Growing Awareness about Food Security Driving Growth of the Agricultural Micronutrients Market

Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Copper), By Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated micronutrients), Crop Type, and Region Global Forecast to 2025

(EMAILWIRE.COM, October 25, 2021 ) The global agricultural micronutrients market is estimated to be valued at USD 3.6 billion in 2020 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.

Download PDF Brochure

By crop type, the fruits & vegetables segment is projected to be the fastest-growing segment in the agricultural micronutrients market during the forecast period.

The trend of consuming fruits has witnessed a growth in the past two decades, and this trend is projected to continue in the coming years. According to the FAO, the global production levels of the fruits and the vegetables has raised from 108 hundred metric tons in 2007 to 141 hundred metric tons in 2017. The increasing exports of fruits & vegetables have also led to an increase in the crop plantation area, which has resulted in a rise in their production levels. Hence, the crop sustaining and protecting the chemicals market for fruits & vegetables is projected to witness significant growth.

By type, the zinc segment is projected to dominate the agricultural micronutrients market during the forecast period.

Soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China and Indonesia), sub-Saharan Africa and the northwestern region of South America.

According to a report 800,000 people die every year from zinc deficiency, which is similar to the total mortality rate from malaria. The mineral reserves for raw material supply, seem to be most restrictive for zinc. At the current production rates of mining, the known reserves are sufficient for only 21 years. Thus, the market for the same is driven towards growth, as it is an important micronutrient and the governments across the globe are making efforts to curb its deficiency through increasing its content in the agricultural produce.

By form, the chelated segment is projected to be the fastest-growing segment in the agricultural micronutrients market during the forecast period.

Chelated micronutrients are organic molecules that combine with metal cation to form a ring-like structure. Chelated micronutrients are available in different ranges of soil pH. Some of the most commonly used chelating agents during the production of synthetic micronutrient chelates are ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, N¡ä-bis (2-hydroxyphenyl acetic acid) (EDDHA). Moreover, due to the stable nature of chelated compounds, the adoption of chelated micronutrients is projected to grow at a faster pace.

Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives to NPK products.

Make an Inquiry

Key players in this market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd.(Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. They show a strong presence in North America, Asia Pacific, and Europe. And also have manufacturing facilities, along with strong distribution networks across these regions.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441