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Agricultural Micronutrients Market to be Worth $13.35 Billion by 2030
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.’Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=4997?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=28-03-2024
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.
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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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