ROCKVILLE, Md., Feb. 23, 2022 (GLOBE NEWSWIRE) -- As per a new report published by Fact.MR - a market research and competitive intelligence provider, the global agricultural micronutrients market is anticipated to reach a valuation of US$ 4.9 Bn in 2021, and expand at a steady CAGR of 3.6% over the forecast period of 2021 to 2031.
Near perfect competitive market with a bundle of players supplying the product has stabilized price points. This has compelled most market players to lower their margins by 5%.
“New product launches and product innovation in agricultural micronutrients are key drivers for market players across regions,” says a Fact.MR analyst.
Agriculture is the backbone of a majority of countries such as the U.S., China, and India, among other prominent countries. The agricultural sector captures a major portion of the formerly mentioned countries’ GDP, and for the sustenance of their arable land, regional policies tend to incline towards the utilization of micronutrients.
- Fact.MR estimates that agricultural micronutrient sales are set to swell 1.4X from 2021 to 2031, reaching nearly US$ 7 Bn in 2031,
- Owing to the extensive utilization of micronutrients in the agricultural sector, product prices are expected to grow at a stable pace with minimum anticipated bubbles over the coming years.
- Demand for iron-based agricultural micronutrients will accelerate at the highest pace over the medium term.
- Tier-1 manufacturers of agricultural micronutrients held 35% market share in 2020.
- Agricultural micronutrients are considered to be the backbone of agricultural sector growth; therefore, COVID-19 had only a minor impact on the demand for these micronutrients.
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Competition Landscape
Most companies discussed in the study have focused on expansion, investments, acquisitions, delivery focus, portfolio expansion, and brand development.
Some of the key developments are:
- Rocket Seeds Moly Shine, a special seed finisher with the added value of micronutrients, was introduced by Compass Minerals in December 2019. Soybeans and legumes are great candidates for this product.
- AkzoNobel Specialty Chemicals in collaboration with INEOS Nitriles had announced in April 2018 to increase development of biodegradable chelates and micronutrients.
Diets with low nutrients can be blamed for an increase in occurrence of micronutrient deficiency across populations. Micronutrient deficiencies in the soil not only reduce crop yield but also nutritional quality. Moreover, lower micronutrients in crops have adverse effects on human health.
Agronomic bio-fortification improves the bioavailability of micronutrients in the edible portion of crops as well as the bioavailability of processed foods consumed by humans. Various governments’ attempts to regulate micronutrient deficiency by increasing the content of agricultural micronutrients in agricultural produce are pushing the market for agricultural micronutrients.
This research report categorizes the agricultural micronutrients market based on crop type, application method, form, type, technology, and region.
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On the basis of Nutrient type, the agricultural micronutrients market has been segmented as follows:
- Boron Agricultural Micronutrients
- Manganese Agricultural Micronutrients
- Zinc Agricultural Micronutrients
- Copper Agricultural Micronutrients
- Others
On the basis of crop type, the agricultural micronutrients market has been segmented as follows:
- Agricultural Micronutrients for Cereals & Grains
- Agricultural Micronutrients for Fruits & Vegetables
- Agricultural Micronutrients for Oilseeds & Pulses
- Others
On the basis of mode of application, the agricultural micronutrients market has been segmented as follows:
- Soil Agricultural Micronutrients for
- Fertigation Agricultural Micronutrients for
- Foliar Agricultural Micronutrients for
- Seed Treatment Agricultural Micronutrients for
- Others
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Key Takeaway from Market Study
- Global agricultural micronutrients market is anticipated to hit US$ 7 Bn valuation by 2031.
- The market is estimated to expand at a CAGR of 3.6% during the forecast period of 2021 to 2031.
- By nutrient, the zinc segment is expected to have a dominant share in the global market.
- North America accounted for over 15% of global demand for agricultural micronutrients in 2020.
- The Asia Pacific region to dominate the demand pie of agricultural micronutrients.
- Cereals and grains to dominate demand and sales share of agricultural micronutrients in FY2021.
- Fertigation application of agricultural micronutrients is anticipated to grow at a rapid pace over the forecast period.
Impact of COVID-19 on Agricultural Micronutrients Market
The COVID-19 pandemic has had an immediate impact on the food systems in developing countries. Access to markets has been hampered by restrictions on the movement of people and products. In the face of this uncertainty, policymakers are implementing laws to protect people's food and nutrition by focusing on diversification of production. Companies manufacturing agricultural micronutrients are seeing increased sales as a result of these developments.
Farmers and sellers of nutritious and bio-fortified crops such as wheat, maize, potato, and sweet potatoes are being encouraged by manufacturers of agricultural micronutrients to strengthen their sales footprint. People are more aware of foods high in micronutrients as a result of the COVID-19 pandemic. Bio-fortified crops are becoming powerful nutrition vehicles thanks to strong local market chains, increased commercial use, and robust smallholder production systems.
To get to know more about the short-term and long-term impact of COVID-19 on this Agricultural Micronutrients Market,
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Key Points Covered in Agricultural Micronutrients Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Leading Export - Import Destinations
- Analysis of Supply Contracts, Avg. Consumption, Potential for Direct & Indirect Sales
- COVID-19 Impact on agricultural micronutrients and How to Navigate
Recommendation on Key Winning Strategies
Fact.MR, in its new offering, presents an unbiased analysis of the global agricultural micronutrients market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of crop (cereals and grains, fruits & vegetables, oilseeds & pulses, and others), nutrient (boron, manganese, zinc, copper, and others), application (soil, fertigation, foliar, seed treatment, and others), and region (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa)
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