Press release
Agricultural Micronutrients Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Agricultural Micronutrients Market
The Business Research Company offers in-depth market insights through Agricultural Micronutrients Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The agricultural micronutrients market size has grown rapidly in recent years. It will grow from $6.2 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to soil nutrient depletion, awareness and education, government subsidies, crop diversity, environmental concerns.
The agricultural micronutrients market size is expected to see rapid growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to emerging markets, increasing population, precision agriculture, research and development, rising organic farming. Major trends in the forecast period include biological micronutrients, customized micronutrient blends, nanotechnology in micronutrients, micronutrient fortification, sustainable sourcing.
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Market Segmentation:
The main types of agricultural micronutrients are zInc., boron, iron, copper, manganese, molybdenum, and other Types. Zinc is a necessary micronutrient for human metabolism since it catalysis over 100 enzymes, aids protein folding, and regulates gene expression. Zinc deficiency is more common in patients with malnutrition, alcoholism, inflammatory bowel disease, and malabsorption disorders. The method of application is soil application, fertigation, foliar, seed treatment, and hydroponics used for various crop types such as cereals, pulses, oilseeds, spices, fruit, and vegetables. The applications are tomato, cotton, citrus, apple, lettuce, soybean, and other applications.
Major Driver - Increasing Soil Micronutrient Deficiency Fuels Growth In The Agricultural Micronutrients Market
The rising micronutrient deficiency in soil is expected to propel the growth of the agricultural micronutrients market. 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. For instance, in October 2022, according to a report published by ICAR, an India-based apex body managing research and education in agriculture, that was conducted from agricultural fields in 615 districts spread across 28 states in India found that S (58.6% of soils), Zn (51.2% of soils), and B (44.7% of soils) had higher deficiencies than Fe (19.2% of soils), Cu (11.4% of soils), and Mn (17.4% of soils) did. Out of 615 districts, > 50% of the soils in 101, 131, and 86 districts, respectively, had insufficient amounts of available S, available Zn, and available B. Therefore, the growing micronutrient deficiency in soil is driving the growth of the agricultural micronutrients market.
Competitive Landscape:
Major companies operating in the agricultural micronutrients market include BASF SE, Yara International ASA, Nutrien Ltd., Nouryon BV, 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., Dow Chemical Company, ATP Nutrition Ltd., Baicor L.C., Stoller USA Inc., Akzonobel N.V, Sumitomo Chemical Co. Ltd., Syngenta International AG, Brandt Consolidated Inc., Grow More Inc., Western Nutrients Corporation, The Mosaic Company, Nufarm Limited, ICL Group Ltd., Chambal Fertilisers and Chemicals Limited, Sapec Group, Green Has Italia SPA
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Top Trend - Icl Group's Revolutionary Eqo.X Technology Enhances Agricultural Micronutrient Delivery
Technological advancements are shaping the agricultural micronutrients market. 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.
The Table Of Content For The Market Report 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
…..
27. Agricultural Micronutrients Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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