Agricultural Micronutrients Market Size, Share, Report Insights: Growth Forecast Through 2032
The global agricultural micronutrients market was valued at USD 5.19 billion in 2024 and is anticipated to increase to USD 5.53 billion in 2025, reaching approximately USD 9.03 billion by 2032. This represents a compound annual growth rate (CAGR) of 7.26% over the forecast period. The U.S. market is also poised for notable growth, projected to hit USD 1.88 billion by 2032, primarily due to extensive use in large-acreage crop farming. Asia Pacific led the global market in 2024 with a 46.62% share.
Agricultural micronutrients, including zinc, boron, iron, molybdenum, chloride, nickel, copper, and manganese, are essential for reducing micronutrient deficiencies in soil. These nutrients are available in both chelated and non-chelated forms and are commonly applied via soil, foliar sprays, or fertigation to crops such as cereals, pulses, oilseeds, fruits, and vegetables.
According to the Food and Agriculture Organization (FAO), China, India, the U.S., Brazil, Russia, France, Mexico, Japan, Germany, and Turkey rank among the world’s top agricultural producers. The global rise in demand for high-quality agricultural output is contributing to the increasing need for efficient fertilizer solutions, thereby boosting market growth.
For instance, as reported by the Directorate General of Foreign Trade and the Ministry of Agriculture and Farmers Welfare, India’s agricultural imports stood at USD 31.4 billion in 2021, up from USD 22.1 billion in 2020. Similarly, agricultural exports from India reached USD 43.2 billion in 2021, marking a 29.34% increase year-over-year.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607
Market Segmentation Among all micronutrients, zinc remains the most in-demand, outperforming other elements such as boron, manganese, iron, and molybdenum. This is primarily due to increasing global awareness of zinc deficiency in soils. The soil application method is expected to see rapid growth owing to advancements in delivery technologies and the rise of precision agriculture. Moreover, non-chelated micronutrients are gaining traction as they offer a cost-effective alternative to chelated versions. By crop type, the market is segmented into cereals, fruits and vegetables, oilseeds and pulses, and others, with the cereal segment forecasted to dominate due to rising demand for staple grains and expansion in cultivation areas. Geographically, the market is categorized into Asia Pacific, North America, Europe, South America, and the Middle East & Africa.
Report Coverage This report provides a detailed analysis of market trends, key growth drivers, and challenges. It also explores major strategic developments—such as mergers, acquisitions, and collaborations—pursued by top market players to expand their footprint and enhance competitive advantage.
Market Drivers and Restraints The rising emphasis on cultivating high-value crops like fruits, vegetables, and ornamentals is driving the demand for micronutrient-enriched fertilizers, as these crops demand enhanced quality and productivity. However, market growth may face limitations in some regions due to insufficient government support or limited access to necessary funding and agricultural resources.
Regional Insights Asia Pacific is expected to retain its leading position in the market, supported by the extensive cultivation of cereals and other staple crops across countries like India and China. Meanwhile, North America is projected to experience steady growth, fueled by rising farmer awareness regarding micronutrient deficiencies and their effects on crop health and productivity.
Competitive Landscape Strategic Partnerships and Acquisitions Drive Market Growth Key players are actively pursuing mergers, acquisitions, and collaborative ventures to enhance their global reach. Continued innovation in product development is also enabling companies to meet the evolving demands of the agriculture sector more effectively.
Leading Companies in the Agricultural Micronutrients Market: Nutrien Ltd. (Canada) Israel Chemicals Ltd. (Israel) Coromandel International (India) Yara International ASA (Norway) Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India) Haifa Group (Israel) Koch Agronomic Services, LLC (U.S.) Grupa Azoty Zakłady Chemiczne Police Group (Poland) Marubeni Corporation (Helena Agri-Enterprises, LLC) (U.S.) Nouryon Chemicals Holdings B.V. (Netherlands)
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Recent Industry Development March 2021 – Haifa Group formed a partnership with agri-tech firm AgriIOT to enhance crop health monitoring and optimize nutrient management. This initiative aims to tackle micronutrient deficiencies and improve yield quality through smart agricultural practices.