Agricultural Micronutrients Market Set to Soar Past USD 7828.1 Million by 2030
The global Agricultural Micronutrients market size is expected to reach USD 7828.1 million by 2030 and exhibit a CAGR of 8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The soil depletion and nutrient imbalance, increasing global population and food demand, expansion of commercial farming and greenhouse cultivation, increasing trend of organic farming and sustainable agriculture practices, technological advancements in micronutrient formulations and delivery methods, are fueling the market’s growth.
Westford, USA, Aug. 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Agricultural Micronutrients market, increasing demand for customized nutrient solutions, rising popularity of bio-based and organic micronutrients, growing focus on balanced plant nutrition, adoption of foliar application methods, emergence of chelated micronutrients, advancements in micronutrient delivery systems, increasing use of micronutrients in specialty crops, demand for micronutrients in precision agriculture, expanding market for micronutrient fertilizers, rising awareness about micronutrient deficiencies and their impact on crop health are the trends that aid in the market’s growth.
Browse in-depth TOC on “Agricultural Micronutrients Market”
- Pages – 157
- Tables – 130
- Figures – 77
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Agriculture micronutrients are essential nutrients that are needed by plants in small amounts. They are often referred to as trace elements or minor elements. Micronutrients play a variety of important roles in plant growth and development, including photosynthesis, nitrogen fixation, and resistance to pests and diseases.
Prominent Players in Agricultural Micronutrients Market
- American Hydroponics
- Biolchim S.p.A.
- ICL Group
- Koch Industries
- Micromix Plant Health
- Nutri-Tech Solutions
- Oro Agri
- QualiTech Industries
- Verdesian Life Sciences
- Yara International
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Zinc Micronutrients Demand to Grow Substantially in the Forecast Period
Zinc micronutrients dominate the global market owing to its widely prevalent availability. Adequate zinc availability in plants has been shown to improve crop yield and quality. Zinc plays a crucial role in forming chlorophyll, which is essential for photosynthesis and overall plant vigour. It also influences flowering, fruit development, and seed production, positively impacting crop yield and market value.
Foliar is the Leading Application Segment
In terms of application, the Foliar is the leading segment due to the direct nutrition absorption. In addition, it enables targeted delivery of micronutrients to specific plant parts, such as leaves, where they are most needed. This precision in nutrient application allows for addressing specific deficiencies, promoting optimal plant growth, and avoiding wastage of micronutrients. It offers flexibility in adjusting nutrient concentrations and targeting specific growth stages or stress conditions.
Asia-Pacific is the leading Market Due to the Agricultural Infrastructure
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on agricultural infrastructure. Farmers are increasingly looking for ways to reduce their environmental impact. Micronutrients can help to improve crop yields and quality without the use of harmful chemicals, which can help farmers to adopt more sustainable practices. The rising cost of fertilizers: The cost of fertilizers has been rising in recent years, which has made it more difficult for farmers to afford them. Micronutrients can be a more affordable alternative to fertilizers, which can help farmers to save money.
A recent report thoroughly analyzes the major players operating within the Agricultural Micronutrients market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Agricultural Micronutrients.
Key Developments in Agricultural Micronutrients Market
- In March 2023, Israel Chemicals acquired Haifa Chemicals for $1.4 billion. This deal created a new global leader in the market for micronutrients for the agriculture industry
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Key Questions Answered in Agricultural Micronutrients Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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