Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "U.S. Agricultural Micronutrient Market: Focus on Product, Application Mode, Crop Type, and Form - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The U.S. agricultural micronutrient market is projected to reach $1.94 billion by 2034 from $833.3 million in 2023, growing at a CAGR of 8.28% during the forecast period 2024-2034
This growth is expected to be driven by increasing awareness of soil health and crop nutrition, advancements in precision farming technologies, and the rising demand for high-quality, nutrient-rich crops. Enhanced sustainability practices and a shift toward environment-friendly farming methods are further expected to fuel market expansion. Strategic partnerships and acquisitions among key players would further enhance market presence and innovation.
The key players operating in the U.S. have been focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence. Companies investing in advanced technologies, strategic collaborations, and innovative product development are expected to be well-positioned to capitalize on these trends and establish a strong market presence in the evolving U.S. agricultural micronutrient market.
Additionally, supportive government policies, ongoing research and development in micronutrient formulations, and improved distribution networks are also expected to contribute to this positive outlook.
Industrial Impact
The U.S. agricultural micronutrient market significantly impacts crop production, technological innovation, and sustainable farming practices. Advances in micronutrient formulations and delivery methods, such as chelated micronutrients and foliar spray applications, enhance nutrient efficiency and uptake in crops.
This has promoted collaborations between agricultural input companies and research institutions, driving innovation and expanding the frontiers of agricultural science. Hence, the focus on optimizing plant nutrition and improving soil health aligns with sustainable agriculture goals, thereby influencing farming practices and promoting the adoption of eco-friendly micronutrient solutions.
Cereals and Grains Segment to Dominate the U.S. Agricultural Micronutrient Market (by Crop Type)
Cereals and grains constitute the dominant crop type segment in the U.S. agricultural micronutrient market, playing a pivotal role in the nation's agricultural output and food supply chain. These crops, including wheat, corn, barley, and rice, are essential for both domestic consumption and international trade.
Cereals and grains are fundamental to the agricultural landscape of the U.S., which is driving demand for high-quality yields and nutritional efficiency. This has led to increased adoption of micronutrient-enhanced fertilizers and soil amendments tailored to the specific needs of these staple crops. The USDA initiated the Fertilizer Production Expansion Program (FPEP) in September 2022 and provided grants to support the expansion of fertilizer and nutrient alternatives manufacturing and availability across the country.
The dominance of cereals and grains in the U.S. agricultural micronutrient market underscores their critical role in ensuring national food security and economic stability. Moreover, advances in micronutrient technologies, coupled with supportive government policies and innovative partnerships, are expected to continue to drive productivity and sustainability across crop types.
Multi-Micronutrient Segment to Dominate the Market (by Product)
The landscape of U.S. agriculture has been witnessing a significant shift toward multi-micronutrients within the micronutrient market. While individual micronutrients such as zinc, boron, and copper hold importance, multi-micronutrients are rapidly emerging as the preferred choice for farmers seeking a comprehensive approach to crop health and yield improvement. This dominance can be attributed to several key factors.
Multi-micronutrients provide a balanced combination of essential micronutrients, ensuring plants receive the optimal levels of each element for proper growth and development, which eliminates the need for multiple applications of single-micronutrient fertilizers, saving farmers time, resources, and labor. Soil testing often reveals deficiencies in multiple micronutrients. Multi-micronutrients offer a targeted solution, addressing these complex deficiencies in one application, leading to improved crop health and overall yield.
Foliar Spray to Dominate the U.S. Agricultural Micronutrient Market (by Application Mode)
Foliar spray application has emerged as the dominant segment in the U.S. agricultural micronutrient market. This trend can be attributed to several factors, including its efficiency in delivering nutrients directly to plant leaves, leading to quicker absorption and faster results. As a result, foliar spray application has become the preferred method among farmers seeking to optimize crop yield and quality. In recent years, several companies have launched innovative foliar spray micronutrient products, further cementing the segment's dominance.
Recent Developments in the U.S. Agricultural Micronutrient Market
- In February 2024, Helena Agri-Enterprises, LLC announced the expansion of its Zypro soil amendment label to include side-dress fertilizer applications. This stabilized enzyme technology, which has demonstrated an 83% win rate and a 5.8 bushel/acre yield increase in corn trials, aims to improve nutrient management on more acres.
- In July 2023, Nutrien Ag Solutions, Inc. announced a collaboration with ZeaKal to commercialize ZeaKal's novel photosynthesis trait technology, PhotoSeed, for U.S. soybean growers. This technology increases photosynthetic capacity, resulting in improved oil and protein content without compromising yields.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 96 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $878.8 Million |
| Forecasted Market Value (USD) by 2034 | $1946.3 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | United States |
Market Dynamics Overview
Market Drivers
- Increasing Demand for High-Yield Crops
- Supportive Government Policies and Subsidies
- Increasing Recognition of Widespread Micronutrient Deficiencies
Trends: Current and Future Impact Assessment
- Increase in the Use of Precision Agriculture Techniques to Optimize Micronutrient Application
- Growth in the Emphasis on Sustainable and Organic Farming
- Rise in the Development and Adoption of Biological and Organic Micronutrient Formulations
Market Restraints
- High Cost of Micronutrient Fertilizers
- Impact of Fluctuating Commodity Prices and Trade Uncertainties
Market Opportunities
- Rising Demand for Food Security
- Collaborations Driving Product Development
Supply Chain Overview
- Value Chain Analysis
- Pricing Forecast
- Regulatory Landscape
Stakeholder Analysis
- Use Case
- End User and Buying Criteria
- List of Key Players in the Ecosystem
Impact Analysis for Key Global Events
- COVID-19 Pandemic
- Russia-Ukraine War
Area of Innovation and Development
U.S. Micronutrient Profile
- Deficiency Status of Micronutrient in U.S. Soil
- Symptoms of Deficiency and Critical Limits
- Micronutrients and Their Functions
Companies Featured
- Mosaic
- Koch Industries Inc.
- The Andersons, Inc.
- Helena Agri-Enterprises, LLC
- Yara
- Nutrien Ag Solutions, Inc.
- Brandt, Inc.
- SQM S.A.
- Nouryon
- AgroLiquid
- Verdesian Life Sciences
- Haifa Negev technologies LTD
- Wilbur-Ellis Holdings, Inc.
- Western Nutrients Corporation
- Simplot Turf & Horticulture
For more information about this report visit https://www.researchandmarkets.com/r/kgmoe3
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