Agricultural Micronutrients Market Size – USD 3.59 Billion in 2020, Growth – CAGR of 8.4%, Trends – Increasing demand from the agricultural sector to enhance the crop yield
The global Agricultural Micronutrients Market is expected to reach USD 6.87 Billion by 2028 at a CAGR of 8.4%, according to a new report by Reports and Data. The augmenting demand from the agricultural sector to improve crop yield, growing incidences of plant diseases, and the increasing awareness about the critical advantages of Agricultural Micronutrients are the primary factors contributing to the market growth. The market is predominantly driven by the escalating need for efficient plant nutrition products to overcome the deficiency of Agricultural Micronutrients in plants.
Additionally, the diminishing proportion of the arable land in major economies and the growing levels of contamination in the soil are projected to add traction to the market growth. Agricultural Micronutrients play a crucial role in the growth and metabolism of plants, and subsequently, humans and animals. They are projected to have an impact on the immune system and reduce the risks of cancer and other severe illnesses in humans. This has boosted the shift of consumers towards a nutrient-dense diet, which is, in turn, projected to drive the market growth in the forecast timeframe.
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Top Companies: Agrium Inc., BASF SE, Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers Chemicals, AkzoNobel, Tradecorp International, Mosaic, and Cheminova.
Further Key Finding from the Report Suggestion:
- Zinc is projected to observe a significant growth in the market in the estimated timeframe accredited to the increasing deficiency of zinc in the soil and the important role of zinc in plant growth and development.
- The hydroponics segment is estimated to register a significantly high growth rate in the projected period attributed to its rapid adoption in agricultural practices due to the rapidly declining availability of cultivable land.
- The soil segment is forecast to grow at a rapid rate in the timeframe owing to its easy-to-use and cost-efficient applications. The increasing preference of this mode by the farmers coupled with the expanding use of conventional agricultural equipment is projected to further drive the segment’s growth.
- The chelated form is projected to observe considerable growth in the timeframe owing to the increasing need to enhance Agricultural Micronutrients’ efficiency in the soil, increasing development of innovative chelated Agricultural Micronutrients, and the high stability of chelated Agricultural Micronutrients.
- The fruits and vegetable segment is projected to record substantial growth in the estimated timeframe owing to increasing consumption of fruits and vegetables, consumer shift to a vegetarian diet, and escalating demand for nutrition-dense crops.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Agricultural Micronutrients market is segmented into:
Type Outlook (Revenue, USD Billion; 2018-2028)
Form Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
End-user Outlook (Revenue, USD Billion; 2018-2028)
- Fruits Vegetables
- Pulses Oilseeds
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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