Global 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.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 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.

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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