Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 120 | Code: MRS - 828552
The agricultural micronutrient market is set for rapid growth over the forecast period. In terms of revenue, the global agricultural micronutrients market accounted for USD 3.3 Billion in 2019 and is anticipated to reach USD 5.9 Billion by 2026, growing at a CAGR of 8.7%.
Micronutrients play an important role in plant metabolism, development, and growth. The deficiency of micronutrients such as iron, molybdenum, zinc, boron, and manganese can reduce the quantity as well as the quality of the plants due to various diseases. The growth of the plant and its metabolism is directly associated with micronutrients certain biochemical functions.
The global demand for food is increasing at a significant rate due to the growing global population coupled with a rapid decrease in arable land in countries that mainly produce crops. To fulfill the global food demand, it is very crucial to increase crop productivity by the use of fertilizers that contain micronutrients. The growing demand to increase crop productivity due to the significant decline in arable land is driving the global agricultural micronutrient market. Based on the research conducted by Food & Agricultural Organization, the land under cultivation is reducing significantly and it is anticipated that in the upcoming years this may cause food production distress. Also, there is a growing demand for zinc across the Asia Pacific region due to zinc deficiency in the soil. The zinc deficiency in the soil leads to low productivity of the agricultural crop. Hence, manufacturers in the region are focusing on providing solutions and products that can cater to the need for zinc as a micronutrient for agriculture.
The global agricultural micronutrient market is bifurcated into its type, crop type, form, application, and regions. Based on the type, the global market is segregated into iron, molybdenum, zinc, boron, manganese, and others. Based on the crop type, the market is bifurcated into fruits & vegetables, oilseeds & pulses, cereals & grains, and others. Based on form, the global market is segmented into non-chelated and chelated. Based on the application, the market is bifurcated into foliar, soil, fertigation, and others. Geographically, the global agricultural micronutrient market is diversified into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Asia Pacific region dominated the global agricultural micronutrients market in 2019 and is anticipated to continue its dominance in the upcoming years. The dominance of the Asia Pacific market can be attributed to the growing incidences of deficiency of micronutrients in the soil. Also, the rapidly growing population in developing countries such as China and India and the increasing food demand associated with it are driving the demand for micronutrient products in the region. The North America region is anticipated to grow at the highest rate in the forecast period owing to the gradually decreasing arable land. This has led to increasing demand for fertilizer mixes that contain micronutrients.
Some of the key players in the agricultural micronutrient market are Sapec SA, Valagro. Stoller Enterprises Inc, ATP Nutrition, Corteva Inc, AkzoNobel, Nufarm, Helena Chemical Company, The Mosaic Company, Compass Minerals International, Zuari Agrochemicals Ltd, Balchem, Baicor LC, BMS Micro-Nutrients NV, Nutrien, Ltd., Coromandel International Ltd., Yara International ASA, Haifa Group, and BASF SE among others.