Agricultural Micronutrients Market
Agricultural Micronutrients Market (Product Type: Boron, Iron, Manganese, Zinc, Copper, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Robust Smallholder Production Systems Emerge as Powerful Nutrition Vehicles During COVID-19 Outbreak
The COVID-19 pandemic has had an instant effect on food systems in developing countries. Restrictions on the movement of people and goods have impaired access to the markets. Amid this uncertainty, governments are adopting strategies to safeguard food and nutrition of people by prioritizing diversification of production. Such trends are creating revenue opportunities for companies in the agricultural micronutrients market.
Manufacturers in the agricultural micronutrients market are encouraging farmers and sellers to boost sales of nutritious and biofortified crops such as wheat, maize, potato, and sweet potato. The COVID-19 pandemic has made people conscious about foods rich in micronutrients. Strong local market chains, increased commercial utilization, and robust smallholder production systems are making biofortified crops powerful vehicles for nutrition.
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Large Scale Food Fortification Helps in Addressing Micronutrient Deficiency in India
The agricultural micronutrients market is estimated to cross the revenue mark of US$ 10.4 Bn by the end of 2030. However, combating micronutrient deficiency in a developing economy such as India is a challenge. For instance, oil and salt industries are relatively consolidated with large players dictating more than 40% share of the production, while rice and wheat industries that are relatively fragmented, are creating challenges in food fortification. In order to overcome these challenges, companies are focusing on large scale food fortification to tackle micronutrient deficiency.
The new farm bills pertaining to the private sector investment and alleviation of middlemen from India’s agricultural systems hold promising potentials for companies in the agricultural micronutrients market to promote better distribution and pricing of produce.
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Zinc Biofortification of Wheat Improves Yields, Cereal-based Nutrition
The trend of zinc biofortification is emerging as a suitable solution for addressing zinc deficiency in human health. This explains why the agricultural micronutrients market is predicted to flourish at a healthy CAGR of ~8% during the assessment period. However, paddy-wheat crop rotation is held responsible for declining soil growth, underground water table, and new micronutrient deficiencies. Hence, zinc biofortification is arising as a solution to overcome these challenges, as wheat is genotype-dependent and interacts with the environment.
Zinc is being applied as a foliar, and introduced in the soil to improve cereal-based nutrition. Companies in the agricultural micronutrients market are encouraging farmers and producers to enable biofortification of micronutrients at specific and critical growth stages of wheat, which help to improve yield.
Increase in Iron Levels of Mungbean Generates Economic Returns, High Yields
Iron application is being associated with high economic returns, yields, and high iron concentration in mungbean. Biofortification is being publicized as a recurring trend in the agricultural micronutrients market and is helping to integrate nutrients into food crops. This technique is gaining popularity as a sustainable and economic way to increase minerals concentration in staple crops including mungbean.
An increase in iron levels of mungbean is generating economic returns for farmers and boosting the credibility of manufacturers in the agricultural micronutrients market. Since women and pre-school children are most vulnerable to micronutrient malnutrition, manufacturers are boosting their production capabilities in iron compounds.
Manganese Triggers Phytoalexins in Plants to Recover from Diseases
Manganese is gaining popularity for resisting diseases in crops. The growing consumer demand for a well-balanced nutrition is creating value grab opportunities for companies in the agricultural micronutrients market. Manufacturers are boosting their output capacities for manganese compounds, since manganese helps to activate the crop’s internal defense response toward diseases.
Apart from manganese and zinc, manufacturers in the agricultural micronutrients market are scaling their production of calcium, copper, and boron compounds that play a critical role in plant development. Manganese fertigation is enabling crop resistance to diseases by triggering the plant’s phytoalexins and molecular compounds, which help to recover from pathogen attack.
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The evolving impact of the COVID-19 is providing opportunities for companies in the agricultural micronutrients market to improve the delivery of biofortified crops. Biofortification of micronutrients at critical growth stages of wheat have the potential to contribute to grain mineral enrichment and enhanced yield. However, food fortification in developing economies such as India is appearing at a relatively slower pace, leading to micronutrient malnutrition. Moreover, financing of machinery is a challenge in India, since the cost of blending machinery for rice is relatively high as compared to that for wheat flour, thus depriving SMEs access to affordable finances. Hence, companies in the Indian agricultural industry are anticipating growth opportunities with new farm bills, since it is predicted to fuel investment for bettering the infrastructure and offering flexibility to SMEs to purchase agricultural machinery.
Agricultural Micronutrients Market: Overview
- Micronutrients are essential plant nutrients that are used in minor quantities. Agricultural micronutrients play an important role in plant growth and development. Crop intake is lower than one pound per acre for most of the micronutrients.
- Deficiency of micronutrients hampers plant growth, leads to lower yield, and results in abnormalities in a plant. A plant requires 17 essential growth elements; of these, eight are micronutrients: boron (B), copper (Cu), zinc (Zn), iron (Fe), manganese (Mn), chlorine (CI), molybdenum (Mo), and nickel (Ni).
- Deficiency of micronutrients has increased due to the rise in demand for higher crop yields that absorb greater amount of micronutrients form the soil. Increase in usage of synthetic fertilizers with lower quantities of micronutrients and decline in usage of farmyard manure are also driving the demand for agricultural micronutrients across the globe.
- According to Transparency Market Research’s latest research report on the global agricultural micronutrients market for the historical year 2019 and the forecast period 2020 to 2030, rise in usage of agricultural micronutrients due to the increase in deficiency of soil micronutrients is a key factor that is expected to boost the global agricultural micronutrients market during the forecast period
- In terms of revenue, the global agricultural micronutrients market is estimated to cross US$ 10.4 Bn by 2030, expanding at a CAGR of ~8% during the forecast period
Rise in Micronutrient Deficiency in Soil: Key Driver of Agricultural Micronutrients Market
- Deficiency of micronutrients occurs globally, but varies according to the climate, soil condition, rainfall, and other environmental conditions. Growth in rate of soil micronutrient deficiencies across the globe is a key factor driving the global agricultural micronutrients market.
