The global agricultural micronutrients market is expected to grow at a CAGR of 8.4% from 2020 to 2027 and expected to reach value of around US$ 6,653.4 Mn by 2027.
Micronutrients refer to the essential elements that are used by plants to increase yield and quality of agricultural products. According to some research enriching fertilizers with micronutrients had not only an impact on plant deficiencies but also on humans and animals, through the food chain. There are approx seven nutrients, which are essential to plant growth including boron, chlorine, copper, iron, manganese, molybdenum, and zinc.
The increasing micronutrient deficiency in the soil, owing to the increasing use of chemical fertilizers and unfavorable climatic conditions is driving the market value. The rising focus on crop production and quality coupled with the advancement in fertilizer technology is additionally supporting the market value. Supporting policies from the government to deal with the rising micronutrient deficiency in soil is further accelerating the market value. Furthermore, the development of biodegradable chelates and increasing health issues, along with shifting consumer preference toward a nutrient-rich diet are projected to create potential opportunities over the forecast period.
On the other hand, the booming organic fertilizer industry and bio-accumulation of non-biodegradable chelates are the factors projected to hinder the growth over the estimated period from 2020 to 2027.
Cereals & grains segment accounted for major share in crop type
By crop type, cereals & grains have accounted for the major share in the market in 2019. The increasing food demand owing to the growing population, decreasing nutrients in significant cereal crops such as rice, wheat, and others, and increasing demand for these nutrients in other potential crops is supporting the market value. Moreover, the fruits and vegetable segment is projected to exhibit the fastest growth over the estimated period from 2020 to 2027.
The market research study on “Agricultural Micronutrients Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Agricultural Micronutrients market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Agricultural Micronutrients market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Agricultural Micronutrients market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Agricultural Micronutrients market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific is leading the global market with major share
Asia Pacific accounted for the major share in 2019 and the region is also projected to maintain its dominance over the estimated period from 2020 to 2027. Agricultural activities are carried on a large scale in Asia Pacific as well as governments of different countries are also taking initiatives to support farmers to produce better crops is further supporting the market value. Declining natural availability of micronutrients in soil and increasing awareness towards the use of micronutrients is further accelerating the market value. Additionally, the region is also projected to experience fastest growth over the estimated timeframe.
The players profiled in the report include AkzoNobel (Netherlands), ATP Nutrition (Canada), Baicor LC (US), Balchem (US), BASF SE (Germany), BMS Micronutrient NV (Belgium), Compass minerals international (US), Coromandel International Ltd. (India), Corteva Inc (US), Haifa Group (Israel), Helena Chemical Company (US), Nufarm (Australia), Nutrien, Ltd.(Canada), Sapec SA (Belgium), Stoller Enterprises Inc (US), The Mosaic Company (US), Valagro (Italy), Yara International ASA (Norway), and Zuari Agrochemicals Ltd (India).
Market By type
Others (Chlorine and Nickel)
Market By crop type
Cereals & grains
Oilseeds & pulses
Fruits & vegetables
Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
Market By application
Others (Seed treatment, trunk injection, and implantation)
Market By Geography
Middle East & Africa