Agricultural Micronutrients Market Projected to Reach $13.35 Billion by 2030: Exclusive Report by Meticulous Research®

[Redding, California, 26-02-2024] - Meticulous Research®, a leading provider of market intelligence and advisory services, has released a comprehensive report titled 'Agricultural Micronutrients Market by Type, Crop Type, Form, Mode of Application - Global Forecast to 2030.' According to this report, the agricultural micronutrients market is poised to reach a value of $13.35 billion by 2030, with a noteworthy Compound Annual Growth Rate (CAGR) of 8.4% from 2023 to 2030.

Micronutrients are indispensable for the growth and development of plants, playing a pivotal role alongside macronutrients like nitrogen, phosphorus, and potassium. Zinc, iron, copper, molybdenum, among others, are required in smaller quantities but are equally essential for optimal plant functioning. Micronutrient deficiencies can significantly impede plant growth and productivity, making their supplementation imperative.

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The application of micronutrients has been shown to enhance crop yield and quality significantly. For instance, zinc is crucial for seed and fruit development, while iron is indispensable for chlorophyll synthesis and photosynthesis. Moreover, the balanced application of micronutrients contributes to maintaining soil fertility and sustainability, mitigating the adverse effects of continuous cropping and intensive agricultural practices.

The global agricultural micronutrients market is segmented based on type, crop type, form, mode of application, and geography.

Key Findings from the Report:

Type Segment: In 2023, the zinc segment held the largest market share, driven by increasing awareness of its pivotal role in plant growth and its health benefits in food products. Government initiatives to enhance zinc concentration in soil further bolster this segment's growth.

Crop Type Segment: The fruits & vegetables segment is projected to exhibit the highest CAGR during the forecast period, fueled by the growing demand for organic produce and increasing micronutrient deficiencies in these crops.

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Form Segment: Non-chelated micronutrients dominated the market in 2023 due to their cost-effectiveness compared to chelated micronutrients.

Mode of Application Segment: Soil treatment is anticipated to register the highest CAGR, attributed to the prevalence of traditional agriculture methods and limited resources for advanced fertilizer application.

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Geographical Analysis: Asia-Pacific accounted for the largest share in 2023, driven by extensive crop cultivation, rising population, and governmental initiatives to improve crop productivity.

In recent years, the global agricultural micronutrients market has witnessed significant developments, including product launches, partnerships, and mergers. Key players in this market include AgroLiquid, Aries Agro Limited, BASF SE, and Nouryon, among others.

Scope of the Report:

The report provides a comprehensive assessment of the agricultural micronutrients market, including detailed analysis based on type, crop type, form, mode of application, and geography.

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This release was published on openPR.