The European agricultural micronutrients market size is expected to reach USD 3.03 billion in 2024 and USD 4.41 billion by 2029, growing at a CAGR of 7.8 % from 2024 to 2029. The European Market is estimated to grow at a significant pace because of its mature market and increased awareness among farmers.
Micronutrients are essential components that are used by plants in small quantities. The quality and yield of agricultural products are increased with micronutrient application, so human and animal health is protected by the feed of enrichment plant materials. These essential elements can perform their role in plant nutrition properly so that other essential elements are maintained at the proper ratio.
Rising demand for food and increasing demand for standard quality and continuous yield because of growing population, depleting arable land are the major factors driving 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 restraints of the markets.
The zinc segment is expected to grow at the highest CAGR because of the growing demand for zinc in food. Cereals is the fastest-growing segment around the world owing to continuous technological advancements and the growing demand for cereals.
Geographically, this market is further segmented into the UK, France, Italy, Spain, and Germany.
Some of the major players in the market are Agrium Inc., BASF SE, Mosaic and Cheminova, Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, AkzoNobel, Gujarat State Fertilizers & Chemicals, Tradecorp International.
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