Asia-Pacific Agricultural Micronutrients Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Type, Mode Of Application, Form, Crop Type, And By Country (India, China, Japan, South Korea, Australia, New Zealand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, Rest of APAC) - Industry Analysis From 2024 to 2029.

Updated On: January, 2024
ID: 1744
Pages: 145

Asia-Pacific Agricultural Micronutrients Market Size (2024 to 2029):

Asia-Pacific agricultural micronutrient market is expected to reach USD 3.37 billion in 2024 and reach USD 5.18 billion by 2029, growing at a CAGR of 9.0 % from 2024 to 2029. 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 a growing population and depleting arable land are the major factors boosting the growth of the market. Lack of awareness among farmers in developing regions, high cost, and lack of awareness about an appropriate quantity to be injected into the soil due to the lack of standardized levels established by regulatory agencies are the major factors hampering the growth of the market.

This research report on the Europe agricultural micronutrients market is segmented and sub-segmented into the following categories.

Asia-Pacific Agricultural Micronutrients Market – By Type:

  • Zinc
  • Boron
  • Copper
  • Manganese
  • Molybdenum
  • Iron
  • cobalt
  • others

Asia-Pacific Agricultural Micronutrients Market – By Mode of Application:

  • Soil
  • Fertigation
  • seed treatment
  • Foliar
  • Others

Asia-Pacific Agricultural Micronutrients Market – By Form:

  • Chelated
    • Ethylenediaminetetraacetic Acid (EDTA)
    • Diethylene Triamine Pentaacetic Acid (DTPA)
    • Ethylenediamine Di-2-Hydroxyphenyl Acetate (EDDHA)
    • D,L-Aspartic Acid N-(1,2-Dicarboxyethyl) Tetrasodium Salt (IDHA)
    • Hydroxybenzyl Ethylenediamine Diacetic Acid(HBED)
  • Non-Chelated Agricultural Micronutrients

Asia-Pacific Agricultural Micronutrients Market – By Crop Type:

  • Fruits and Vegetables
  • Cereals
  • Pulses
  • oilseeds
  • others

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.

Asia-Pacific Agricultural Micronutrients Market – By Country:

  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Indonesia
  • Singapore
  • Rest of APAC

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.

KEY MARKET PLAYERS:

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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Frequently Asked Questions

How is India's market for agricultural micronutrients evolving?

India's market is experiencing rapid growth due to increasing micronutrient deficiency in soils, government subsidies for micronutrients, and a growing focus on crop yield and quality.

Which micronutrient type dominates the market in the Asia-Pacific region?

Zinc dominates the agricultural micronutrient market in the Asia-Pacific region due to its crucial role in crop growth and high deficiency rates in the soil.

What role does technology play in the growth of the agricultural micronutrients market in the Asia-Pacific?

Technology plays a critical role, from the development of chelated micronutrients for better plant absorption to precision agriculture practices for optimized micronutrient application.

What are the challenges facing the agricultural micronutrients market in the Asia-Pacific?

Challenges include the lack of awareness among small-scale farmers, high costs of chelated micronutrients, and issues related to the overuse and misapplication of micronutrients.

What are the market opportunities for agricultural micronutrients in the Asia-Pacific region?

Opportunities include the development of innovative and efficient micronutrient products, expansion in organic farming, and the adoption of precision agriculture practices.

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