Global Agricultural Micronutrients Market Insights
Global Agricultural Micronutrients Market size was valued at USD 3917 million in 2021 and is poised to grow from USD 4229.28 million in 2022 to USD 7828.1 million by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).
Agricultural micronutrients are essential for plant growth and play an important role in crop nutrition. Zinc, manganese, nickel, boron, copper, molybdenum, and chloride are among them. Despite the presence of sufficient nutrients, a lack of any of these micronutrients in the soil can impede plant growth. The government's assistance and the various strategies used by micronutrient manufacturers during this pandemic have resulted in a 2.50% increase in global sales of agricultural micronutrients over the previous year. The increasing adoption of technology by government agencies, as well as the implementation of supportive policies to assist farmers, will increase demand for the product. For example, the Indian government announced a plan to use cutting-edge technology to track production and monitor critical agricultural data points during the lockdown. Similarly, the US government announced an additional USD 14 billion in aid to agricultural producers.
Get more info about Agriculture Micronutrients- https://www.skyquestt.com/report/agricultural-micronutrients-market
Analysis:
Global Agricultural Micronutrients Market Segmental Analysis
Global Agricultural Micronutrients Market is segmented based on the Type, End Use, Application, Form, and region. Based on Type, the Agricultural Micronutrients Market is segmented zinc, boron, iron, molybdenum, manganese, and other micronutrients. Based on End Use, the Agricultural Micronutrients Market is segmented into Non-agricultural Cereal and Grains (Corn, Wheat, Rice), Fruits and Vegetables, Oilseeds and Pulses (Soybean, Canola1), Other crop types (Turfs, Ornamentals, plantation crops, forages, and fibre crops. Based on Application, the Agricultural Micronutrients Market is categorized into Soil, Foliar, Fertigation. Based on Form, the Agricultural Micronutrients Market is segmented into Chelated and Non-Chelated. By region, the Agricultural Micronutrients Market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Agricultural Micronutrients Market Analysis by Type
Because of its high deficiency in soil and widespread consumption, the zinc segment is expected to gain a significant market share. Furthermore, zinc performs a variety of functions during plant growth, including increasing N and P nutrient utilisation, regulating metabolic reactions, and assisting plants in the formation of key plant proteins and growth hormones.
The iron segment is expected to be the second largest. It is essential for the biosynthesis of chlorophyll. Furthermore, iron is involved in enzyme and RNA metabolism, as well as oxidation-reduction in plants and the regulation of respiration and photosynthesis.
Agricultural Micronutrients Market Analysis by Form
Demand for chelated micronutrients is expected to rise faster in the coming years, as major market players such as AkzoNobel and BASF focus on developing innovative chelated agricultural micronutrients.
However, the non-chelated segment dominated the market due to its lower pricing structure when compared to chelated micronutrients. Furthermore, the non-chelated micronutrients are highly preferred in developing countries such as Asia, Africa, and the Middle East.
Agricultural Micronutrients Market Top Player's Company Profiles
- Haifa Group
- BASF SE
- Nutrien Ltd.
- Yara International ASA
- The Mosaic Company
- Coromandel International Limited
- Compass Minerals International Inc.
- Nufarm Limited
- Sapec Agro Business
- AkzoNobel N.V.
- Wilbur-Ellis Holdings, Inc.
- DowDuPont Inc.
- Valagro SpA
- ATP Nutrition
- FMC Corporation
- Bio Huma Netics Inc.
- K+S AG
- The Andersons Inc.
- Sigma AgriScience, LLC
- Brandt Consolidated, Inc.
About Us:
SkyQuest Technology is leading growth consulting firm providing market
intelligence, commercialization and technology services. It has 450+ happy clients
globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
Tags
Global Agricultural Micronutrients Market Size
Global Agricultural Micronutrients Market Share
Global Agricultural Micronutrients Market Forecast
Global Agricultural Micronutrients Market Analysis
