the development of sound and sustainable agricultural practices and increases overall crop yields.

KEY GROWTH DRIVERS:

The micronutrient market for agriculture is an important segment forming the global agricultural industry that comprises nutrients required by plants and other crop types in very small quantities for their healthy growth and production. These micronutrients for instance zinc, iron, copper, manganese, boron, and molybdenum are indispensable as they take part in special physiological processes like enzyme activities, photosynthesis, and nutrient absorption. Some of the factors that propel the market include the global population’s growing need for food, soil degeneration, and growing awareness of nutrient deficiencies. Pest control as a key innovation element, progress in smart farming as well as the shift to sustainability in farming, and the importance of organic farming also fuel the need for targeted micronutrients.

·         In May 2024, Indian Farmers Fertilizer Cooperative Limited (IFFCO) added another innovative product to its crop nutrition portfolio with the approval of zinc liquid and nano copper liquid by the Fertilizer Control Order (FCO).

·         In December 2023, Aries Agro Limited, a 54-year-old leading Indian agri-inputs company, organized a comprehensive training program specifically tailored for apple farmers. The event aimed to equip farmers with essential technical knowledge about micronutrients and the optimal usage of high-quality Aries range of fertilizers for enhancing apple yield and quality. The training program, attended by over 100 progressive farmers and retailers, focused on imparting crucial insights into the significance of micronutrients in apple cultivation.

·         In October 2023, Zuari FarmHub, an agritech company in India, announced its partnership with CropX Technologies, a global agri-tech company specializing in digital agronomic solutions. The collaboration aims to revolutionize farming practices by introducing real-time monitoring technology that empowers farmers with data-driven insights for enhanced productivity and sustainability. These smart devices collect predictive soil data, combining it with additional data sources in and around the farm, and agronomic knowledge to generate recommendations on irrigation and nutrient management. This helps farmers to optimize resources and improve crop growth.

·         In October 2023, the International Zinc Association (IZA), in association with the Fertilizer Association of India (FAI), organized the 2nd edition of the Global Micronutrient Summit in New Delhi.

The report suggests that the Increased Demand for Higher Crop Type Yields is a significant factor driving the growth of the agricultural micronutrient market in the coming years. The demand for higher crop-type yields has been a major factor in the development of the agricultural micronutrient market. As the world’s population grows, and people become more urbanized the need for food only increases and yet farmland and resources are limited. Some of the micronutrients include zinc, boron, manganese, and copper minerals which are very vital to plant growth and development, metabolism as well as immunity against diseases. They are required in the photosynthetic process, in the activation of enzymes, and for the manufacture of some important plant hormones. Micronutrients in the current world of mechanized and intensified agricultural production can enhance plant health and productivity. For example, zinc has functions in the growth of stature and seed and if deficient, results in stunted growth and poor seed formation, boron on the other hand plays a very vital role in cell wall formation and flowering. These deficiencies can be eliminated to improve the health of crop types and physically make plants stronger to withstand stress or pests, which will consequently raise yields. Moreover, the micronutrient supplementation is favorable since it enhances the nutritional value of the produce hence increasing its market value.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/agricultural-micronutrients-market?popup=report-enquiry

Foliar Segment Gaining Maximum Traction in the Market

The foliar segment in agricultural micronutrients is expanding at a higher rate due to the improved awareness of the efficacy of foliar application for rapid correction of nutrient deficiencies. Foliar feeding makes it possible for the micronutrients to be applied directly to the foliage where they are more likely to be absorbed quickly thus increasing the yield and health of the plant. This method is advantageous, especially to those crops that are under stress or there is a lack of nutrients in the soil. Due to the current trends of quality and the ability to practice environmentally friendly farming systems, foliar applications have evolved into an important tool of micronutrient management among farmers. Further, the improvement in formulation technologies has made foliar products more effective and compatible with crop needs and requirements for boosting the growth of this segment in the agricultural micronutrient market.

Conclusion

The global agricultural micronutrient market is rapidly growing, with advancements in the agriculture industry leading to improved outcomes. The global market is expected to increase as new innovative products are developed in the coming years. Thus, the international agricultural micronutrient market represents a significant opportunity for companies to make strategic alliances to launch a diversity of products for the global population. With continued development, more products will likely become available, improving consumer outcomes.

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