Agricultural Micronutrients Market Growing at a CAGR of 9.4%

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May 4, 2023 / By JitendraMore

Advancements in farming practices and the increasing adoption of precision farming techniques
contribute to the growth of the agricultural micronutrients market. The global agricultural
micronutrients market is a highly competitive and rapidly growing industry, driven by increasing
demand for food, micronutrient deficiencies in soil, and technological advancements.

According to the DataM market research report, the global agricultural micronutrients market size
was valued at US$ 9.7 billion in 2022 and is projected to reach US$ 19.1 billion by 2030, with growth
at a CAGR of 9% over the forecast period (2023-2030).

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The global agricultural micronutrients market finds growth opportunities in the increasing trend
towards sustainable agriculture practices. As farmers strive to reduce their environmental impact
and improve the quality of their crops, the demand for micronutrient products that are
environmentally friendly and promote sustainable agriculture is expected to increase. This presents
an opportunity for manufacturers to develop innovative micronutrient products that are not only
effective but also sustainable.

The development of new and more effective micronutrient formulations, as well as advancements in
agricultural technology and farming practices, is expected to drive market growth. With increased
investment in research and development and the growing availability of innovative products and
technologies, the agricultural micronutrients market is expected to witness significant growth in the
coming years.

The increasing global population and subsequent demand for food are the major drivers of the
global agricultural micronutrients market. As the global population continues to grow, the demand
for food is also increasing, which in turn drives the demand for agricultural micronutrients.
Agricultural micronutrients play a crucial role in enhancing crop yield and quality, and in turn,
meeting the growing demand for food.

Recent Developments in the Industry:
 On September 10, 2021, Coromandel International Limited introduced the GroShakti Plus
brand of fertilizer for Indian farmers. In order to help farmers improve their yield and
quality, GroShakti Plus will be making an offering to them.
 On February 2021, Haifa announced an investment of US$ 2 million in AgriIOT in exchange
for 30% of the business, as per the agreement. With this agreement, Haifa will be able to use
AgriIOT technology to quickly and accurately identify crop deficiencies for its clients.
 On March 2021, Mosaic and Sound Agriculture announced a partnership in order to create
and market a nutrient-efficient product. While Mosaic will be in charge of managing field
development, regulatory, sales, and marketing activities, Sound Agriculture will concentrate
on manufacturing the active ingredient and product formulation.

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