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Agricultural Micronutrients Market Development Scenario and Forecast to 2030
3/14/2022
Agricultural Micronutrients Market: Introduction
Transparency Market Research delivers key insights on the global agricultural micronutrients market. In terms of revenue, the global agricultural micronutrients market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global agricultural micronutrients market.
The global agricultural micronutrients market is broadly affected by several factors including usage of agricultural micronutrients in various crop types, applications, and other components. Increase in the application of agricultural micronutrients in the production of cereals and grains is propelling the global agricultural micronutrients market.
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Agricultural Micronutrients Market: Dynamics
Micronutrients are essential for healthy plant growth. Deficiency of any of the micronutrients results in decreased or limited crop yield as well as low quality of food products. Micronutrients play an important role in sustainable crop production. The inclusion of micronutrients with balanced fertilization increases crop production. Hence, the demand for micronutrient-based fertilizers is anticipated to increase during the forecast period. The rise in the demand for better yield of food crops in decreasing arable land is driving the global agricultural micronutrients market. Suitable and balanced use of soil treatment products is likely to help assuage the decline in agricultural land and increase in the demand for food. Increase in high yielding crop cultivars and adoption of intensive cropping practices are fueling the demand for agricultural micronutrients across the globe.
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Agricultural Micronutrients Market: Prominent Regions
Asia Pacific dominated the global agricultural micronutrients market in 2019. The deficiency of micronutrients is qualified as a major nutritional issue in arable crops. Increase in demand for food grains and rise in micronutrient deficiency across the region are driving the demand for agricultural micronutrients in Asia Pacific.
India and China are highly deficient in micronutrients such as zinc, boron, and iron. The consumption of agricultural micronutrients in developing countries has been increasing, due to low soil micronutrient status in these countries. Continuous erosion of soil micronutrients due to flood, drought, application of fertilizers with lower quantity micronutrients, increase in cultivation of high yield crops, and decrease in arable land are some of the prominent factors that are likely to boost the consumption of agricultural micronutrients in developing countries in the near future.
The agricultural micronutrients market in Europe is anticipated to expand at a significant pace during the forecast period. Presence of a large number of domestic manufacturers, increase in vegan population, and rise in awareness about nutrient-rich food are boosting the agricultural micronutrients market in Europe. Intensive agronomic practices and decrease in arable land are also propelling the demand for agricultural micronutrients in the region.
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Agricultural Micronutrients Market: Key Players
The global agricultural micronutrients market is moderately consolidated with the presence of international and domestic key players such as BASF SE, The Mosaic Company, Nouryon, Nutrien Ltd., Nufarm, Yara International, Coromandel International, Helena Agri-Enterprises, LLC, Haifa Group, Compass Minerals, Deepak Fertilizers and Petrochemicals Ltd, Valagro S.p.A., and BMS Micro-Nutrients.
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