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Agricultural Micronutrients Market Size, Growth, Trends And Forecast To 2032
Agricultural Micronutrients Market Report
The Business Research Company's Agricultural Micronutrients Global Market Report 2023 identifies the growing micronutrient deficiency in soil as the major driver for the agricultural micronutrients market's growth in the forecast period. Micronutrient deficiency in soil is defined as the low or unavailability of elements like manganese, copper, zInc., boron, iron, sulphur, and molybdenum. The deficiency of these elements is a concern to the farmers, as it decreases productivity and profit.
The global agricultural micronutrients market size grew from $5.3 billion in 2022 to $5.94 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The agricultural micronutrients market size is expected to grow to $9.65 billion in 2027 at a CAGR of 12.9%.
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Major competitors in the agricultural micronutrients market are BASF SE, Yara International ASA, Nutrien Ltd., Nouryon, Compass Minerals International, Helena Chemical Company, Corteva Agriscience, Coromandel International Limited, Haifa Group, Valagro S.p.A, Sigma AgriScience LLC, Aries Agro Limited, AgroLiquid, Agrium Inc., The Dow Chemical Co, ATP Nutrition, Baicor L.C., Stoller USA Inc., Akzonobel, Sumitomo Chemical Co. Ltd., Syngenta International AG, Brandt Consolidated Inc., Grow More Inc., DowDuPont Inc., and Western Nutrients Corporation.
A key trend in the agricultural micronutrients market includes technological advancement. Technological advancement is a discovery of knowledge that advances technology and aids in providing an enhanced product. For instance, in September 2022, ICL Group Ltd., an Israel-based developer and manufacturer of metals, fertilizers and specialty chemicals, launched eqo.x, a revolutionary rapidly biodegradable release technology created for open field agriculture. By reducing nutrient loss and increasing nutrient use efficiency (NUE) up to 80%, a coating is used in this novel solution to help farmers maximize agricultural crop performance while minimizing environmental impact. The release technology can also help reduce the number and amount of nitrogen applications, increase or maintain yields with lower fertilizer rates, and provide predictable and consistent nutrient release.
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The agricultural micronutrients market is segmented -
•By Type: Zinc, Boron, Iron, Copper, Manganese, Molybdenum, Other Types
•By Method of Application: Soil Application, Fertigation, Foliar, Seed Treatment, Hydroponics
•By Crop Type: Cereals, Pulses, Oilseeds, Spices, Fruit And Vegetables
•By Application: Tomato, Cotton, Citrus, Apple, Lettuce, Soybean, Other Applications
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the agricultural micronutrients market.
The Business Research Company's "Global Agricultural Micronutrients Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Agricultural Micronutrients Market Include:
1. Executive Summary
2. Agricultural Micronutrients Market Characteristics
3. Agricultural Micronutrients Market Trends And Strategies
4. Agricultural Micronutrients Market - Macro Economic Scenario
5. Agricultural Micronutrients Market Size And Growth
……
26. Africa Agricultural Micronutrients Market
27. Agricultural Micronutrients Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Agricultural Micronutrients Market
29. Agricultural Micronutrients Market Future Outlook and Potential Analysis
30. Appendix
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