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.
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.
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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.
Key Takeaway from Global Agricultural Micronutrients 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.
“New product launches and product innovation in agricultural micronutrients are key drivers for market players across regions,” says a Fact.MR analyst.
Impact of COVID-19
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.
Global increase in the rate of soil micronutrient deficiencies is a major factor driving demand for agricultural micronutrient. This will also drive the price growth of agricultural micronutrients in the medium- to long-term forecast period.
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.