Micronutrients Market By Type (Plant Micronutrients (Boron (B), Zinc (Zn), Manganese (Mn), Iron (Fe), Copper (Cu), Molybdenum (MO) & Chlorine (Cl)) & Pharmaceutical (Water-Soluble Vitamins, Fat-Soluble Vitamins, Macrominerals & Trace Minerals), By Form (Chelated Micronutrients (Ethylenediaminetetraacetic Acid (EDTA), Hydroxyethylethylenediaminetriacetic Acid (HEDTA), Ethylenediamine Di-2-hydroxyphenyl Acetate (EDDHA), Diethylenetriamine Pentaacetic Acid (DTPA), Cyclohexanediaminepentaacetic Acid (CDTA), Nitro-Triacetic Acid (NTA) & Others) & Non-Chelated Micronutrients), By Application - Forecast(2024 - 2030)

Report Code: CMR 0848 Report Format: PDF + Excel

Micronutrients Market Overview

The Micronutrients Market size is estimated to reach US$11.2 billion by 2027, after growing at a CAGR of 9.5% during the forecast period 2022-2027. Micronutrients play a significant role in plant growth in fertilization, flower initiations, disease resistance and fruit set. Zinc, iron, manganese and chlorine are a few of the vital micronutrients for the optimum productivity of plants and development. The deficit in such micronutrients results in reduced productivity and defects in plants. Also, micronutrients are the key dietary elements required for the proper functioning of the human body. Micronutrients are the major part of enzyme systems in plants and play a remarkable role in redox reactions. These are used for the synthesis of vitamins and provide the required minerals. According to US Food and Agriculture Organization, in 2019, global fruit production went up to 883 million tonnes, showing a 54% increase and global vegetable production was 1,128 million tonnes showing a 65% increase compared to 2000. Thus, the growth of agricultural production will boost the demand for micronutrients. Many industries across the globe have faced several challenges due to the COVID-19 pandemic. According to the Food Industry Asia report, in 2020, the agri-food sector of the Philippines contracted by 4% while Thailand’s agri-food sector shrank by 6%. With the pause in production and distribution, the demand and consumption of micronutrients have hampered to an extent.

Report Coverage

The report: “Micronutrients Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Micronutrients industry.

By Type: Plant Micronutrients (Boron (B), Zinc (Zn), Manganese (Mn), Iron (Fe), Copper (Cu), Molybdenum (MO) and Chlorine (Cl)) and Pharmaceutical (Water-Soluble Vitamins, Fat-Soluble Vitamins, Macrominerals and Trace Minerals).
By Form: Chelated Micronutrients (Ethylenediaminetetraacetic Acid (EDTA), Hydroxyethylethylenediaminetriacetic Acid (HEDTA), Ethylenediamine Di-2-hydroxyphenyl Acetate (EDDHA), Diethylenetriamine Pentaacetic Acid (DTPA), Cyclohexanediaminepentaacetic Acid (CDTA), Nitro-Triacetic Acid (NTA) and Others) and Non-Chelated Micronutrients.
By Application: Plant (Foliar Sprays, Soil Application, Fertigation and Seed Treatment) and Human Vitamin (Food Sources, Supplements and Others). 
By Crop Type: Agriculture [Cereals & Grains (Wheat, Barley, Rice, Corn, Sorghum and Others), Oilseeds and Pulses (Soybean, Groundnut, Rapeseed, Sunflower and Others), Fruits & Vegetables (Apple, Banana, Pears, Watermelon, Peppers, Tomatoes and Others), Horticultural Crops and Others] and Healthcare.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (the Middle East and Africa).

Key Takeaways

  • The significant increase in demand for boron micronutrients owing to its improving functional integrity of plant cell membranes is expected to provide a significant growth opportunity to increase Micronutrients market size in coming years. 
  • The surge in production of cereals and grains is driving the growth of micronutrients market. For instance, according to the Ministry of Agriculture of India, the production of rice accounted for 102.36 million tonnes in 2020-21.
  • Global increase in agricultural output is providing ample growth opportunities for the industry players in near future in Micronutrients industry. Moreover, an increase in the adoption of micronutrients as dietary elements is boosting the market growth. 

