Global Agricultural Micronutrients Market has been projected to be valued at USD 7.3 Billion by 2026 at a CAGR of 8.4% between 2020 and 2026. Micronutrients play an important role in agriculture by promoting sustainable crop production. Owing to various factors such as continuous fertilization in limited agricultural land, the over-application of fertilizers or manure, and also due to natural calamities, soil tends to lose essential nutrients which causes nutrient deficiencies in the soil and impacts the growth of crops and their nutrient content negatively.
Thus, the continuous rise in demand for nutrition-rich food from the rising population is boosting the growth of the Agricultural Micronutrients Market. The market players are also emphasizing on product launches, partnerships, acquisitions, and expansions to meet the increasing market demand. For instance, in June 2017, AkzoNobel declared its plan to invest more than USD 12 million in Sweden to expand the production capacity for its chelated micronutrients, which are considered as essential in the agricultural market.
Growth Opportunities in the Market
High Demand for Cereals Grains: The cereals grains segment dominated the global Agricultural Micronutrients Market in 2019 and is anticipated to remain dominant during the review period. Among all the crops, cereals grains are the most consumed and account for the largest proportion of agricultural land worldwide. Also, the increasing demand for plant-based foods has further boosted the demand for cereals grains in food processing industries. Manganese, Copper, and Zinc are the top three micronutrient deficiencies found in cereal crops.
Deficiency of Zinc in the Soil Across the Globe: In plants, zinc is an essential constituent of many enzymes and proteins and plays a vital role in a wide range of processes, such as growth hormone production and internode elongation. However, Zinc deficiency is probably the most common micronutrient deficiency in crops worldwide, resulting in substantial losses in crop yields.
Product Innovation on Chelated Micronutrients: Non-chelated micronutrients hold a substantial share in the Agricultural Micronutrients Market owing to their high affordability and availability. However, chelated compounds are more stable than non-chelated compounds, and the key players such as AkzoNobel and BASF SE are investing heavily in the innovation of chelated agricultural micronutrients.
Increasing Adoption of the Fertigation Method: The most common method of micronutrient application for crops is soil application. This method has been traditionally used in many countries and is fast and economical. However, advancements in fertigation technology have increased the adoption of the fertigation method among farmers.
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Increasing prevalence of micronutrient deficiencies in soil
- BASF SE (Germany)
- AkzoNobel (Netherlands)
- Nutrien, Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (US)
- Compass Minerals International (US)
- Valagro (Italy)
- Nufarm (Australia)
- Coromandel International Ltd. (India)
- Helena Chemical Company (US)
- Zuari Agrochemicals Ltd (India)
- Stoller Enterprises, Inc. (US)
- ATP Nutrition (Canada)
- Balchem (US)
- Corteva, Inc. (US)
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