Agricultural Micronutrients Market
Agricultural Micronutrients Market - Global Industry Assessment & Forecast
- By Type Zinc, Boron, Iron, Manganese, Molybdenum, Others (Chlorine and Nickel)
- By Crop Type Cereals & grains, Oilseeds & pulses, Fruits & vegetables, Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
- By Form Chelated, Non-Chelated
- By Application Soil, Foliar, Fertigation, Others (Seed treatment, trunk injection, and implantation)
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||3,916.90 USD Million|
|Revenue 2028:||6,250.24 USD Million|
|Revenue CAGR (2021 - 2028):||8.10%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
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- Region Level Market Share
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Agricultural Micronutrients Market
Global Agricultural Micronutrients market is valued at 3,916.90 USD Million in 2021 and is projected to reach a value of 6,250.24 USD Million by 2028 at a CAGR of 8.10% over the forecast period. Agricultural Micronutrients are of great value to plant development and play a crucial role in crop nutrition regulation. These contain zinc, manganese, nickel, boron, copper, molybdenum and chlorides. A lack of any of these micronutrients in the soil can hinder plant development despite supplementation in adequate amounts. Soil applications dominate the global agricultural micronutrient market, and as can be extrapolated from the most normal use cases, it requires less work and time. In addition, micronutrients interact directly with the roots when applied to the soil, and they are subsequently extremely active, resulting in high availability and high yields. This is another factor driving growth of the target market.
Agricultural Micronutrients Market Size, 2021 To 2028 (USD 6,250.24 Million)
The Agricultural Micronutrients market is segmented on the basis of type, crop type, form, and application. Based on type, the market is segmented as Zinc, Boron, Iron, Manganese, Molybdenum and others. By crop type, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables and others. By form segment include chelated, non-chelated. By application, the market is bifurcated into soil, foliar, fertigation and others.
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Based on type, the zinc segment is accounted a major share in the market
Soil deficiencies of zinc are tremendously recorded in countries of Asia Pacific (Turkey, India, China, and Indonesia), sub-Saharan Africa and the northwestern locale of South America. As per the report on scarcity of micronutrients in soil, feed, food, and mineral reserves, it is estimated that around 800,000 people die globally, every year from zinc deficiency, which is similar to the total mortality from malaria. There appears to be a general ban on zinc in mineral stores supplying the unrefined substance. At the current rate of mining creation, the realized store is only good enough for 21 years. As a result, the equivalents market is being driven as it is an important micronutrient and states across the globe are trying to meet demand by expanding its content in horticultural crops.
By crop type, the fruit & vegetables segment is expected to be the fastest growing segment in the global Agricultural Micronutrients market in the near future.
Trends in fruit consumption have grown over the past two decades, and this trend is expected to continue in the years to come. According to the Food and Agriculture Organization of the United Nations, the global production of fruits & vegetables increased from 10,800 tons in 2007 to 14,100 tons in 2017. The increase in fruit & vegetable exports has also led to an increase in the acreage of crops, which has led to a rise in their production levels. Hence, the crop maintenance and protection of the fruit & vegetable chemicals market is expected to witness significant growth.
By from, the chelated section is projected to be the fastest developing segment in the Agricultural Micronutrients market during the forecast period.
Chelated micronutrients are natural atoms that join with metal cation to frame a ring-like design. Chelated micronutrients are accessible in various scopes of soil pH. The absolute most usually utilized chelating specialists during the creation of engineered micronutrient chelates are ethylene diamine-tetra-acidic corrosive (EDTA), diethylene-triamine Penta-acidic corrosive (DTPA), and ethylenediamine-N, N,N'-bis (2-hydroxyphenyl acidic corrosive) (EDDHA). Besides, because of the steady idea of chelated compounds, the reception of chelated micronutrients is projected to develop at a rapid pace.
By application, the foliar section is projected to grow at a rapid pace in the Agricultural Micronutrients market during the forecast period.
Foliar spraying contributes to the development of the global Agricultural Micronutrients market during the forecast period, which is attributed to the different benefits offered by foliar spraying such as simple and uniform application, cost of use compared to soil application, and supplements applied to them, and others.
The expanding interest for different harvests in the Asia Pacific areas is driving the development of the Agricultural Micronutrients market
The expanding rural practices and prerequisite of excellent horticultural produce are factors that drive the micronutrient manure market development in the Asia Pacific locale. Significant harvests delivered in Asia incorporate rice, sugar beet, organic products and vegetables, cereals, and grains; the area consumes 90% of the global rice production. There is a colossal interest for horticultural micronutrients market in Asia Pacific because of the immediate utilization of micronutrients to treat plant inadequacies and are regularly splashed in blend or as added substances to NPK items.
The key players in the global Agricultural Micronutrients market are BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd.(Canada), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Yara International ASA (Norway), The Mosaic Company (US), Haifa Group (Israel), Sapec SA (Belgium), Compass minerals international (US), Valagro (Italy), Zuari Agrochemicals Ltd (India), Stoller Enterprises Inc (US), ATP Nutrition (Canada), Balchem (US), Corteva Inc. (US), Baicor LC (US), and BMS Micronutrient NV (Belgium).
Agricultural Micronutrients Market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Agricultural Micronutrients Market is tabulated as follows:
Frequently Asked Question
What is the global demand for Agricultural Micronutrients in terms of revenue?
The global Agricultural Micronutrients valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 8.10%.
Which are the prominent players in the market?
The prominent players in the market are BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd.(Canada), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Yara International ASA (Norway), The Mosaic Company (US), Haifa Group (Israel), Sapec SA (Belgium), Compass minerals international (US), Valagro (Italy), Zuari Agrochemicals Ltd (India), Stoller Enterprises Inc (US), Balchem (US), ATP Nutrition (Canada), Baicor LC (US), Corteva Inc (US), and BMS Micronutrient NV (Belgium)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 8.10% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Agricultural Micronutrients include
- increasing micronutrient deficiencies in the soil and rising awareness about food security
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Agricultural Micronutrients in 2020.