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Agricultural Micronutrients Market to be Worth $13.35 Billion by 2030
According to a new market 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,’ the agricultural micronutrients market is projected to reach $13.35 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.Agricultural micronutrients are essential because they play a significant role in the growth and development of plants. While plants require large quantities of macronutrients like nitrogen, phosphorus, and potassium, they also need micronutrients such as zinc, iron, manganese, copper, molybdenum, boron, and others in smaller amounts for their proper functioning. Micronutrient deficiencies can negatively impact plant growth and productivity.
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Further, micronutrient applications can increase crop yield and quality. For instance, zinc is critical for proper seed and fruit development, while iron is essential for chlorophyll synthesis and photosynthesis. Also, it helps to maintain soil fertility and sustainability. Continuous cropping and intensive agricultural practices can deplete micronutrient levels in soils over time. Applying micronutrient fertilizers or amendments helps replenish these nutrients and ensures balanced nutrient management for long-term soil health. So, agricultural micronutrients are essential are plant growth.
The global agricultural micronutrients market is segmented by type, crop type, form, mode of application, and geography.
Key Findings in the Global Agricultural Micronutrients Market Study:
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 attributed to the rising awareness about the wide range of functions that zinc plays in plant growth and how zinc deficiency in soils affects plants, the growing demand to meet issues with food security challenges, and the rising demand for zinc nutritious food products due to its health benefits. Moreover, the increasing government initiatives globally to enhance zinc concentrate in the soil to increase quantitative and qualitative crops 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. However, the fruits & vegetables segment is projected to grow at the highest CAGR during the forecast period of 2023–2030. The growth of this segment is driven by the increasing production of fruits and vegetables due to the rising consumption of healthy foods, growing demand for organic fruits and vegetables, and micronutrient deficiency in fruit and vegetable crops.
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Based on form, in 2023, the non-chelated micronutrients segment is expected to account for the larger share of the global agricultural micronutrients market. The large market share of this segment is attributed to the increasing application of non-chelated micronutrients because of their low price over chelated form micronutrients. However, 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, the soil treatment segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly driven by the rampant use of traditional agriculture methods in the current farming system, the availability of very limited resources, and the lower adoption of advanced fertilizer application methods.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global agricultural micronutrients market. The large share of this market 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 huge areas of infertile soil, and the increasing government support for the fertilizer industry.
In recent years, the global agricultural micronutrients market has witnessed several product launches, partnerships, agreements, collaborations, expansions, and mergers. 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).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/agricultural-micronutrients-market-4997?utm_source=article+&utm_medium=social&utm_campaign=product&utm_content=10-07-2023
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