Figure: Micronutrients Market Revenue Share, By Geography, 2021 (%)

Micronutrients Market

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Micronutrients Market Segment Analysis – By Type

The plant micronutrient segment is expected to grow at the fastest CAGR of 10.7% during the forecast period in the Micronutrients Market. Micronutrients are an essential element for normal plant growth. Most of the soil provides the required nutrition to the plants, however, changes in agricultural methods need the external dose of micronutrients. Boron is considered one of the most important nutrients needed for membrane stability which supports the integrity of plant cell membranes. These are used for the synthesis of vitamins and provide the required minerals. It can be used for a wide variety of crops such as peach, soybean, corn, tobacco, grains, cotton and sunflower among many others. Thus, several benefits associated with the use of boron micronutrients are boosting the growth and are expected to account for significant micronutrients market share.

Micronutrients Market Segment Analysis – By Crop Type 

The agriculture segment held the largest micronutrients Market share in 2021, with a share of over 65%. Cereals and grains are considered the primary source of nutrients supplied to the human body. Many developing countries are dependent upon cereals and grains for their nutritional needs and it is the major source of calories. The demand for micronutrients is significantly increasing in the cereals crop owing to an increase in the optimum yield of major cereal crops. Copper, manganese, zinc and iron are the essential micronutrients in cereal crops. According to The Food and Agriculture Organization of the United Nations, the global cereal production has grown by 7 million tonnes in July 2022 compared to the previous month which accounted for 2792 million tonnes. Thus, the increase in production and demand for cereals and grains is boosting the market growth of micronutrients market. 

Micronutrients Market Segment Analysis – By Geography

Asia-Pacific held the largest micronutrients market share in 2021, with a share of 44%. This growth is mainly attributed to the increase in demand for micronutrients in cereals and grains, oilseeds and pulses, fruits and vegetables and horticultural crops. The presence of numerous developing countries such as China, India, Indonesia and Malaysia among others are the major countries supporting the growth of the market. The surge in demand for food, increase in population and growth in arable land and agricultural output in this region is boosting the demand for micronutrients. Also, there is a significant demand for micronutrients as dietary elements in this region. According to Asia Development Outlook 2021, currently, fruits and vegetables account for 32% of production value in agriculture with which India and Indonesia being the top producers of fruits and vegetables. Thus, the significant demand for several crops in this region also boosts the growth of micronutrients market. 

Micronutrients Market Drivers 

Growing agricultural output across the globe 

During the past few years, the agriculture industry has evolved with the implementation of advanced technologies, green practices and sustainable production across the globe. Agricultural practices are developing across the globe in order to provide perse food, meet the fast-increasing food demand and provide nutritious food. Micronutrients are used for the synthesis of vitamins and provide the required minerals. According to United Nations Food and Agriculture Organization (FAO), Agricultural Outlook 2019-2028, the world demand for agricultural products is estimated to grow by 15% over the coming decade. Over this period, the demand for cereals for food is estimated to grow by 150 million tons. However, changing climatic conditions, the spread of crop diseases and new plant-breeding techniques require effective nutrients, and this, in turn, increases micronutrients market size. 

Surge in demand for effective fertilizers

The several types of agrochemicals and plant growth regulators help to increase the productivity of the crops. The rapid increase in agricultural activities on account of the high demand for food items from the growing population has increased the consumption level of plant hormones. Micronutrients are widely used in fertilizers and enable the production of balanced fertilizers with required micronutrients which ensure optimal development of the plants. The change in food preferences demands more resource-intensive production and requires maximum output from the invested resources. According to the National Horticulture Database published by National Horticulture Board, fruit production in India stood at 99.07 million metric tonnes during 2019-20. It accounted for 6.66 million hectares of area under cultivation of fruits. Micronutrients are essential in different aspects of plant growth. Thus, an increase in demand for effective fertilizers boosts the growth of micronutrients market size.

Micronutrients Market Challenge

Flourishing demand for organic fertilizers

During the past few years, there is an increase in demand for sustainable products and the agriculture industry is not the exception. Organic fertilizers have gained a significant demand as it provides essential nutrients to plants and develops healthy soil. These fertilizers can be animal-based, plant-based and mineral based. It improves the water movement into the soil and enhances soil fertility. Whereas, the application of micronutrients needs to be observed and application should be discontinued if it reaches the level of deficiency. Few of the micronutrients should be used in lower rates as they can have residual effects. Thus, an increase in demand for organic fertilizers may hamper the market growth of micronutrients market.

