The Agricultural Micronutrients Market is expected to be valued at approximately US$ 4.9 billion in fiscal year 2021, according to Fact.MR, a supplier of market research and competitive information. The market is anticipated to expand at a 3.6% CAGR from 2022 to 2032, reaching a valuation of US$7 billion by the end of that year.
The market for agricultural micronutrients is expanding as a result of various causes, including heightened public knowledge of the advantages of micronutrients for agricultural yields and productivity. Additionally, during the projected period, rising consumer concerns about food security are anticipated to drive market growth. Additionally, growing plant analysis and soil testing for the requirement of high-quality agricultural yields have revealed micronutrient deficiencies in many soils.
The growing use of chemical fertilisers, which boost yield while shielding crops from harmful UV rays and insects, is another factor propelling the development of agricultural micronutrients. Between 2022 and 2032, this will accelerate the market's overall growth for these nutrients.
The high cost of micronutrients has significantly impeded the present increase in demand for them. Due to the high costs, several farmers have cut back on or decided not to employ micronutrients in their fertiliser programs. Consequently, the micronutrient levels in the soil have decreased and are now insufficient. The right dosage and use of micronutrients are unknown to farmers in poor nations. They usually lack farming process knowledge, access to modern technology, and training. During the projected period, these factors will impede the growth of the market.
Key Takeaways from the Market Study
- In 2022, the global agricultural micronutrients market is estimated to have a global market size of US$ 5.08 Bn.
- The zinc segment is expected to have a 43% market share in 2022 and to dominate the global market from 2022 to 2032.
- The fruits and vegetables segment is predicted to increase at a robust CAGR of 4% between 2022 and 2032.
- The Chinese agricultural crop market is predicted to acquire a 35% global market share by 2022.
- The Indian agricultural micronutrients market is expected to grow with a steady CAGR of 3.8% during 2022-2032.
“Crop micronutrients are essential for plant development and metabolic activity. They help roots grow by fortifying them, making them bigger, and supplying them with organic chemicals and proteins. Such factors will boost global growth” comments a Fact.MR analyst.
Competitive Landscape
The bulk of the agricultural micronutrients companies featured in the research have focused on brand development, expansion, acquisitions, and investments.
- In May 2022, Coromandel International expanded their crop protection product offering by adding five new goods. Indian farmers now have a new option for crop protection thanks to Coromandel International Limited's freshly announced products.
- Compass Minerals reported consolidated Y-O-Y sales increase of 7% in the first quarter of its fiscal year in 2022. Greater highway deicing sales volumes, improved consumer and industrial (C&I) sales volumes, and higher Plant Nutrition and C&I pricing drove this rise.
View Full Report: https://www.globenewswire.com/news-release/2023/07/04/2698873/0/en/Agricultural-Micronutrients-Market-is-Projected-to-Surpass-US-7-Billion-at-a-3-6-CAGR-by-2032-Fact-MR-Report.html
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