Agricultural Micronutrients Market Size, Share, Growth Analysis, By Type(zinc, boron, iron, molybdenum), By End Use(Non-agricultural Cereal, Grains (Corn, Wheat, Rice)), By Application(Soil, Foliar, Fertigation), By Form(Chelated, Non-Chelated), By Region - Industry Forecast 2024-2031

Agricultural Micronutrients Market Driver

Development of Efficient Fertilizers

• The global market is growing as arable land in major agricultural producing countries shrinks and soil contamination worsens. Furthermore, increasing R&D investment by key market players in the development of affordable and efficient micronutrient fertilisers will positively shape the market during the forecast years. AgXplore, a leading agriculture specialty company, for example, introduced Microcoat, a blend of five vita micro and secondary nutrients. The new product is a dry fertiliser that contains a magnesium, sulphur, manganese, molybdenum, and zinc composite, making it an efficient nutrient delivery fertiliser. Furthermore, Gunther Kreps, AgXplore's director of sales, stated in a statement, "Microcoat is truly unique in that it allows dealers the flexibility to custom mix with any phosphorus and potassium fertiliser blend."

Agricultural Micronutrients Market Restraint

Overuse of Fertilizers to Degrade Soil

• Nitrogen, phosphorus, potassium, and sulphur are common fertilisers that can be purchased in concentrated form. As a result, growers in developed and developing countries prefer conventional fertilisers to organic fertilisers. However, overuse of conventional fertilisers in conjunction with chemical pesticides has resulted in soil degradation. As a result, farmers all over the world are turning to natural or organic fertilisers like animal manure, crop residues, and compost. Organic fertilisers improve soil structure by stimulating microbial activity, ensuring a season-long supply of nutrients through a gradual release of nutrients, and increasing soil water-holding capacity through the addition of organic matter. Furthermore, the use of organic fertilisers reduces the environmental impact of farming and protects ecosystems by minimising leaching. As a result, organic and conventional farming fertilisers benefit farmers, consumers, and the environment in a variety of ways.