by Agricultural micronutrients play a vital role in ensuring optimal plant growth and high crop yield by enabling important metabolic functions in plants. Micronutrients such as boron, chlorine, copper, iron, manganese, molybdenum, and zinc are essential plant nutrients that are required by crops in very small quantities. They aid in photosynthesis, enzyme reactions, protein synthesis, energy production and transfer, cell division and cell enlargement. The global agricultural micronutrients market consists of chelated and non-chelated micronutrient formulations that are applied as fertilizers for various crops including cereals & grains, oilseeds & pulses, fruits & vegetables and other crops. Chelated micronutrients have higher efficiency as the micronutrient ions are protected from reactions with soil acids or salts that can render them unavailable to plants. The global Agricultural Micronutrients Market is estimated to be valued at US$ 4.5 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the global agricultural micronutrients market is the growing preference for chelated micronutrient formulations. Chelated micronutrients have higher bioavailability, are readily absorbed by plants, and remain available in the soil for an extended period of time. This reduces the application frequency and ensures consistent supply of micronutrients to crops. With rising awareness about advantages of chelated micronutrients among farmers, their demand is increasing at a faster pace compared to traditional non-chelated micronutrient fertilizers. This shift towards chelated micronutrients is expected to continue and positively influence the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The agricultural micronutrients market requires high capital investment for R&D and production facilities which creates significant entry barriers for new players.
Bargaining power of buyers: Buyers in the agricultural micronutrients market have moderate bargaining power due to the availability of substitutes and differentiated products from various manufacturers.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as there are numerous suppliers in the market and the materials required are also commoditized.
Threat of new substitutes: Threat of substitutes is low as micronutrients have unique benefits and there are no direct substitutes available for micronutrients.
Competitive rivalry: The market is moderately competitive with the presence of numerous global and regional players. Key players mainly compete on pricing, quality, and innovation.
Key Takeaways
The Global Agricultural Micronutrients Market Size is expected to witness high growth over the forecast period. The Asia Pacific region currently dominates the market and is expected to maintain its lead position over the forecast period. Factors such as large farmland areas, growing population, and initiatives by governments are fueling the demand for agricultural micronutrients in the region.
Regional analysis
Asia Pacific accounts for the largest share of the global agricultural micronutrients market. China is the leading producer and consumer of agricultural micronutrients in the region. India is another major market where initiatives such as the National Mission on Micro Irrigation are driving the adoption of agricultural micronutrients.
Key players
Key players operating in the agricultural micronutrients market are Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings, Phibro Animal Health Corporation, Intervet Inc., Norvartis, Merck Animal Health, Novartis AG, Pharmaq AS, AquaBounty Technologies, Alltech, Skretting, and Nutreco, Biomin. Zoetis Inc. and Merck Animal Health are among the leading players based on market share. The market is characterized by both international and local manufacturers.
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