The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

 

The global agricultural micronutrients market has witnessed substantial growth, surging from $5.3 billion in 2022 to $5.94 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 12.0%. Projections for the future are equally promising, with the market expected to reach $9.65 billion in 2027, driven by a robust CAGR of 12.9%. Let’s delve into the key factors propelling this growth, the pivotal role of technological advancements, and the diverse segmentation that defines the landscape.

 

 

Fertile Grounds: Micronutrient Deficiency Fuels Market Expansion

1. Understanding Micronutrient Deficiency

• Micronutrient deficiency in soil involves the insufficient availability of essential elements like manganese, copper, zinc, boron, iron, sulfur, and molybdenum.
• This deficiency poses a significant concern for farmers, leading to decreased productivity and profitability.

2. Regional Insights on Deficiency

• A study conducted by ICAR in India revealed substantial deficiencies, with sulfur (58.6% of soils), zinc (51.2% of soils), and boron (44.7% of soils) showcasing higher levels of insufficiency.
• Over 50% of soils in 101, 131, and 86 districts, respectively, faced shortages of available sulfur, zinc, and boron.

3. Driving Market Growth

• The rising micronutrient deficiency in soil is a key driver for the agricultural micronutrients market, compelling farmers to adopt solutions to address these deficiencies.

 

 

Leaders in Cultivation: Major Players in the Market

1. Industry Pioneers

• Leading the charge in the agricultural micronutrients market are major players including BASF SE, Yara International ASA, Nutrien Ltd., Nouryon, Compass Minerals International, Helena Chemical Company, and many more.

 

 

Cultivating Innovation: The Role of Technological Advancements

1. Revolutionary Biodegradable Solutions

• Technological advancements play a crucial role in shaping the agricultural micronutrients market.
• ICL Group Ltd. introduced eqo.x, a rapidly biodegradable release technology that enhances nutrient use efficiency (NUE) by up to 80% and minimizes environmental impact.

2. Coating for Enhanced Performance

• Eqo.x employs a coating to reduce nutrient loss, making it a novel solution to maximize crop performance while minimizing environmental consequences.
• The technology offers benefits such as reduced nitrogen applications, increased or maintained yields with lower fertilizer rates, and predictable nutrient release.

 

 

Segmenting Growth: Exploring Market Dimensions

1. Micronutrient Types

• The agricultural micronutrients market is segmented based on micronutrient types, including Zinc, Boron, Iron, Copper, Manganese, Molybdenum, and Other Types.

2. Varied Application Methods

• Different methods of application are observed, such as Soil Application, Fertigation, Foliar, Seed Treatment, and Hydroponics, providing diverse options for farmers.

3. Diverse Crop Types

• Addressing the diverse needs of agriculture, the market caters to various crop types including Cereals, Pulses, Oilseeds, Spices, and Fruit And Vegetables.

4. Application Across Crops

• The application of agricultural micronutrients is widespread, covering crops like Tomato, Cotton, Citrus, Apple, Lettuce, Soybean, and Other Applications.

 

 

Regional Dynamics: Asia-Pacific Takes the Lead

1. Dominance and Growth

• In 2022, Asia-Pacific emerged as the largest region in the agricultural micronutrients market.
• The region’s advanced agricultural practices and the fastest-growing market status contribute to its dominance.

2. Anticipated Acceleration

• Asia-Pacific is expected to continue its trajectory as the fastest-growing region in the agricultural micronutrients market.
• The region’s commitment to sustainable agriculture and increasing awareness is driving accelerated growth.

 

 

Get A Free Sample On The Global Agricultural Micronutrients Market Report:
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Read The Full Agricultural Micronutrients Market Report Here:
https://www.thebusinessresearchcompany.com/report/agricultural-micronutrients-global-market-report

 

 

The Agricultural Micronutrients Global Market Report 2023  provides an overview of the agricultural micronutrients market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The agricultural micronutrients market forecast analyzes agricultural micronutrients market size, agricultural micronutrients market share, leading competitor and their market positions.

 

 

The Table Of Content For The Agricultural Micronutrients Market Include:

1. Agricultural Micronutrients Market Executive Summary
2. Agricultural Micronutrients Market Segments
3. Agricultural Micronutrients Market Size And Agricultural Micronutrients Market Growth Rate
4. Key Agricultural Micronutrients Market Trends
5. Major Agricultural Micronutrients Market Drivers
……
25. Key Mergers And Acquisitions In The Agricultural Micronutrients Market
26. Top Agricultural Micronutrients Companies
27. Agricultural Micronutrients Market Opportunities And Strategies
28. Agricultural Micronutrients Market, Conclusions And Recommendations
29. Appendix

 

 

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