Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global agricultural micronutrients market size is expected to experience significant growth by reaching USD 6.65 billion by 2028 while exhibiting a CAGR of 7.51% between 2021 and 2028. This information is published by Fortune Business Insights™ in its report, titled “Agricultural Micronutrients Market, 2021-2028.” The report further mentions that the market stood at USD 3.86 billion in 2020. Decreasing arable land and the growing demand for gardening activities is perceived as positive growth factor in the market. According to the Our World in Data Organization, half of the global habitable land is adopted for agricultural purposes. On the other hand, as per the European Commission and Joint Research Center, around 970 million tons of soil is lost due to erosion in the European Union every year.
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Agricultural micronutrients are essential elements that are required by plants in small amounts for their growth and development. These micronutrients are also known as trace elements, and they include boron (B), copper (Cu), iron (Fe), manganese (Mn), molybdenum (Mo), and zinc (Zn).
Each of these micronutrients has a specific role in the plant's physiological processes. For example, boron is important for cell division and the development of reproductive structures, while copper is involved in photosynthesis and the formation of chlorophyll. Iron is necessary for the formation of enzymes and chlorophyll, and manganese plays a role in photosynthesis, respiration, and nitrogen metabolism.
Molybdenum is important for nitrogen fixation, while zinc is required for the production of enzymes and the development of plant tissues. These micronutrients are typically present in soil and can also be added as fertilizers to support plant growth.
List of the Companies Profiled in the Global Market:
- Haifa Group (Haifa, Israel)
- AkzoNobel (Amsterdam, Netherlands)
- Nutrien Ltd. (Saskatoon Canada)
- Yara International ASA (Oslo, Norway)
- Helena Agri-Enterprises, LLC (Tennessee, United States)
- Coromandel International Limited (Secunderabad, India)
- The Mosaic Company (Florida, United States)
- Indian Farmers Fertilizer Cooperative Limited (New Delhi, India)
- Compass Minerals Inc. (Kansas, United States)
- SAPEC S.A. (Bruxelles, Belgium)
Market Segmentation
On the basis of type, the market is segmented into zinc, boron, iron, molybdenum, manganese, and others. Based on form, the market is bifurcated into chelated and non-chelated. Moreover, on the basis of application, the market is trifurcated into soil, foliar, and fertigation. On the basis of crop type, the market is segregated into cereals, oilseeds & pulses, fruits & vegetables, and others.
Based on crop type, the cereals segment held a global agricultural micronutrients market share of about 48.09% in terms of revenue in the forthcoming years. This is due to the increasing incidence of nutritional value loss amongst cereals crops such as wheat, rice, and others that propel the demand for advanced micronutrients in the agriculture sector worldwide.
Finally, on the basis of region, the market is classified into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
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Agricultural Micronutrients Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 7.51% |
| 2028 Value Projection | USD 6.65 billion |
| Base Year | 2020 |
| Agricultural Micronutrients Market Size in 2021 | USD 4.00 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 150 |
| Segments Covered | By Type, By Crop Type, By Form, By Application Mode, By Region |
| Agricultural Micronutrients Market Growth Drivers | Rising Health Consciousness to Propel Consumption of High Nutritional Value Food to Fuel Growth |
| Increasing Investments in R&D to Improve Commercial Cultivation to Offer Growth Opportunities |
What does the Report Include?
The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Growing Demand for Gardening Activities to Augment Growth
According to the data by Heart, Lung, and Blood Institute, gardening is believed to relieve stress and reduce high blood pressure in people. Besides, the increasing awareness regarding the consumption of healthy food products has led to the high inclination towards gardening activities worldwide. The onset of the COVID-19 pandemic led to people being confined in their home spaces which propelled the adoption of home-gardening activities. The cultivation of horticulture crops gained momentum owing to their nutritious benefits. Therefore, these factors are likely to bode well for the global agricultural micronutrients market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 1.76 billion in 2020 and is expected to dominate the market during the forecast period. This is due to the rapidly growing population driving the demand for nutritious agriculture yield in countries such as India, China, and Japan. According to the World Health Organization (WHO), 60% of the global population is present in the Asian region.
North America – The region is expected to experience significant growth in the forthcoming years. This is due to the steady decline of arable land in countries such as the U.S. and Mexico that is likely to boost the adoption of advanced agricultural micronutrients between 2021 and 2028.
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Agricultural Micronutrients Market Segmentation:
By Type
- Zinc
- Iron
- Boron
- Molybdenum
- Manganese
- Others
By Crop Type
- Cereals
- Oilseeds & Pulses
- Fruits & Vegetables
- Others
By Application Mode
- Soil
- Foliar
- Fertigation
By Form
- Chelated
- Non-Chelated
By Geography
COMPETITIVE LANDSCAPE
Collaboration between Key Players to Brighten Their Market Prospects
The market is experiencing healthy competition amongst the key players positioned in it. These companies are focusing on collaborating with other companies to develop and commercialize innovative agricultural micronutrients to cater to the growing demand from consumers. Moreover, the adoption of organic and inorganic growth strategies by the major companies will contribute to the growth of the market during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID-19 on the Fertilizers Market
- Global Agricultural Micronutrients Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Zinc
- Iron
- Boron
- Manganese
- Molybdenum
- Others
- By Crop Type (Value)
- Cereals
- Oilseeds & pulses
- Fruits & vegetables
- Other crop types
- By Application Mode (Value)
- Soil
- Foliar
- Fertigation
- By Form (Value)
- Chelated
- Non-chelated
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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