Global Agricultural Micronutrients market size 2024, Forecast To 2033
23 Jan, 2024
The agricultural micronutrients market has witnessed rapid growth, increasing from $6.2 billion in 2023 to $7.13 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.0%. Historical growth is attributed to soil nutrient depletion, increased awareness and education, government subsidies, crop diversity, and environmental concerns. Looking ahead to 2028, the market is expected to continue its rapid growth, reaching $11.95 billion at a CAGR of 13.8%. Anticipated drivers include emerging markets, a growing global population, the adoption of precision agriculture, research and development initiatives, and the rise of organic farming. Major trends encompass biological micronutrients, customized micronutrient blends, nanotechnology in micronutrients, micronutrient fortification, and sustainable sourcing.
Global Agricultural Micronutrients Market Key Driver
The agricultural micronutrients market sees growth due to rising micronutrient deficiencies in soil. A 2022 report highlights high deficiencies in elements like S, Zn, and B in Indian soils. Concerns over decreased productivity and profits drive the demand for agricultural micronutrients, contributing to the market's growth.
Get A Free Sample Of The Global Agricultural Micronutrients Market ReportGlobal Agricultural Micronutrients Market Segments
The global agricultural micronutrients market covered in this report is segmented –
1) By Type: Zinc, Boron, Iron, Copper, Manganese, Molybdenum, Other Types
2) By Method of Application: Soil Application, Fertigation, Foliar, Seed Treatment, Hydroponics
3) By Crop Type: Cereals, Pulses, Oilseeds, Spices, Fruit And Vegetables
4) By Application: Tomato, Cotton, Citrus, Apple, Lettuce, Soybean, Other Applications
By Geography: The regions covered in the Agricultural Micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the agricultural micronutrients market in 2023. Asia-Pacificis expected to be the fastest-growing region in the agricultural micronutrients market. The regions covered in the agricultural micronutrients market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Agricultural Micronutrients Industry Players
BASF SE, Yara International ASA, Nutrien Ltd., Nouryon BV, Compass Minerals International, Helena Chemical Company, Corteva Agriscience, Coromandel International Limited, Haifa Group, Valagro S.p.A, Sigma AgriScience LLC, Aries Agro Limited, AgroLiquid, Agrium Inc., Dow Chemical Company, ATP Nutrition Ltd., Baicor L.C., Stoller USA Inc., Akzonobel N.V, Sumitomo Chemical Co. Ltd., Syngenta International AG, Brandt Consolidated Inc., Grow More Inc., Western Nutrients Corporation, The Mosaic Company, Nufarm Limited, ICL Group Ltd., Chambal Fertilisers and Chemicals Limited, Sapec Group, Green Has Italia SPA
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Agricultural Micronutrients Market Overview
The agricultural micronutrient are defined as a fine blend of mineral elements, which play an important role in balancing crop nutrition. Agricultural micronutrients are crucial for plant growth that nurture horticultural crops and crops of pulses, cereals, spices, plantations, and oilseeds. The mineral elements in agricultural micronutrients include manganese, zInc., iron, copper, molybdenum, and boron.
Agricultural Micronutrients Global Market Report 2023 provides data on the global agricultural micronutrients market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The agricultural micronutrients market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.