Dublin, Sept. 25, 2024 (GLOBE NEWSWIRE) -- The "United States Agricultural Micronutrient Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
United States Agricultural Micronutrient Market was valued at USD 801.07 Million in 2023 and is expected to reach USD 1.20 billion by 2029 with a CAGR of 7.04%
The United States Agricultural Micronutrient Market is a dynamic sector that plays a crucial role in enhancing crop productivity and quality through the supply of essential micronutrients. This market includes a range of products designed to address micronutrient deficiencies in soils and crops, which are vital for optimal plant growth and yield. Key micronutrients such as zinc, manganese, copper, boron, and molybdenum are integral to various physiological processes in plants, including enzyme function, photosynthesis, and disease resistance. 
The market is driven by several factors, including the increasing need for crop diversification, advancements in agricultural technologies, and growing awareness of soil health. According to data from the U.S. Department of Agriculture, agriculture, food, and related industries contributed approximately $1.530 trillion to U.S. GDP in 2023, representing a 5.6-percent share. Of this amount, $203.5 billion came from farm output, accounting for about 0.7 percent of U.S. GDP.
The total contribution of agriculture to GDP exceeds 0.7 percent, as agriculture-related sectors use agricultural inputs to generate additional economic value. As U.S. farmers adopt more diverse cropping systems, including specialty crops and cover crops, there is a rising demand for tailored micronutrient solutions to meet the specific needs of different plants. The emphasis on sustainable farming practices and precision agriculture is fueling the development of more targeted and efficient micronutrient products.
Technological innovations, such as slow-release formulations and nano-technology, are also influencing the market by offering more effective and environmentally friendly options for nutrient delivery. The rise of precision agriculture and soil testing technologies has enabled farmers to better understand and address micronutrient deficiencies, leading to more precise and efficient use of micronutrient products.
Despite these opportunities, the market faces challenges, including fluctuating raw material prices and regulatory pressures. However, the ongoing investment in research and development, along with increasing awareness of the importance of micronutrients for crop health, is expected to drive growth in the United States Agricultural Micronutrient Market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $0.8 Billion |
| Forecasted Market Value (USD) by 2029 | $1.2 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | United States |
Segmental Insights
Fruits and Vegetables
- In 2023, the Fruits and Vegetables segment dominated the U.S. Agricultural Micronutrient Market.
- This growth is primarily driven by increasing consumer demand for fresh, nutrient-rich produce, prompting farmers to adopt advanced micronutrient solutions to enhance yield and quality.
- Key micronutrients such as boron, zinc, and manganese are crucial for robust growth, disease resistance, and optimal fruiting.
- As consumer preferences shift towards healthier diets, growers are investing in micronutrient-enriched fertilizers to meet market demands and achieve competitive pricing.
- The focus on sustainability and productivity in horticulture has heightened the need for effective micronutrient management, with modern practices increasingly relying on precision agriculture technologies to optimize nutrient application.
Multi-Micronutrient Products
- In 2023, the multi-micronutrient segment became the dominant product category in the U.S. Agricultural Micronutrient Market.
- This trend is driven by the recognition of the benefits of comprehensive micronutrient solutions that address multiple nutrient deficiencies simultaneously.
- Multi-micronutrient formulations combine essential elements such as boron, copper, iron, manganese, molybdenum, and zinc, providing a balanced approach to soil and crop nutrition.
- Farmers prefer these products for their ability to simplify nutrient management, efficiently addressing multiple deficiencies with a single application.
- This holistic approach enhances crop health, yield, and resistance to diseases while reducing the need for multiple individual micronutrient products, saving time and labor.
- The advancement of precision agriculture technologies has further fueled demand for multi-micronutrient solutions, enabling accurate application and monitoring.
Midwest Region
In 2023, the Midwest emerged as the leading area in the U.S. Agricultural Micronutrient Market, holding the largest market share.
The Midwest is a major hub for crop production, with states like Iowa, Illinois, and Nebraska known for large-scale production of cereals, grains, and other essential crops.
Key factors contributing to the Midwest's dominance include:
- Fertile soil and favorable climate conditions ideal for diverse crop cultivation.
- High demand for micronutrient solutions to enhance soil fertility and crop yields.
- Farmers' focus on optimizing productivity and addressing nutrient deficiencies.
- A well-established agricultural infrastructure, including research institutions and extension services that support effective micronutrient management practices.
Key Market Players
- The Mosaic Company
- Koch, Inc.
- The Andersons, Inc.
- Helena Agri-Enterprises, LLC
- Yara North America, Inc.
- Nutrien Ag Solutions, Inc
- BRANDT, Inc.
- SQM S.A.
- Nouryon Chemicals Holding B.V
- Verdesian Life Sciences
Report Scope:
In this report, the United States Agricultural Micronutrient Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
United States Agricultural Micronutrient Market, By Crop Type:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
- Turf and Ornamentals
- Others
United States Agricultural Micronutrient Market, By Product:
- Boron
- Copper
- Iron
- Manganese
- Molybdenum
- Zinc
- Multi-Micronutrient
- Others
United States Agricultural Micronutrient Market, By Application Mode:
- Fertigation
- Foliar Spray
- Soil Application
- Seed Treatment
United States Agricultural Micronutrient Market, By Form:
- Chelated
- Non-Chelated
United States Agricultural Micronutrient Market, By Region:
- Northeast Region
- Midwest Region
- West Region
- South Region
For more information about this report visit https://www.researchandmarkets.com/r/aqs7db
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