Growth In Agricultural Output is Expected to Propel The Growth of The Micronutrients Market

The growth of Micronutrients Market will be remarkably dependent on the agricultural industry. Micronutrients are basically comprised of the combination of several mineral elements such as iron, copper, zinc, boron and molybdenum among others. Micronutrients play a significant role in the growth and keep a balance of crop nutrients in agricultural plants such as cereals and grains, oilseeds and pulses and fruits & vegetables. These can be also utilized in horticultural crops. The deficiency of micronutrients in crops can cause lower yield, reduced growth and plant deformations. According to United Nations Food and Agriculture Organization (FAO), Agricultural Outlook 2019-2028, the world demand for agricultural products is estimated to grow by 15% over the coming decade. The Micronutrients market is predicted to grow at a CAGR of 9.5% during the forecast period of 2022-2027 and reach the market value of US$11.2 billion by 2027.  

Micronutrients Market: Leading Segment is Agriculture Crops 

On the basis of crop type, the micronutrient market can be segmented into agriculture crops (cereals & grains, oilseeds and pulses, fruits & vegetables, Horticultural Crops and Others) and Healthcare. During the forecast period of 2022-2027, the agriculture segment is expected to grow at a CAGR of 12%. This growth is mainly attributed to the surge in the yield of cereals and grains and their demand as a staple food across the world. Micronutrients are used in small quantities in plants, however, micronutrient deficiency affects the plants' growth. Crop growers are inclined toward identifying the potential barriers to cereals and grains production due to high commodity prices and the need for a surge in crop yields. Copper, manganese, zinc and iron are the essential micronutrients used in cereal crops. According to The Food and Agriculture Organization of the United Nations, the global cereal production has grown by 7 million tonnes in July 2022 compared to the previous month which accounted for 2792 million tonnes.

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Micronutrients Market: Leading Region is the Asia Pacific

On the basis of Geography, the Micronutrients market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia Pacific region held a market share of 44% of the overall market. Asia-Pacific comprises fast developing economies such as China, India, Indonesia and Malaysia which is supporting the market growth. Moreover, the presence of a large population base, increase in demand for food and availability of arable land are further supporting the market growth. Asia-Pacific is followed by North America which is expected to gain demand in micronutrients market. The major countries in North America include the U.S., Canada and Mexico.  

Micronutrients Market: Competitive Landscape

The key companies holding a major share in the Micronutrients market are BASF SE, AkzoNobel, Nufarm, Nutrien Ltd., Yara International ASA, Coromandel International Limited, Corteva, Inc., Western Nutrients Corporation, The Mosaic Company and  Nouryon l. The companies are adopting several key market strategies in order to gain a significant share in micronutrients market. For instance, In April 2019, BASF SE signed an agreement with Quadra Chemicals Ltd., a major chemical and ingredient distributor in order to distribute BASF’s micronutrients products in Canada.