The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The agricultural micronutrients market has experienced remarkable growth, with a surge from $6.2 billion in 2023 to $7.13 billion in 2024, indicating a compelling compound annual growth rate (CAGR) of 15.0%. This flourishing trend is attributed to several factors such as soil nutrient depletion, increased awareness, government subsidies, diverse crop cultivation, and growing environmental concerns.

Projected Growth and Influencing Factors

1. Forecasted Expansion: Anticipated to reach $11.95 billion by 2028, the agricultural micronutrients market is poised for continuous growth, fueled by a CAGR of 13.8%.
2. Driving Forces:
   • Emerging markets
   • Increasing population
   • Precision agriculture
   • Research and development
   • Rising organic farming
3. Noteworthy Trends:
   • Biological micronutrients
   • Customized micronutrient blends
   • Nanotechnology in micronutrients
   • Micronutrient fortification
   • Sustainable sourcing

Escalating Food Production Boosting Agricultural Micronutrients Market

Rising food production emerges as a key driver propelling the agricultural micronutrients market. As an integral part of the food production process, micronutrients contribute to increased crop yields, improved food quality, reduced pesticide usage, and enhanced soil health. Notably, statistics from the World Bank highlight a 250% surge in local food production, underscoring the pivotal role of micronutrients in this growth.

Read The Full Agricultural Micronutrients Market Report Here:

https://www.thebusinessresearchcompany.com/report/agricultural-micronutrients-global-market-report

Leading Agrochemical Companies Embrace Innovation in Agricultural Micronutrients Market

1. Innovative Product Development:
   • Major players like BASF SE, Yara International ASA, and Nutrien Ltd. are focusing on innovative products.
   • Water-soluble micronutrients and N-P-K fertilizers are at the forefront of product development strategies.
2. ICL Group’s Advanced Solutions:
   • In June 2023, ICL Group Ltd. introduced an advanced line of foliar and fertigation solutions under the Nova brand.
   • Products include Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW, expanding ICL’s top-tier crop nutrition solutions.

Koch Agronomic Services Llc Acquires Compass Minerals’ North American Micronutrient Assets

1. Strategic Acquisition:
   • In May 2021, Koch Agronomic Services LLC acquired Compass Minerals North American micronutrient assets, reinforcing its position in the market.
   • Acquired assets include Wolf Trax, Rocket Seeds, and Hydro Bullet product platforms.
2. Compass Minerals Background:
   • Compass Minerals, a US-based producer, contributed its North American micronutrient assets, global intellectual property rights, trademarks, and patents to the deal.

Agricultural Micronutrients Market Segmentation

The agricultural micronutrients market is segmented based on:

1. Type:
   • Zinc
   • Boron
   • Iron
   • Copper
   • Manganese
   • Molybdenum
   • Other Types
2. Method of Application:
   • Soil Application
   • Fertigation
   • Foliar
   • Seed Treatment
   • Hydroponics
3. Crop Type:
   • Cereals
   • Pulses
   • Oilseeds
   • Spices
   • Fruit And Vegetables
4. Application:
   • Tomato
   • Cotton
   • Citrus
   • Apple
   • Lettuce
   • Soybean
   • Other Applications

Asia-Pacific Dominance

1. Regional Standing:
   • In 2023, Asia-Pacific led the agricultural micronutrients market.
2. Anticipated Growth:
   • Asia-Pacific is projected to be the fastest-growing region, showcasing the region’s significance in the market’s evolution.

Get A Free Sample On The Global Agricultural Micronutrients Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=6514&type=smp

The Agricultural Micronutrients Global Market Report 2024  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.

Explore Similar Reports From The Business Research Company:

Agricultural Biologics Global Market Report 2024

Agricultural Films Global Market Report 2024

Agricultural Fumigants Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: