Agricultural Micronutrients Market is anticipated to reach USD 8,467.6 million by 2030

 The global agricultural micronutrients market is anticipated to reach USD 8,467.6 million by 2030 from USD 4,312.5 million in 2022, at a CAGR of 9.82% during the forecast period.

Micronutrients are used by plants to maintain hormonal equilibrium, boost auxin activity, enhance flowering, and provide a reliable ripening process. The increasing focus on plant nutrients for effective growth and optimum yields is one of the main factors fueling market progress. Additionally, they encourage sugar translocation and root vigour, which support the growth of large roots and overall plant resistance. They are also recognized as a vital mineral component for feeding horticultural crops since they function as building blocks and co-factors for enzymes, which enable plants to synthesize complete proteins and compounds. As a result, their global sales as a whole are rising.

 

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IMPACT OF COVID-19 ON AGRICULTURAL MICRONUTRIENTS MARKET

Lockdown was implemented once COVID-19 spread over the world, and this lockdown had a severe impact on the supply chain of the fertilizer business, particularly micronutrient fertilizers. However, compared to the prior year, global sales of agricultural micronutrients increased due to government assistance and diverse strategies utilized by micronutrient producers throughout the epidemic.

Government agencies' growing use of technology and the inclusion of helpful laws to aid farmers will raise demand for the product. For instance, the Indian government disclosed a plan to use technology to track productivity and keep an eye on important agricultural data throughout the shutdown. Similar to this, the World Health Organization (WHO) advocates the use of micronutrient-rich fruits, vegetables, pulses, cereals, and grains as part of a well-balanced diet. As a result, in addition to essential nutrients, this component raises the requirement for agricultural micronutrients.

GROWTH DRIVERS

The production of plants is stimulated by various nutrients and increased fertilizer efficiency, which also keeps people worldwide fed and healthy. The third category of crucial crop nutrient is micronutrients. Micronutrients support the growth and general health of plants. Micronutrients support healthy plant growth and operation, resulting in nutrient-rich food for both animals and people. As the pH of the soil rises, the availability of micronutrients in the soil decreases.

Due to declining agricultural land among the world's top agricultural producers and increasing soil contamination, the global industry is expanding. Leading market players would also have a favorable impact on the market during the forecast years by boosting their R&D spending to develop cost-effective and effective micronutrient fertilizers. The current worries about human hunger are related to the declining levels of micronutrients in soils. However, these can be balanced using a range of commercially available products, including direct, cheated micronutrient blends that help restore soil balance.

 

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AGRICULTURAL MICRONUTRIENTS MARKET SEGMENTATION

By Type

·        Zinc

·        Boron

·        Iron

·        Molybdenum

·        Manganese

·        Other types (Chlorine and Nickel)

By End Use

·         Non-agricultural cereals & grains            

o   Corn

o   Wheat

o   Rice

o   Other cereals & grains

·         Fruits & vegetables       

·         Oilseeds & pulses           

o   Soybean

o   Canola

o   Others

·         Other crop types (Turfs, ornamentals, plantation crops, forages, and fiber crops)

By Form

·        Chelated

·        Non-Chelated

By Mode of Application

·        Foliar

·        Fertigation

·        Soil

·        Seed treatment

·        Trunk injection and implantation

·        Hydroponics

By Region

·        North America

·        Europe

·        Asia Pacific (APAC)

·        Latin America

·        Middle East & Africa

 

KEY COMPANIES IN AGRICULTURAL MICRONUTRIENTS MARKET

The research report offers a competitive analysis of prominent companies operating in the global agricultural micronutrients market. Some of the leading players profiled in the market research report include:

·        BASF SE

·        The Mosaic Company

·        Nouryon

·        Nutrien Ltd.

·        Nufarm

·        Yara International

·        AkzoNobel

·        Coromandel International

·        Helena Agri-Enterprises, LLC

·        Haifa Group

·        Compass Minerals

·        Deepak Fertilizers

·        Petrochemicals Ltd

·        Valagro S.p.A.

·        BMS Micro-Nutrients

·        The Mosaic Company

·        Indian Farmers Fertilizer Cooperative Limited

·        SAPEC S.A.

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                                                             

                                                                             

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