Meticulous Research®—a leading global market research
company, published a research report titled, ‘Agricultural Micronutrients
Market by Type (Zinc, Iron, Copper, Molybdenum), Crop Type (Cereals and Grains,
Fruits and Vegetables), Form (Non-chelated, Chelated), Mode of Application
(Soil, Foliar, Fertigation, Seed Treatment) - Global Forecast to 2030.’
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According to this latest publication from Meticulous
Research®, the agricultural micronutrients market is projected to reach $13.35
billion by 2030, at a CAGR of 8.4% from 2023 to 2030. The growth of this market
is driven by the growing population and rising food insecurity, declining
arable land, rising micronutrient deficiency in the soil, and positive outlook
of government policies and various organizations encouraging the use of
micronutrients. However, the lack of awareness among farmers restrains the growth
of this market. Additionally, the sustainable sourcing of raw materials is a
challenge for the growth of this market. The growing contract farming is
expected to create growth opportunities for the players operating in this
market. Additionally, the emergence of nanotechnology in micronutrient
fertilization is a major trend in the global agricultural micronutrients
market.
The global agricultural micronutrients market is segmented
by type, crop type, form, mode of application, and geography.
Based on type, in 2023, the zinc segment is expected to
account for the largest share of the global agricultural micronutrients market.
The large market share of this segment is mainly driven by the rising awareness
of the wide range of functions that zinc plays in plant growth and its
deficiency in soils around the world, the rising need to tackle food security
challenges, and the rising demand for zinc nutritious food products due to
multiple health benefits. Moreover, the increasing government initiatives
globally to enhance zinc concentrate in the soil to increase quantitative and
qualitative crop yield further support the growth of this segment.
Based on crop type, in 2023, the cereals & grains
segment is expected to account for the largest share of the global agricultural
micronutrients market. The large market share of this segment is attributed to
the rising demand for food grains due to the growing population, increasing
industrial application of cereals & grains, and huge production of staple
crops such as wheat, maize, rice, and barley, which form the primary food
source for a major population of the world.
Based on form, the chelated micronutrients segment is
projected to record the higher CAGR during the forecast period due to its high
stability over the non-chelated micronutrients, the growing need to increase
micronutrient utilization efficiency, and the development and application of
new generations of chelates.
Based on mode of application, in 2023, the soil treatment
application segment is expected to account for the largest share of the global
agricultural micronutrients market. Soil treatment is the most widely used
application compared to other modes of application and is easy and
cost-effective. Moreover, this segment is projected to register the highest
CAGR during the forecast period. The growth of this market is driven by the
rampant use of traditional agriculture methods in the current farming system,
the presence of very limited resources, and the lower adoption of advanced
fertilizer application methods.
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Based on geography, in 2023, Asia-Pacific accounted for the
largest share of the global agricultural micronutrients market. The large
market share of this segment is mainly attributed to the huge area under crop
cultivation, growing population, increasing demand for high-quality food, and
rising focus on agricultural micronutrients to improve crop productivity and
crop yield in emerging economies like China and India. Additionally, the
increasing agricultural practices and the necessity of high-quality agricultural
produce are anticipated to further support the growth of this market. Moreover,
this region is projected to register the highest CAGR during the forecast
period due to the vast depletion of arable land, rising micronutrient
deficiency in soil and a huge area of infertile soil, and the increasing
government support for the fertilizer industry.
The key players operating in the global agricultural
micronutrients market are AgroLiquid (U.S.), Aries Agro Limited (India), BASF
SE (Germany), BMS Micro-Nutrients NV (Belgium), Coromandel International
Limited (India), Haifa Group (Israel), Helena Agri-Enterprises, LLC (U.S.),
Koch Industries, Inc. (U.S.), Nouryon (Netherlands), Nufarm Limited
(Australia), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), VALAGRO S.P.A
(Part of Syngenta AG) (Italy), and Yara International ASA (Norway).
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