Asia-Pacific Agricultural Micronutrients Market was worth USD 2.6 billion in 2021 and is expected to reach USD 4.47 billion by 2026 with a CAGR of 9.0 %. Asia-pacific constitutes around 50% of the global market and it will continue to dominate throughout the forecast period.
Micronutrients are essential elements required by organisms throughout the life in little amounts to coordinate a range of physiological functions. Micronutrients are essential for the growth of the plants and plays an important role in balanced crop protection. Lack of any of the essential micronutrients in the soil results in growth limit, even though when all other nutrients are present in adequate amounts.
Rising demand for food and increasing demand for standard quality and continuous yield because of growing population, depleting arable land are the major factors boosting the growth of the market. Lack of awareness among farmers in developing regions, high cost, lack of awareness about an appropriate quantity to be injected into the soil due to lack of standardized levels established by regulatory agencies are the major factors hampering the growth of the market.
Asia-Pacific Agricultural Micronutrients Market – By Type:
Asia-Pacific Agricultural Micronutrients Market – By Mode of Application:
Asia-Pacific Agricultural Micronutrients Market – By Form:
Asia-Pacific Agricultural Micronutrients Market – By Crop Type:
Zinc segment is expected to grow at highest CAGR because of growing demand for zinc in the food. Cereals is the highest growing segment around the world owing to continuous technological advancements and growing demand for cereals.
Geographically, this market is further segmented in to
Asia-Pacific has a high development potential for agricultural micronutrients as this region has many rising nations, for example, China, India, and Japan. Also, factors, for example, high demand for nutritive food and sustainable harvest yields, increasing interest in agriculture segment, and the administration of crop product costs are driving the development of the Agricultural micronutrients market in this area.
Major players operating in this region are BASF SE, Mosaic and Cheminova, Yara International, Agrium Inc., Aries Agro Ltd., Valagro, Gujarat State Fertilizers & Chemicals, Coromandel International Ltd., Tradecorp International, AkzoNobel.
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