The Agricultural micronutrients market is experiencing increased demand driven by precision farming techniques. Micronutrients play a vital role in improving crop health and yield by facilitating metabolic processes in plants. They are applied as foliar sprays or mixed with fertilizers to treat micronutrient deficiencies in soil. Adoption of modern agricultural practices and use of high-yielding crop varieties have heightened the need for micronutrients.
The Global Agricultural Micronutrients Market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27% over the forecast period 2024 to 2031.
Micronutrients such as boron, chloride, copper, iron, manganese, molybdenum and zinc are used in plant nutrition to maintain overall metabolic functions. They aid photosynthesis, enzymes and protein synthesis when applied appropriately. The market is driven by growing mechanization and deployment of advanced farming techniques like precision agriculture and fertigation for optimized micronutrient dosage.
Key Takeaways
Key players operating in the Agricultural Micronutrients market are Drone Defence, DeTect Inc., Zen Technologies Limited, DroneShield Ltd, METIS Aerospace Ltd, QinetiQ Group PLC, Thales Group, Lockheed Martin Corporation SRC Inc., Dedrone, SAAB AB, Raytheon Technologies Corporation, IAI Group, Citadel Defense, and Robin Radar Systems. They are extensively engaged in new product launches and expansions to cater to the burgeoning demand.
The growing demand for food owing to the rising global population has intensified agricultural production. Micronutrients play a vital role in delivering higher yields and quality crops. Their deficiency affects metabolism, diminishes stress tolerance and reduces profits for farmers. Therefore, micronutrient fertilizers are increasingly being adopted across major farming regions.
Major players are focusing on expanding their global footprint through acquisitions and collaborations. For instance, key players are targeting high growth markets like Asia Pacific and Latin America where micronutrient deficiencies are widespread. This is expected to drive revenue growth opportunities over the forecast period.
Market Key Trends
Precision farming technologies are enabling optimized Agricultural Micronutrients Market Growth application based on soil requirements. Advanced irrigation systems like drip and fertigation facilitate controlled and targeted delivery of micronutrients. Real-time soil and plant monitoring using IoT devices is also gaining traction among farmers. This trend allows uniform distribution of micronutrients and minimizes wastage. Moreover, the development of slow and controlled release fertilizers is driving extended nutrient availability for crops. Sustained release micronutrients maintain adequate levels throughout growth cycles with fewer applications. Overall, technological evolution in the agricultural sector will continue shaping market trends.
Porter’s Analysis
Threat of new entrants: Entry into agricultural micronutrients market requires significant investment in R&D and production facilities which acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and dependence of farmers on micronutrients.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and involvement of major manufacturers.
Threat of new substitutes: Threat of new substitutes is low as micronutrients play an essential role in plant growth and have no close substitutes.
Competitive rivalry: The market is highly competitive with presence of many global players.
Geographical Regions
North America accounts for the largest share in the agricultural micronutrients market in terms of value. This is attributed to high consumption of fertilizers and presence of leading manufacturers in the region. Asia Pacific is projected to grow at the fastest rate during the forecast period. This is owing to increasing population, rapid urbanization, and rising demand for food grains in countries such as India and China.
Geographical Regions
The agricultural micronutrients market in terms of value is highly concentrated in Asia Pacific region. Countries like India, China, and Japan are the major consumers of agricultural micronutrients. This is due to large agricultural land and growing population in the region which is increasing the demand for food. The fastest growing region for agricultural micronutrients market is expected to be Latin America. Countries like Brazil and Argentina are expected to drive the market growth in coming years due to expansion of agricultural activities in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it