The global agricultural micronutrients market size was valued at USD 4.87 billion in 2023. The market is anticipated to expand from USD 5.19 billion in 2024 to USD 9.03 billion by 2032 , exhibiting a CAGR of 6.92% over the estimated period. The expansion is due to the growing demand for high-quality products. Additional factors favoring industry growth comprise the escalating home gardening demand.
This information is provided by Fortune Business Insights™ in its research report, titled “Agricultural Micronutrients Market, 2024-2032”.
Information Source:- https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607
Segments:
Zinc Segment to Register Notable Traction Owing to Growing Awareness Regarding its Deficiency
By type, the market is fragmented into iron, zinc, boron, molybdenum, and manganese, and others. The zinc segment is poised to record considerable expansion over the forecast period. The rise is due to the growing awareness regarding the deficiency of zinc across various regions.
Soil Segment to Grow at Substantial Pace Driven by Soaring Investment in Technological Advancements
Based on application mode, the market for agricultural micronutrients is subdivided into fertigation, foliar, and soil. The soil segment is touted to exhibit remarkable expansion over the analysis period. The surge is propelled by the growing initiatives in building advanced and higher-capacity fertilizer spreaders.
Non-chelated Segment to Register Remarkable Growth Owing to Lower Cost
By form, the market is segmented into non-chelated and chelated. The non-chelated segment is anticipated to record appreciable growth throughout the study period. The growth is due to the higher availability of the product and a lower price compared to chelated products.
Cereals Segment to Depict Considerable Growth Impelled by Higher Cultivation Rate
By crop type, the market is fragmented into pulses & oilseeds, fruits & vegetables, cereals, and others. The cereals segment is expected to register substantial expansion over the projected period. The rise is driven by an upsurge in the higher rate of cultivation of cereal crops.
Based on region, the market for agricultural micronutrients is segmented into Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Report Coverage:
The report gives an analysis of the key trends propelling industry expansion over the ensuing years. Additional factors impelling the global business scenario over the analysis period. Other components include acquisitions, merger agreements, and other initiatives undertaken by major market participants for strengthening their industry positions.
Drivers and Restraints:
Market Growth Propelled by Rise in Cultivation and Production Areas of High-Value Crops
The agricultural micronutrients market growth is being impelled by the growing cultivation of high-value crops such as vegetables, fruits, ornamentals, and turf. Other factors include the growing production of these crops.
However, the market expansion could be hindered by the lack of access to government schemes.
Regional Insights:
Asia Pacific to Emerge as Leading Region Considering the Major Production in India and China
The Asia Pacific agricultural micronutrients market share is estimated to grow at an appreciable pace, accounting for a dominating share, over the forecast period. The region is a prominent producer of staple/cereal crops.
The North America market is anticipated to register substantial expansion over the study period. The rise is due to growing awareness regarding the deficiency of micronutrients in the region.
Competitive Landscape:
Leading Companies Enter into Collaborations to Increase Geographical Footprint
Major market participants are implementing a range of strategic initiatives for expanding their geographical footprints. Other steps comprise acquisitions and merger agreements. Some of the additional initiatives include partnerships, collaborations, and the development of new products.
Key Industry Development:
March 2021 – Haifa Group inked an agreement with AgrIOT, a provider of agriculture technology. The deal was focused on helping farmers with crop monitoring and the purchase of products, which can provide effective and precise solutions for nutrient deficiency.
List of Key Players Mentioned in the Report:
- Nutrien Ltd. (Canada)
- Israel Chemicals Ltd. (Israel)
- Coromandel International (India)
- Yara International ASA (Norway)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
- Haifa Group (Israel)
- Koch Agronomic Services, LLC (U.S.)
- Grupa Azoty Zaklady Chemiczne Police Group (Poland)
- Marubeni Corporation (Helena Agri-Enterprises, LLC) (U.S.)
- Nouryon Chemicals Holdings B.V. (North Holland)
Comments
0 comment