The global agricultural micronutrients market is expected to grow to USD 5.9 billion by 2027 from USD 3.62 billion in 2020 and registering with a CAGR of 9.1% over the projected period.
In the upcoming years, the demand for agricultural micronutrients is attributed by the degradation and contamination of soil across several regions of the world. Additionally, the Agricultural Micronutrients Market trend will be raised by the diminishing levels of arable land. This has also resulted in an increase in R&D investment by top players for the advancement of systematic and economical micronutrients for agricultural use.
The well growth of the agricultural micronutrients market is driven by the enhanced usage of agricultural micronutrients in soil-based applications. Being soil is the utmost opted, simple and affordable way for farmers. The farmers are compelled to use soil-based applications for micronutrients in plants due to fewer acceptances of distinct and advanced fertilizer application techniques by farmers along with the accessibility of limited resources. Nevertheless, the rising development in fertigation technology and drip irrigation will benefit the fertigation segment’s growth, which results in improving the Agricultural Micronutrients Market revenue.
Chelated micronutrients refer to organic molecules which compound with metal cation to appear as a ring-like structure. Chelated micronutrients are accessible in varied ranges of soil pH. Ethylene diamine-tetra-acetic acid (EDTA), diethylene-triamine Penta-acetic acid (DTPA), and ethylenediamine-N, N′-bis (2-hydroxyphenyl acetic acid) (EDDHA) are among the most frequently adapted chelating agents during the production of synthetic micronutrient chelates. Further, the acceptance of chelated micronutrients is anticipated to rise expeditiously owing to the firm nature of chelated compounds.
The top players of agricultural micronutrients market are BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd.(Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). With expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements, these relevant players of this market are concentrating on enhancing their existence. North America, Asia Pacific, and Europe are the regions dominating the market. Manufacturing facilities, in addition with well built distribution networks across these regions drives the agricultural micronutrients market.
In Asia Pacific, the two significant markets for agricultural micronutrients are China and India due to the rising production and consumption of micronutrients in the region. The Agricultural Micronutrients Market in India will experience growth with the increasing awareness concerning the relevance of micronutrients.
Key Market Segments are:
On the basis of type, the agricultural micronutrients market has been segmented as follows:
• Others (Chlorine and Nickel)
On the basis of crop type, the agricultural micronutrients market has been segmented as follows:
• Cereals & grains
• Oilseeds & pulses
• Fruits & vegetables
• Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
On the basis of form, the agricultural micronutrients market has been segmented as follows:
On the basis of mode of application, the agricultural micronutrients market has been segmented as follows:
• Others (Seed treatment, trunk injection, and implantation)
On the basis of region, the agricultural micronutrients market has been segmented as follows:
• North America
• Asia Pacific
• South America
• Rest of World (RoW)*
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