Sulfur Based Micronutrients Market Size & Share 2024–2032
Market Size by Type (Sulfur-Bentonite, Sulfur-Bentonite-Zinc, Sulfur-Bentonite-Manganese, Sulfur-Bentonite-Iron, Sulfur-Bentonite-Copper), by Application & Forecast.
Report ID: GMI10637
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Published Date: August 2024
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Sulfur Based Micronutrients Market Size
Sulfur Based Micronutrients Market size achieved USD 411.9 million in 2023 and will grow at 9% CAGR from 2024 to 2032, due to increased awareness of the role of micronutrients in agricultural productivity. Sulfur-based micronutrients, such as bentonite, zinc, manganese, iron, and copper, are critical in improving soil fertility and crop output.
Sulfur Based Micronutrients Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
As a result, farmers and agricultural businesses are increasingly using these goods to meet increased food demand caused by a growing worldwide population. According to a report by the Food and Agriculture Organization (FAO), global food demand is projected to increase by 70% by 2050. Furthermore, the change to sustainable agriculture techniques, as well as an emphasis on enhancing crop quality and nutritional content, are driving up demand for sulfur-based micronutrients. The International Fertilizer Association (IFA) also notes that the use of micronutrients in agriculture has grown by 5% annually over the past decade.
For instance, according to a comparison of major food crop production from 2021-2022 to 2022-2023, oilseed production has increased by 17%, followed by sugarcane (11.63%), cotton (8.20%), and food grains (4.46%). Soybean production climbed by 15.41%, followed by rapeseed and mustard (5.69) and groundnut (1.58%). While foodgrains production reveals that output of maize and coarse cereals climbed by 12%, but that of pulses, gram, and tur fell, with tur production indicating a considerable reduction of 21.56%.
In addition, according to FAO (2021), India is the world's greatest producer of ginger and okra, as well as the second largest producer of potato, onion, cauliflower, brinjal, cabbage, and other vegetables. India is the world's second largest producer of vegetables, accounting for 15% of total production, however its average productivity of 17 mt/ha is low when compared to several other producing countries.
Over the last decade, the market for sulfur-based micronutrients has changed dramatically. Initially, it was driven by the need to correct micronutrient deficiencies in soil, which were affecting crop productivity. However, with developments in agricultural science and technology, the emphasis has switched to increasing the efficiency and efficacy of these goods. Precision farming techniques, such as soil testing and variable rate treatment, have become more widely used, allowing farmers to apply the right amount of micronutrients at the right time.
Sulfur Based Micronutrients Market Trends
Emerging trends in the market include the incorporation of new technologies into product formulation and application. Controlled-release fertilizers, precision agriculture, and the application of nanotechnology are altering the industry landscape. These innovations enable more effective nutrient delivery, lower environmental impact, and improved crop growth. Furthermore, there is a growing trend toward organic farming and the use of bio-based micronutrients, driven by consumer demand for organic and non-GMO foods. This trend is prompting manufacturers to provide environmentally friendly and sustainable sulfur-based micronutrient solutions.
Certified organic product sales in the US surpassed USD 70 billion in 2023, setting a new industry record. Dollar sales in the American organic sector reached USD 69.7 billion dollars last year, up 3.4 percent, according to the Organic Trade Association's (OTA) 2024 Organic Industry Survey.
Sulfur Based Micronutrients Market Analysis
Sulfur-bentonite held USD 123.7 million in 2023 and it is anticipated to expand at a 9.8% of CAGR during 2024-2032. Sulfur-bentonite continues to be the most common type of sulfur-based micronutrient due to its high sulfur content and effective release mechanism. This product is highly popular for its capacity to restore sulfur deficits in various soils, particularly in areas where intense farming methods have depleted soil sulfur levels. The granular structure of sulfur-bentonite allows for uniform application and delayed release, ensuring a continuous supply of sulfur to plants. Sulfur-bentonite is becoming increasingly popular among farmers looking to boost crop output and quality, particularly in oilseed crops and cereals.
The sulfur-based micronutrients market from cereals & grains segment will expand to USD 344.4 million and garner a 9.8% CAGR from 2024 to 2032. Cereals and grains, such as wheat, rice, and maize, are staple foods for a huge proportion of the world's population. These crops are extremely sensitive to sulfur-based micronutrients, which are required for protein synthesis and enzymatic function. Sulfur deficits in cereals can result in lower grain quality and production. The introduction of sulfur-based micronutrients in this category is motivated by the desire to improve grain quality and meet rising food demand. Precision agriculture practices contribute to the rising use of these products, enabling focused nutrient administration and enhanced crop management. The fruit and vegetables segment are distinguished by a strong demand for micronutrients to assure quality and productivity. Sulfur-based micronutrients are critical for increasing the nutritional content and aesthetics of fruits and vegetables.
North America region is expected to surpass USD 237.1 million by 2032 growing at 8.9% CAGR, because of increased health awareness and a strong emphasis on limiting sodium intake due to common health problems such as hypertension and cardiovascular disease. The region has a well-established food and beverage business that is gradually adopting healthier products to meet consumer demand. The US and Canada are the key markets in this region, where the emphasis on organic and natural products fuels the expansion of low sodium sea salt. Furthermore, the growing popularity of clean-label products has prompted manufacturers to develop and create low-sodium sea salt that passes strict quality requirements. North America's robust retail infrastructure, which includes supermarkets and online retail platforms, ensures that these products are widely available and easily accessible.
Sulfur Based Micronutrients Market Share
The sulfur-based micronutrients market is moderately fragmented, with numerous significant companies driving the competitive dynamics. Yara International, Coromandel, Aries Agro Limited, DFPCL, IFFCO, HBT India, Tiger-Sul Products LLC, Agroasia, Sohar Sulphur Fertilizers LLC, and Mirabelle Agro Manufacturer Pvt Ltd are among the market's leading players. To sustain their competitive advantage, these corporations use a variety of techniques, including product innovation, strategic collaborations, mergers and acquisitions, and substantial R&D.
For example, Yara International utilizes its substantial research and development capabilities to create innovative products that meet farmers' evolving needs. The company also invests in digital agriculture solutions to improve nutrient management techniques. Coromandel is focused on growing its product variety and strengthening its distribution network to reach a larger customer base. Aries Agro Limited focuses on sustainable and environmentally friendly products, in line with the growing trend of organic farming.
Sulfur Based Micronutrients Market Companies
Top companies operating in the industry include:
The sulfur based micronutrients market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Million) (Tons) from 2024 to 2032, for the following segments:
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Market, By Type
Market, By Application
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