- Micronutrient deficiency occurs due to human activities such as depletion of soil owing to farming without adequate fertilization. Scarcity of micronutrients is also caused by excess fertilization with phosphate. Phosphate hampers the availability of zinc, iron, and copper for crops. Deficiency of micronutrients is expected to rise over the next few years.
- Micronutrient deficiencies can be overcome with the use of micronutrient fertilizers in the soil. Major sources of micronutrients are synthetic chelates, and inorganic and natural organic complexes. Micronutrients are incorporated with nitrogen (N)‐phosphorus (P)‐potassium (K) fertilizers, or applied with bulk blending with granular fertilizers, or mixed with fluid fertilizers.
- Companies are focusing on the development of innovative product combinations. OEMs are tapping into the properties of a new generation of agricultural micronutrients to replace metal and some standard polymers in engines, transmissions, and other powertrain components with agricultural micronutrients that withstand harsh end-use conditions and heat.
Increase in Zinc Deficiency Driving Agricultural Micronutrients Market
- Based on product type, the zinc segment held a prominent share of the global agricultural micronutrients market in 2019. The segment is likely to maintain its dominance of the global agricultural micronutrients market by the end of the forecast period due to its widespread deficiency across the globe. Deficiency of zinc leads to a decrease in internode length, stunted growth, delayed maturity, and decline in growth of young leaves in crops.
- Zinc deficiency is widely observed across India, China, Indonesia, and Turkey. According to the WHO (World Health Organization), around 800,000 children die every year due to zinc deficiency. The mortality rate is similar to the total mortality rate of malaria.
- Boron was also a key segment of the global agricultural micronutrients market in 2019. Boron deficiency is prevalent in several countries across the globe such as Thailand, South Korea, the Philippines, Malaysia, Taiwan, and Japan.
Rise in Micronutrient Deficiency in Humans
- Increase in prevalence of micronutrient deficiency in people can be ascribed to poor quality diet. Micronutrient deficiencies in agricultural soil decrease crop yield and nutritional quality, and negatively impact human health. Micronutrient deficiency can lead to multiple health issues in people. It could also increase the mortality rate.
- Agronomic biofortification helps increase the bioavailability of micronutrients in the edible part of crops, along with the bioavailability of processed foods used for human consumption. The agricultural micronutrients market is driven by the efforts of various governments to control micronutrient deficiency by increasing the content of agricultural micronutrients in the agricultural produce.
Agricultural Micronutrients Market: Competition Landscape
- Detailed profiles of providers of agricultural micronutrients have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global agricultural micronutrients market are
- BASF SE
- The Mosaic Company
- Nutrien Ltd.
- Yara International
- Coromandel International
- Helena Agri-Enterprises, LLC
- Haifa Group
- Compass Minerals
- Deepak Fertilizers
- Petrochemicals Ltd
- Valagro S.p.A.
- BMS Micro-Nutrients
Agricultural Micronutrients Market: Key Developments
- Key providers of agricultural micronutrients, such as BASF SE, The Mosaic Company, Nouryon, Nutrien Ltd., Nufarm, Yara International, Coromandel International, and Helena Agri-Enterprises, are focusing on mergers, acquisitions, new product launches, and product innovations of agricultural micronutrients. A few other major developments in the global agricultural micronutrients market are highlighted below:
- In December 2019, Compass Minerals launched Rocket Seeds Moly Shine, a unique seed finisher with the added benefit of micronutrients. The product is ideal for soybeans and legumes.
- In April 2018, AkzoNobel Specialty Chemicals and INEOS Nitriles entered into a co-operation agreement to expand their production of biodegradable chelates and micronutrients
- In November 2017, Verdesian Life Sciences launched 3 MicroSync Specialty Granular Micronutrient products. These products are designed to be blended with NPK granular fertilizers and are formulated for broadacre crops.
- In the global agricultural micronutrients market report, we have discussed individual strategies, followed by company profiles of providers of agricultural micronutrients. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global agricultural micronutrients market.
Agricultural Micronutrients Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global agricultural micronutrients market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global agricultural micronutrients market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global agricultural micronutrients market would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global agricultural micronutrients market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global agricultural micronutrients market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global agricultural micronutrients market and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (tons).
This study covers a detailed segmentation of the global agricultural micronutrients market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global agricultural micronutrients market, wherein various developments, expansions, and winning strategies practiced, and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Agricultural Micronutrients Market
The report provides detailed information about the global agricultural micronutrients market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global agricultural micronutrients market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global agricultural micronutrients market would emerge as major revenue generator during the forecast period?
- How are key market players successfully earning revenues out of advantages of agricultural micronutrients?
- What would be the Y-o-Y growth trend of the global agricultural micronutrients market between 2020 and 2030?
- What are the winning imperatives of leading players operating in the global agricultural micronutrients market?
- Which product type is expected to create lucrative opportunities for the global agricultural micronutrients market during the forecast period?
- Which are leading companies operating in the global agricultural micronutrients market?
Research Methodology – Agricultural Micronutrients Market
The research methodology adopted by analysts for compiling the global agricultural micronutrients market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global agricultural micronutrients market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global agricultural micronutrients market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global agricultural micronutrients market.
Agricultural Micronutrients Market – Segmentation
TMR’s research study assesses the global agricultural micronutrients market in terms of product type and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the global agricultural micronutrients market.