The India agricultural micronutrients market size was USD 538.4 million in 2021. The market is projected to grow from USD 571.6 million in 2022 to USD 1,057.6 million by 2029, exhibiting a CAGR of 9.19% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 5.23% in 2020 as compared to 2019.

This market is witnessing promising growth attributed to increasing awareness regarding crop nutrition across the agriculture industry in India. The growing population, emergence of advanced technologies, and government facilities that boost the adoption of micronutrients to improve crop health and yield are anticipated to fuel the market growth in the coming years.

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COVID-19 Impact

Supply Chain Challenges Amid COVID-19 to Impact India’s Agricultural Micronutrient Market

The COVID-19 pandemic significantly disrupted India’s agricultural micronutrient market, with supply chain issues posing major challenges. Factors such as labor shortages, restricted inter-state transportation, and reduced exports created unexpected obstacles for industry stakeholders.

To mitigate these effects, the Indian government introduced several measures, including periodic exemptions. The financial relief initiative, Aatmanirbhar Bharat Abhiyan, aims to strengthen the agriculture sector and is expected to support the industry’s recovery.

Segments

Market Segmentation: Type, Source, Application, and Crop Type

  • Type: Segments include zinc, boron, iron, molybdenum, manganese, and others. Zinc is anticipated to lead the market due to its common deficiency and increasing awareness of its benefits.
  • Source: Divided into chelated and non-chelated sources.
  • Application: Categories include soil, foliar, and fertigation applications.
  • Crop Type: Includes cereals, pulses and oilseeds, fruits and vegetables, and other crops.

Report Coverage

The report provides an extensive analysis of market segments, trends, and future outlook. It also offers regional insights, highlighting India’s prominent role in the agricultural micronutrients market. Additionally, the report examines the COVID-19 impact, helping investors and business owners assess potential risks. Key players and their strategic approaches are also analyzed to understand competitive dynamics.

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Driving Factors

Rising Micronutrient Deficiencies in Indian Agricultural Soils to Drive Market Expansion

In India, intensive farming practices coupled with environmental shifts, such as increasing global temperatures, have led to the depletion of essential soil micronutrients. This nutrient loss has negatively impacted crop yields, causing significant crop damage. Additionally, the absence of timely soil testing has hampered sustainable agricultural production. These challenges are expected to propel growth in India’s agricultural micronutrients market.

Competitive Landscape

Strategic Collaborations to Strengthen Market Position

Leading players in the agricultural micronutrient sector are leveraging strategic partnerships to improve their product offerings and expand their market presence. These collaborations enable companies to reach a wider customer base and enhance their competitive advantage.

List of Key Players Covered in the Report

  • Coromandel International (Hyderabad)
  • Indian Farmers Fertiliser Cooperative Limited (IIFCO) (New Delhi)
  • Aries Agro Limited (Mumbai)
  • Zuari Agro Chemicals Limited (Goa)
  • Geolife Group (Mumbai)
  • Deepak Fertilisers and Petrochemicals Corporation Ltd. (Pune)
  • Amruth Organic Fertilizers (Karnataka)
  • Anand Agro Care (Nashik)
  • Multiplex Fertilizers Private Limited (Bengaluru)

Industry Development

June 2020: The Indian Council of Agricultural Research (ICAR) entered into a Memorandum of Understanding (MoU) with IFFCO to collaborate on research and development of innovative agricultural products designed to support farmers in the region.

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