The global agricultural micronutrients market is anticipated to be worth around US$ 4.9 billion in fiscal year 2021. From 2022 to 2032, the market is expected to grow at a 3.6% CAGR, reaching a value of US$ 7.24 billion by the end of 2032. The agricultural micronutrients market is developing as a consequence of factors such as increased public awareness of the benefits of micronutrients on agricultural productivity and yields. Furthermore, growing levels of consumer concern about food security are expected to fuel market development throughout the forecast period.
Furthermore, micronutrient deficiency has been established in many soils as a result of growing plant analysis and soil testing for the need for high-quality crop yields, which will drive the agricultural micronutrients market during the forecast period. Another reason driving the growth of agricultural micronutrients is the increasing use of chemical fertilizer, which improves output while protecting crops from damaging UV radiation and insects. This will hasten the overall growth of the market for these nutrients between 2022 and 2032.
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The current growth in demand for micronutrients has been severely hampered by their high prices. Some farmers have reduced or refused to utilize micronutrients in their fertilizer programmes due to expensive expenses. As a result, the soil’s micronutrient levels have declined and become inadequate. Farmers in developing countries are ignorant of the proper dosage and use of micronutrients. They typically lack training, access to current technology, and expertise in farming processes. Such factors will hinder the market growth during the forecast period.
Region-wise, China is predicted to be the dominating market for agricultural micronutrients. The country accounts for more than 20% of agricultural micronutrient earnings in the Asia Pacific area. This is due to China’s arable soil missing specific minerals, resulting in a high adoption of particular micronutrients. Since the country has the highest population density in the world, more yields are required to feed the people. As a result of these considerations, China is recognized as one of the primary regional markets for agricultural micronutrients.
Key Takeaways from the Market Study
- In 2022, the global agricultural micronutrients market is estimated to have a global market size of US$ 5.08 Bn.
- The zinc segment is expected to have a 43% market share in 2022 and to dominate the global market from 2022 to 2032.
- The fruits and vegetables segment is predicted to increase at a robust CAGR of 4% between 2022 and 2032.
- The Chinese agricultural crop market is predicted to acquire a 35% global market share by 2022.
- The Indian agricultural micronutrients market is expected to grow with a steady CAGR of 3.8% during 2022-2032.
“Crop micronutrients are essential for plant development and metabolic activity. They help roots grow by fortifying them, making them bigger, and supplying them with organic chemicals and proteins. Such factors will boost global growth” comments a Fact.MR analyst.
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The bulk of the agricultural micronutrients companies featured in the research have focused on brand development, expansion, acquisitions, and investments.
- In May 2022, Coromandel International expanded their crop protection product offering by adding five new goods. Indian farmers now have a new option for crop protection thanks to Coromandel International Limited’s freshly announced products.
- Compass Minerals reported consolidated Y-O-Y sales increase of 7% in the first quarter of its fiscal year in 2022. Greater highway deicing sales volumes, improved consumer and industrial (C&I) sales volumes, and higher Plant Nutrition and C&I pricing drove this rise.
Market Segments Covered in Agricultural Micronutrients Industry Analysis
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Seed Treatment
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