The agricultural micronutrients market consists of essential elements such as zinc, boron, copper, manganese, molybdenum, and iron that are important for healthy plant growth and improved crop productivity. Micronutrients play a vital role in various metabolic functions in plants such as photosynthesis, oxygen production, energy production, and protein synthesis among others. The rising demand for high-quality and high quantity agricultural produce is driving the need for micronutrient fertilizers to provide optimum nourishment to plants.
The global Agricultural Micronutrients Market is estimated to be valued at US$ 5.19 Bn in 2023 and is expected to exhibit a CAGR of 27.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growing demand for improving crop yield and quality is a major factor contributing to the rising demand for agricultural micronutrients over the forecast period. Micronutrient deficiencies lead to reduced fertility, lack of disease resistance, and decreased plant metabolism in crops. Therefore, micronutrient fertilizers are widely used to boost plant growth and enhance crop immunity and production. The growing awareness about micronutrient deficiencies and their vital role in agriculture is expected to drive further adoption of these products during the forecast period.
Strengths: The agricultural micronutrients market offers essential nutrients such as zinc, boron, iron, manganese, copper, molybdenum for crops which enhances crop yield and quality.
Weaknesses: High dependency on weather conditions and dependence on monsoon for irrigation can impact the demand for agricultural micronutrients. Fluctuating prices of raw materials increases the production cost.
Opportunities: Increasing global population and rising demand for food has opened opportunities to increases agricultural production using efficient fertilizers and micronutrients. Growing organic farming practices also present an opportunity.
Threats: stringent environmental regulations regarding the use of certain micronutrients especially heavy metals can hamper the market growth. Rise in adoption of genetically modified crops also threatens the demand.
The global Agricultural Micronutrients Market Demand is expected to witness high growth fueled by a growing population.
The Asia Pacific region currently dominates the market owing to high agricultural activity and growing demand for food. China, India, Indonesia, and Thailand are the major agricultural producers offering ample opportunities in this region.
Key players operating in the agricultural micronutrients market are Drone Defence, DeTect Inc., Zen Technologies Limited, DroneShield Ltd, METIS Aerospace Ltd, QinetiQ Group PLC, Thales Group, Lockheed Martin Corporation SRC Inc., Dedrone, SAAB AB, Raytheon Technologies Corporation, IAI Group, Citadel Defense, and Robin Radar Systems. Increasing investments in agriculture and initiatives taken by governments worldwide to enhance crop yields through efficient fertilization are benefitting these players.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it