Micronutrients Industry Outlook

The top 10 companies in the Micronutrients market are - 

  1. BASF SE
  2. AkzoNobel
  3. Nufarm
  4. Nutrien Ltd.
  5. Yara International ASA
  6. Coromandel International Limited
  7. Corteva Inc.
  8. Western Nutrients Corporation
  9. The Mosaic Company
  10. Nouryon

Recent Developments

  • In December 2021, Nouryon, a specialty chemical leader, opened its Agricultural Application Development Center in Itupeva, Brazil. 
  • In March 2021, The Mosaic Company has entered into a partnership with Sound Agriculture to develop a novel nutrient efficiency products. The companies have developed the proprietary mix of Sound Agriculture’s bio-inspired chemistry and key micronutrients. 
  • In April 2019, BASF SE has signed an agreement with Quadra Chemicals Ltd., a major chemical and ingredient distributor in order to distribute BASF’s micronutrients products in Canada.

Relevant Reports

Agricultural Micronutrients Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast Analysis
Report Code: AGR 78084

Fertilizers Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: AGR 0007

Chelate Fertilizer Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: CMR 75822 

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1. Micronutrients Market - Market Overview
    1.1 Definitions and Scope
2. Micronutrients Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Form
    2.3 Key Trends by Application
    2.4 Key Trends by Crop Type 
    2.5 Key Trends by Geography
3. Micronutrients Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Micronutrients Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Micronutrients Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Micronutrients Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porter's Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Micronutrients Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Micronutrients Market – by Type (Market Size - $Million/Billion)
    8.1 Plant Micronutrients
        8.1.1 Boron (B)
        8.1.2 Zinc (Zn)
        8.1.3 Manganese (Mn)
        8.1.4 Iron (Fe)
        8.1.5 Copper (Cu)
        8.1.6 Molybdenum (MO)
        8.1.7 Chlorine (Cl)
    8.2 Pharmaceutical
        8.2.1 Water-Soluble Vitamins
        8.2.2 Fat-Soluble Vitamins
        8.2.3 Macrominerals
        8.2.4 Trace Minerals
9. Micronutrients Market – by Form (Market Size - $Million/Billion)
    9.1 Chelated Micronutrients
        9.1.1 Ethylenediaminetetraacetic Acid (EDTA)
        9.1.2 Hydroxyethylethylenediaminetriacetic Acid (HEDTA)
        9.1.3 Ethylenediamine Di-2-hydroxyphenyl Acetate (EDDHA)
        9.1.4 Diethylenetriamine Pentaacetic Acid (DTPA)
        9.1.5 Cyclohexanediaminepentaacetic Acid (CDTA)
        9.1.6 Nitro-Triacetic Acid (NTA)
        9.1.7 Others
    9.2 Non-Chelated Micronutrients
10. Micronutrients Market – by Application (Market Size - $Million/Billion)
    10.1 Plant 
        10.1.1 Foliar Sprays
        10.1.2 Soil Application
        10.1.3 Fertigation
        10.1.4 Seed Treatment
    10.2 Human Vitamin
        10.2.1 Food Sources
        10.2.2 Supplements
        10.2.3 Others 
11. Micronutrients Market – by Crop Type (Market Size - $Million/Billion)
    11.1 Agriculture
        11.1.1 Cereals & Grains
        11.1.2 Oilseeds and Pulses
        11.1.3 Fruits & Vegetables
        11.1.4 Horticultural Crops 
        11.1.5 Others
    11.2 Healthcare 
12. Micronutrients Market - by Geography (Market Size - $Million/Billion)
    12.1 North America
        12.1.1 the USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 the UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 the Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 the Middle East
        12.5.2 Africa
13. Micronutrients Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Micronutrients Market – Industry/Competition Segment Analysis Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Product Type/Product category - Major companies
15. Micronutrients Market – Key Company List by Country Premium Premium
16. Micronutrients Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
* "Financials would be provided to private companies on best-efforts basis." 
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