Agricultural Micronutrients Industry Overview, Key Players, Supply and Consumption Demand Analysis to 2024

The global agricultural micronutrients market was valued at $5,848.0 million in 2017 and is projected to reach $9,009.2 million by 2023, witnessing a CAGR of 7.5% during the forecast period. Growing global population will continue to boost the demand for cereals and grains, thereby resulting in increased demand for micronutrients needed for promoting the growth of the crop production.

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The agricultural micronutrients market is categorized into North America, Europe, APAC, LATAM, and MEA. During the forecast period, the APAC market is expected to witness the fastest growth in terms of both value and volume. With the rising income level and increasing spending power of people in major APAC countries, such as India, China, and Indonesia, the demand for processed and non-processed food is growing considerably, which in turn, is boosting the adoption of micronutrients used in growing different types of crops.

On the basis of type, the agricultural micronutrients market is categorized into zinc, iron, boron, molybdenum, manganese, and others (copper, nickel, and chlorine). The demand for zinc micronutrients remained the highest in the market, accounting for more than 25.0% share in terms of value in 2017. Zinc, being one of the essential micronutrients, is used by plant in small quantity for its growth. It is a major constituent of many proteins and enzymes in a plant and is extremely crucial for metabolic processes. The rising need for expediting the growth of plant or crop will continue to boost the consumption of zinc micronutrients in the coming years.

In order to address the growing need for food, advancements in farm management and technology can be viewed as a key solution. A key area for agricultural growers has been to limit potential barrier for crop growth such as micronutrient deficiencies. The deficiencies can cause plant abnormalities (stunted growth) and reduce crop yield, thereby compromising crop productivity and farm income. This, in turn, is expected to increase the use of micronutrients and will contribute to the growth of the agricultural micronutrients market during the forecast period.

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In the global agricultural micronutrients market, FMC Corporation, Akzo Nobel N.V., Yara International ASA, BASF SE, Sinochem Group, and SAPEC SA were the leading players in 2017. Among all the players, FMC Corporation was the market leader, owing to large portfolio of micronutrients products of the company. Moreover, the company has a strong distribution network across the globe, which facilitates the sale of micronutrients across different geographical locations.

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