17-Mar-2021 | Market Research Store

The Global Agricultural Micronutrients Market Is Powered By Adoption Of Precision Farming, Increasing Concerns Regarding Food Security, And Higher Adoption Of Modern Agricultural Practices Are Driving Agricultural Micronutrients Growth Across The World.

Micronutrients are plant nutrients that are present in trace quantities in tissue but are important for plant growth and production. Plant nutrition would be impaired without these nutrients, possibly resulting in poorer plant productivity. Zinc (Zn), Manganese (Mn), Copper (Cu), Boron (B), Iron (Fe), Molybdenum (Mo), etc. are agricultural micronutrients that are considered important for plants. Agricultural micronutrient deficiency can cause several diseases in plants, decreasing the quality and quantity of the plants.

In 2019, demand for the agricultural micronutrients market was projected at around USD 3.3 Billion, and current and expected developments by 2026 would reach an estimated USD 5.9 Billion. Companies and experts predict around 8.7% growth in the worldwide agricultural micronutrients market in terms of CAGR. Increased demand for genetically modified (GM) seeds, growing importance for improving quality and uniformity in crop yield, and increased use of chemical fertilizer, are expected to fuel the growth of agricultural micronutrients in the upcoming years.

Some of the leading and top companies in the agricultural micronutrients market contain BASF SE, AkzoNobel, Nutrien, Ltd., Nufarm, Coromandel International Ltd., Helena Chemical Company, Yara International ASA, The Mosaic Company, Haifa Group, Sapec SA, Compass Minerals International, Zuari Agrochemicals Ltd, Valagro, Balchem, Stoller Enterprises Inc, Baicor LC, ATP Nutrition, BMS Micronutrient NV, Corteva Inc, among others.

The demand for agricultural micronutrients is anticipated to be driven by the adoption of precision farming, increasing concerns regarding food security, and higher adoption of modern agricultural practices. To expand their trade reach, companies in the worldwide agricultural micronutrients market are collaborating with regional agencies. Companies are now concentrating on collaborations, introducing new solutions and enhancing their offerings in order to capture more market share. These are the main factors driving the agricultural micronutrients market in the forecast period from 2020 to 2026. However, as environmental and human health issues develop, policymakers and surfactant producers are increasingly focused on switching to green and organic materials in almost every use. This has resulted in a high market for chemically produced products, which carry little environmental danger in contrast to typical petroleum-derived products, which are harmful in nature and bio-accumulate in the aquatic ecosystem. However, the market's growth will be constrained by the regulations on the use of synthetic surfactants. In the global agricultural micronutrients market, advances in cost-effective production techniques, and increased demand for sustainable bio-based surfactants are projected to generate opportunities over the forecast period.

The agricultural micronutrients market is bifurcated as a type, crop type, form, application, and region. By type segment, the market is segmented into iron, zinc, molybdenum, manganese, boron, and others. By crop type segment, the market is segmented into oilseeds and pulses, cereals and grains, fruits and vegetables, and others. In 2019, Zinc held the larger share of the global agricultural micronutrients market based on the product form. Due to widespread deficiency across the world, the segment is expected to retain its domination of the global agricultural micronutrients market by the end of the forecast period. Zinc deficiency causes crop internode duration to shorten, development to be stunted, maturity to be delayed, and the growth of young leaves to slow. In 2019, the cereals & grains segment was the leading segment with among the other crop types. The increased use of cereals, grains, and related products in people's daily meals around the world to ensure daily nutrition; the allocation of large arable land for cereals and grains cultivation, and the demand for cereals-based snacks products are all common factors supporting the cereals and grains' major share. By form segment, the market is segmented into chelated, and non-chelated. In 2019, the non-chelated segment was accounted for the largest share of the overall agricultural micronutrients market. The growing use of non-chelated micronutrients, which are less costly than chelated micronutrients, is responsible for the significant share of this industry. However, due to its high stability over non-chelated micronutrients and an increasing tendency toward the production and application of new generation chelates, such as sugar-dependent chelating agents, the chelated type segment is expected to rise at the fastest CAGR during the forecast period. By application segment, the market is segmented into soil, foliar, fertigation, and others.

Browse the full “Agricultural Micronutrients Market By Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Others), By Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others), By Form (Chelated, and Non-Chelated), and By Application (Soil, Foliar, Fertigation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/agricultural-micronutrients-market-828552

In terms of geography, Asia Pacific was the leading region for the agricultural micronutrients market in 2019. High demand for food grains, as well as the dense population density in countries like India and China, the adoption of agricultural micronutrients in the region, is expected to drive the industry within the forecast period. In North America, there is a growing market for higher-quality agricultural micronutrients, which fuels the demand for agricultural micronutrients. This is due to the presence of a significant agrochemical manufacturing base in the area that produces high-quality agricultural micronutrients. Furthermore, the North America region is the most rapidly developing region in the agricultural micronutrients industry. In order to drive the province's demand for agricultural micronutrients, the heavy participation of prominent suppliers of agricultural micronutrients, the investment of private companies in the development and growth of R&D activities are all prepared.  

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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