The global agricultural micronutrients market is expected to reach a value of USD 6.9 Billion by 2028 and register a CAGR of 8.6%, according to the latest report by Reports and Data. Micronutrients including iron, copper, zinc, and boron are considered essential for plants growth. Micronutrient deficiency can result in numerous plant diseases, reducing quantity and quality of crops and yield. Growing preference for genetically modified seeds globally is a primary factor supporting revenue growth of the agricultural micronutrients market and the trend is expected to continue going forward.
Rising use of special chemical fertilizers is augmenting demand for micronutrients as it aids in protecting crops from UV radiation, insects, and parasites, and promotes increased yield. Demand for zinc is increasing across various regions, particularly countries in Asia Pacific. Due to zinc deficiency in soil, agricultural crop productivity and yield decreases over time. Therefore, growing number of companies are focusing on offering zinc as a major micronutrient for application in different types of soils to enhance agricultural crop production and yield. However, factors including broad irrigation facilities, rising use of chemical fertilizers, and mining of micronutrient reserves are leading to global shortage of micronutrients, which could hamper market growth to some extent in the long run.
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Major manufacturers in the agricultural micronutrients market include:
AkzoNobel (Netherlands), BASF SE (Germany), Nutrien, Ltd. (Canada), The Mosaic Company (US), Yara International ASA (Norway), Valagro (Italy), and Compass minerals international (US).
Some key findings in the report
Zinc biofortification is considered an appropriate solution for addressing deficiencies, especially in human health. Rising demand for zinc biofortification is a primary factor driving revenue growth of this segment, and the trend is expected to continue over the forecast period.
Asia Pacific is expected to register the largest revenue share in the industry during the forecast period. Revenue growth of the market in the region is attributed to increasing crop cultivation, rising interest of consumers in high quality and healthy food, and growing awareness regarding benefits and advantages of agricultural micronutrients among farmers in emerging economies, including India and China.
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For the purpose of this report, Reports and Data has segmented the global agricultural micronutrients market on the basis of type, mode of application, form, crop type, and region:
Type Outlook (Revenue, USD Billion, 2018 – 2028)
Zinc
Boron
Iron
Manganese
Molybdenum
Others (Chlorine and Nickel)
Crop Type Outlook (Revenue, USD Billion, 2018 – 2028)
Cereals & grains
Oilseeds & pulses
Fruits & vegetables
Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
Form Outlook (Revenue, USD Billion, 2018 – 2028)
Chelated
Non-Chelated
Mode of Application Outlook (Revenue, USD Billion, 2018 – 2028)
Soil
Foliar
Fertigation
Others (Seed treatment, trunk injection, and implantation)
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Regional Outlook (Revenue, USD Billion, 2018 – 2028)
North America
Europe
Asia-Pacific
Latin America (LATAM)
Middle East and Africa (MEA)
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