Agricultural Micronutrients Market: Sizing Up the Future (2023-2030)
Agricultural
Micronutrients market Outlook
Agricultural micronutrients play a crucial role in
modern farming practices by providing essential nutrients to crops in small
quantities. These micronutrients include zinc, iron, manganese, boron, copper,
and molybdenum, among others. While they are required in smaller amounts
compared to macronutrients like nitrogen, phosphorus, and potassium,
micronutrients are equally vital for the optimal growth and development of
plants.
The agricultural
micronutrients market size has witnessed substantial growth in recent years,
driven by the increasing demand for higher crop yields and sustainable
agricultural practices.
Agricultural Micronutrients Market to USD 9.6
Billion By 2030, CAGR Of 8.4% By 2023 – 2030, Owing to Cereals & Grains Are
the Most Extensively Cultivated Crops Worldwide
Market Size and Scope
The global agricultural micronutrients market has
experienced robust growth in recent times, owing to the rising population,
shrinking arable land, and the need for improved agricultural productivity. As
per the latest available data, the market was valued at approximately $5.3
billion in 2021 and is projected to grow at a CAGR of around 7% during the
forecast period from 2023 to 2028.
Micronutrient deficiencies in soils are becoming a
common concern across various regions, leading to reduced crop yields and
nutrient-deficient food products. This has further bolstered the demand for
agricultural micronutrients to address soil deficiencies and enhance the
nutrient content in crops.
Segmental Analysis
The agricultural micronutrients market can be
segmented based on type, form, crop type, and mode of application:
Type:
- Zinc
- Iron
- Manganese
- Copper
- Boron
- Molybdenum
- Others (nickel, chlorine, etc.)
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Form:
- Chelated Micronutrients
- Non-Chelated Micronutrients
Crop Type:
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others (horticulture crops, floriculture, etc.)
Mode of Application:
- Soil Application
- Foliar Application
- Fertigation
Each segment has its significance in addressing
specific nutrient deficiencies in different crops and agricultural practices.
Regional Overview
North America: North America holds a significant share in the agricultural
micronutrients market share, primarily due to the adoption of advanced
agricultural practices and technologies. The United States and Canada are the
major contributors to the region's market growth, driven by the presence of
large-scale farming and increasing awareness regarding the benefits of
micronutrients in crop production.
Europe: Europe is another prominent market for
agricultural micronutrients, where countries like Germany, France, and Spain
are leading consumers. The European market growth is influenced by the
implementation of strict regulations on soil nutrient management and
sustainable farming practices.
Asia-Pacific: The Asia-Pacific region is witnessing rapid growth
in the agricultural micronutrients market due to the rising population and the
need to increase agricultural output. Countries like China and India are major
players in this region, with a considerable focus on improving agricultural
practices and enhancing crop yields.
Latin America: Latin America is emerging as a significant market
for agricultural micronutrients, driven by the expansion of agricultural land
and increasing investments in modern farming techniques. Brazil and Argentina
are among the key contributors to the region's market growth.
Middle East & Africa: The Middle East
and Africa region are gradually adopting agricultural micronutrients to improve
crop productivity in arid and nutrient-deficient soils. The market growth is
supported by the promotion of sustainable agriculture practices and the
adoption of advanced farming technologies.
Key Players: BASF SE (Germany), AkzoNobel (Netherlands), Nutrien Ltd. (Canada), Yara
International ASA (Norway), The Mosaic Company (US), Compass Minerals
International (US), Valagro (Italy), Nufarm (Australia), Coromandel
International Ltd. (India), Helena Chemical Company (US), Zuari Agrochemicals
Ltd (India)
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Information by Type (Medicated and Non-Medicated), Livestock (Calves, Piglets,
Lambs, and Others), and Region (North America, Europe, Asia-Pacific, and Rest
of the World)—Forecast till 2030
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Ruminants, Aquaculture and others) and Region (North America, Europe,
Asia-Pacific and Rest of the World) - Forecast till 2030
NOTE: Our Team of Researchers are
Studying Covid19 and its Impact on Various Industry Verticals and wherever
required we will be considering Covid19 Footprints for Better Analysis of
Market and Industries. Cordially get in Touch for More Details.
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