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What's driving the Agricultural Micronutrients Market Growth? Prominent Players: Compass Minerals Inc., The Mosaic Company, AgXplore International, LLC. and more

What's driving the Agricultural Micronutrients Market Growth?

The global agricultural micronutrients market size is predicted to reach USD 6.86 billion by 2026, exhibiting a CAGR of 8.92% during the forecast period. The growing number of framers and surge in farm income will contribute positively to the Agricultural Micronutrients Market size during the forecast period. According to the United States Department of Agriculture, about 2.05 million farms are currently in operation, and the gross cash farm income (GCFI) is forecast at USD 431 billion in 2020.

List of the Major Companies Operating in the Agricultural Micronutrients Market includes;

o Nutrien Ltd.
o Akzo Nobel N.V.
o Yara International ASA
o Haifa Group
o Helena Agri-Enterprises, LLC
o Israel Chemicals Ltd.
o Coromandel International Limited
o Indian Farmers Fertiliser Cooperative Limited (IFFCO)
o Compass Minerals Inc.
o The Mosaic Company
o AgXplore International, LLC.

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According to the report, published by Fortune Business Insights in a report, titled "Agricultural Micronutrients Market Size, Share & Industry Analysis, By Type (Zinc, Boron, Iron, Molybdenum, Manganese, and Others), Application Mode (Soil, Foliar and Fertigation), Form (Chelated and Non-Chelated), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecasts, 2019 - 2026" the market size stood at USD 3.50 billion in 2018. The report incorporates several factors that have impacted the Agricultural Micronutrients Market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market expansion.

Furthermore, the study also revealed that Crop cash receipts totaled USD 196.2 billion in 2018. Receipts from corn and soybeans accounted for 43.9 percent of the total. In addition, the surge in agricultural activities and rising demand for food around the world will be a key factor in boosting the Agricultural Micronutrients Market share in the forthcoming years.

The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the Agricultural Micronutrients Market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.

Market Driver:

Declining Arable Land to Consolidate Market Capabilities

The degradation and contamination of soil across various regions of the world will be a critical factor in fuelling the demand for agricultural micronutrients in the forthcoming years. Moreover, the declining levels of arable land is likely to boost the Agricultural Micronutrients Market trends. This has also led to an escalation in R&D investment by key players for the development of efficient and affordable micronutrients for agricultural use.

For instance, AgXplore, a premier agriculture specialty company, launched Microcoat, which is a mixture of five vita micro and secondary nutrients. The new product features a composite of magnesium, sulfur, manganese, molybdenum, and zinc to dry fertilizer, making it an efficient nutrient delivery fertilizer. Furthermore, Gunther Kreps, director of sales for AgXplore, said in a statement, "Microcoat is truly unique by allowing dealers the versatility to custom mix with any phosphorous and potassium fertilizer blend. It allows dealers to differentiate themselves in the marketplace by offering additional value and profit."

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Segment Information:

Advancements in Fertigation Technology to Spur Opportunities for Micronutrients

The increasing use of agricultural micronutrients in soil-based applications will bolster the healthy growth of the market. As soil is the most preferred, easy and affordable way for farmers. The fewer adoption of unique and advanced fertilizer application techniques by farmers along with the availability of limited resources, has impelled them to use soil-based applications for micronutrients in plants. However, the increasing advancement in fertigation technology and drip irrigation will aid the fertigation segment's growth, which in turn boost the Agricultural Micronutrients Market revenue.

Regional Analysis:

Higher Crop Production to Support Market in Asia Pacific

In Asia Pacific, China and India are the two major markets for agricultural micronutrients owing to the increasing production and consumption of micronutrients in the region. The growing awareness regarding the significance of micronutrients will boost the Agricultural Micronutrients Market in India. North America generated a revenue of USD 932.59 million in 2018 and is predicted to grow rapidly during the forecast period.

Major Table of Content:

Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Emerging Trends
Key Insights
Overview of the Parent Market
Fertilizers Consumption Trend
Crop Cultivation Patterns
Regulatory Framework for Agricultural Micronutrients
Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
TOC Continued:

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Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM) we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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