Agricultural Micronutrients Market Size is Estimated to grow at a CAGR of 9.82% during the forecast period

 

At a compound annual growth rate (CAGR) of 9.82%, the global agricultural micronutrients market is projected to grow from USD 4,312.5 million in 2022 to USD 8,467.6 million by 2030. Micronutrients help plants achieve hormonal balance, boost auxin activity, enhance flowering blooms, and provide a steady ripening process. The increasing focus on plant nutrients for optimal growth and harvests is one of the main factors propelling market progress. Additionally, they support root strength and sugar translocation, which contribute to the growth of large roots and general plant immunity.

They are also thought to be an essential mineral for horticultural crops since they function as building blocks and co-factors for enzymes, which enable plants to synthesize whole proteins and compounds. Their overall sales are rising globally as a result.

 

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GROWTH DRIVERS

Globally, a variety of nutrients and increased fertilizer efficiency promote plant growth and maintain human nutrition and health. The third category of agricultural nutrients that are crucial is micronutrients. Plant development and general health are aided by micronutrients. Micronutrients support healthy plant growth and development, which produces nutrient-dense food for people and animals. As the soil's pH rises, fewer micronutrients become available in the soil.

Growing soil contamination and diminishing arable land in major agricultural producing countries are driving growth in the global market. Leading industry participants would also have a beneficial impact on the market throughout the projection years by investing more in research and development to produce micronutrient fertilizers that are both economical and effective. 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 solutions, including micronutrient combinations that are direct and chelated and help restore soil balance.

Typically, concentrated forms of nitrogen, phosphorous, potassium, and sulfur are available as fertilizers. Therefore, farmers choose conventional fertilizers over organic fertilizers, in both developed and developing nations. On the other hand, overuse of conventional fertilizers combined with chemical pesticides has caused soil degradation. Because of this, farmers all over the world are using compost, crop waste, and animal dung as natural or organic fertilizers.

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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