Agricultural Micronutrients Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Agricultural Micronutrients Market size was valued at USD 5.5 billion in 2022 growing at a CAGR of 8.9% from 2023 to 2033.
• Asia Pacific dominated the market in 2022
• North America is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Agricultural Micronutrients Market size accounted for USD 5.5 billion in 2022, growing at a CAGR of 8.9% from 2023 to 2033.The agricultural micronutrients market involves the production and distribution of essential trace elements, such as zinc, iron, manganese, and copper, that are crucial for plant growth and development. These micronutrients are applied to crops in small quantities to address nutrient deficiencies in soil and enhance overall plant health. The market is driven by the growing awareness of micronutrient importance in crop nutrition, the need for balanced fertilization, and increasing emphasis on achieving higher agricultural productivity. Agricultural micronutrients play a pivotal role in ensuring optimal nutrient levels for crops, contributing to improved yields and quality. The market aligns with the broader trend toward sustainable and precision agriculture practices.

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The agricultural micronutrients market is propelled by the increasing awareness of the critical role micronutrients play in optimizing crop nutrition and enhancing yields. As farmers strive for balanced fertilization to address nutrient deficiencies in soil, the demand for micronutrient applications grows. This market is integral to the trend of adopting sustainable and precision agriculture practices, contributing to improved plant health and overall agricultural productivity.

Key Players
Some of the major Agricultural Micronutrients Market players holding high market shares include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien Ltd. (Canada) and Yara International ASA (Norway). These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include The Mosaic Company (US), Compass Minerals International (US), Valagro (Italy), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Zuari Agrochemicals Ltd (India), and Others.

Report Description: https://evolvebi.com/report/agricultural-micronutrients-market-analysis/

Segmental Analysis
Based on type, the Agricultural Micronutrients market is segmented into Zinc, Boron, Iron, Molybdenum, Copper, and Manganese.In 2022, the zinc segment accounted for the greatest share of the market, and during the projected period of 2023 to 2030, it was anticipated to maintain its dominant position. Because of its many advantages, such as boosting crop yields, encouraging plant growth and development, and strengthening resistance to pests and diseases, zinc is the most often utilized micronutrient in agriculture.
Based on Crop Type, the Agricultural Micronutrients market is segmented into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables.The cereals and grains category had the biggest market share of any of these categories. The most widely grown crops in the world, cereals and grains are important sources of food for both human consumption and animal feed.
Based on Form, the Agricultural Micronutrients market is segmented into Chelated and Non-Chelated.The largest contributor to the market revenue in 2022 was the chelated form segment, accounting for over 70% of total revenue. In addition to being widely used in agriculture, chelated micronutrients are also somewhat advocated by fertiliser manufacturers.
Based on Application, the Agricultural Micronutrients market is segmented into the Agricultural Micronutrients market is segmented into Soil, Foliar, and Fertigation. Soil application accounted for the most portion of market revenue in 2022, or around 65% of total revenue. Using the soil is a common and widely used way to deliver micronutrients in agriculture. This section makes it possible to apply fertilizer to plants uniformly and using standard equipment by distributing micronutrients to them.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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