Agricultural Micronutrients Market

Agricultural Micronutrients Market Growth & Size (2022 - 2027):

Agricultural Micronutrients Market was worth USD 6.9 Billion in 2021 and is expected to reach USD 10.3 Billion by 2026 with a CAGR of 8.28 %. The market is growing at a huge rate due to rising soil deficiencies and increasing demand for high-quality yields.

Micronutrients are supplements required by organisms throughout life in little amounts to coordinate a range of physiological functions. Micronutrients are essential for the growth of the plants and play an important role in balanced crop protection. Deficiency of Micronutrients results in withering of buds in crops, yellowing of leaves, health hazards and eventually results in the decline of crop productivity.

Drivers & Restraints:

Rising demand for food and increasing demand for standard quality and continuous yield because of a 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.

AGRICULTURAL MICRONUTRIENTS MARKET REPORT COVERAGE:

Market Segmentation:

Agricultural Micronutrients Market Type:

• Zinc
• Boron
• Copper
• Manganese
• Molybdenum
• Iron
• Cobalt
• Others

Agricultural Micronutrients Market Mode of Application:

• Fertigation
• Seed treatment
• Foliar and Others

Agricultural Micronutrients Market Based on 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:

Based on crop type:

• Fruits
• Vegetables
• Cereals
• Pulses
• Oilseeds and others.

The zinc segment is expected to grow at the highest CAGR because of the growing demand for zinc in food. Cereals are the highest growing segment around the world owing to continuous technological advancements and growing demand for cereals.

Agricultural Micronutrients Market Regional Analysis:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Asia-Pacific is the largest market globally and continues to dominate the world throughout the forecast period owing to the high demand for nutritious food, increasing investment in the agricultural sector and management of crop production costs.

Key Players:

Some of the key players operating in the global market are BASF SE, Mosaic, and Cheminova, Agrium Inc., Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, Tradecorp International, AkzoNobel.