Agricultural Micronutrients Market Projections Indicate a CAGR of 8.7%, Envisioned to Attain a Value of USD 9,588.5 Million by 2032
Acumen Research and Consulting recently published report titled “Agricultural Micronutrients Market Forecast, 2023 – 2032”
LONDON, July 25, 2023 (GLOBE NEWSWIRE) — The Global Agricultural Micronutrients Market has been exhibiting steady growth in recent years, driven by the growing need to improve crop yields, optimize nutritional quality, and enhance resistance to diseases. Micronutrients such as boron, zinc, iron, manganese, molybdenum, and copper help regulate vital metabolic functions in plants and deficiencies can severely impact health, productivity and nutrient content. This article provides a comprehensive examination of the agricultural micronutrients market including vital statistics, detailed market overview, ongoing trends and developments, major growth drivers, challenges, segmentation analysis, regional market performance, and profiles of leading market players.
Agricultural Micronutrients Market Statistics and Highlights:
- The Global Agricultural Micronutrients Market was valued at USD 4,221.3 Million in 2022. It is expected to reach USD 9,588.5 Million by 2032, registering a CAGR of 8.7% during the forecast period.
- Asia Pacific held the dominant revenue share exceeding 45% in 2022, along with being the fastest growing regional market.
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Agricultural Micronutrients Market Report Coverage:
|Market||Agricultural Micronutrients Market|
|Agricultural Micronutrients Market Size 2022||USD 4,221.3 Million|
|Agricultural Micronutrients Market Forecast 2032||USD 9,588.5 Million|
|Agricultural Micronutrients Market CAGR During 2023 – 2032||8.7%|
|Agricultural Micronutrients Market Analysis Period||2020 – 2032|
|Agricultural Micronutrients Market Base Year||2022|
|Agricultural Micronutrients Market Forecast Data||2023 – 2032|
|Segments Covered||By Type, By Form, By Application, By End-Use, And By Geography|
|Agricultural Micronutrients Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AkzoNobel, ATP Nutrition, Baicor LC, Balchem, BASF SE, BMS Micronutrient NV, Compass minerals international, Coromandel International Ltd., Corteva Inc, Haifa Group, Helena Chemical Company, Nufarm, Nutrien, Ltd., Sapec SA, Stoller Enterprises Inc., The Mosaic Company, Valagro, Yara International ASA, and Zuari Agrochemicals Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Comprehensive Agricultural Micronutrients Market Analysis:
The agricultural micronutrients market outlook remains positive, majorly driven by the growing need to improve crop yields, optimize nutritional quality, and enhance plant resilience to diseases and adverse climate effects. Widespread micronutrient deficiencies in soils resulting from intensive farming practices have necessitated targeted supplementation through specialty fertilizers. Additionally, strict government regulations and standards regarding nutritional sufficiency in crops and staple foods also support market growth. However, inaccurate application methods and dosages can potentially cause toxicity in plants, thereby hindering adoption.
Agricultural Micronutrients Market Trends and Innovations:
Usage of micronutrient smart fertilizers with sensors and coatings to provide balanced crop nutrition tailored to needs.
Increasing adoption of chelated micronutrient fertilizers which utilize chelating agents to enhance bioavailability and absorption.
Development of micronutrient carrier systems and formulations to improve delivery efficiency while minimizing nutrient losses into the environment.
Rising demand for biofortified staple food crops requiring higher micronutrient fertilizer application for enhanced nutritional profile.
Strong industry focus on addressing hidden hunger issues in developing countries through biofortification initiatives requiring micronutrient fertilizers.
Agricultural Micronutrients Market Major Growth Drivers:
- Need to enhance crop yields and nutritional quality in line with rising global food demands and malnutrition concerns.
- Widespread prevalence of micronutrient deficiencies in soils globally, resulting from intensive farming practices and lack of crop rotation.
- Favorable government initiatives, awareness campaigns, and financial support programs promoting balanced crop nutrition through micronutrient supplementation.
- Continuous advancements in nano-fertilizers, controlled-release coatings, and precision-targeting technologies to improve micronutrient delivery efficiency.
- Increasing awareness among farmers regarding the agronomic and nutritional benefits of micronutrients.
Agricultural Micronutrients Market Key Challenges Hindering Growth:
- Toxicity risks in plants associated with incorrect application rates and improper administration methods of micronutrient fertilizers.
- Low adoption among smallholder farmers across developing regions due to lack of awareness and affordability constraints.
- Insufficient education regarding optimal micronutrient combinations, compatibility, and crop-specific requirements affecting reliability.
- Lack of adequate field testing and validation resulting in inconsistent performance of some micronutrient products.
- Low efficiency and losses due to leaching, fixation, and runoffs commonly associated with conventional micronutrient fertilizers.
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Agricultural Micronutrients Market Segmentation:
The Agricultural Micronutrients Market can be segmented by type, form, application method, and end-user crop. Major micronutrient types are zinc, boron, iron, molybdenum, manganese, and others. Key forms are chelated and non-chelated. Main application methods are soil, foliar, and fertigation. End-user crops include cereals and grains, fruits and vegetables, oilseeds and pulses, and others.
Agricultural Micronutrients Market Regional Analysis:
Asia Pacific accounted for over 45% revenue share in 2022, along with being the fastest growing regional market, driven by large-scale agriculture in China, India, and ASEAN countries. North America and Europe represent major regional markets owing to technologically advanced farming practices, awareness regarding balanced crop nutrition and higher affordability. Latin America and RoW hold significant growth potential over the coming years, owing to fertile lands, conducive weather and focus on the agriculture sector.
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Agricultural Micronutrients Market Players:
Nutrien Ltd., Yara International, The Mosaic Company, K+S Aktiengesellschaft, BASF SE, ADAMA Ltd., Nufarm, Aries Agro Ltd., Baicor, L.C., Western Nutrients Corporation, ATP Nutrition, Zuari Agro Chemicals Ltd., AkzoNobel, Compass Minerals International, Grow More Inc.
Browse More Research Topic on Agriculture Sector Related Reports:
The Global Fertilizer Market is anticipated to grow at a CAGR of around 3.0% during the forecast period 2020 to 2027 and to reach around USD 252.5 Billion by 2027.
The Global Agrochemicals Market is anticipated to reach market size of around USD 283 Billion by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 to 2027
The Global Specialty Fertilizers Market is anticipated to grow at a CAGR of around 7.1% during the forecast period 2020 to 2027 and to reach around USD 41.8 Billion by 2027.
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