The global agricultural micronutrients market is estimated to be valued at USD 3.3 billion in 2019 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
In terms of value, The market for agricultural micronutrients in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2025. Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils. Large areas are affected by micronutrient deficiencies in China and is estimated that more than one-third of the country’s farmland area has soil Zn, Mo or B deficiencies. Problems with low soil Zn, B and Fe are very extensive and have become more widespread in recent times in India. Zinc sulfate is the most commonly used Zn source, particularly in the Asian market, where price is the main consideration in the micronutrient product choice. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat deficiency.
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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the agricultural micronutrients market. It includes the profiles of leading companies, such as BASF SE (Germany), Nutrien, Ltd.(Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Balchem (US), Helena Chemical Company (US), Land O’ Lakes (US), Compass Minerals International (US), Sapec S.A. (Belgium), Valagro (Italy), Stoller Enterprises INC (US), Zuari Agrochemicals (India), Haifa Group (Israel), ATP Nutrition (Canada), Baicor LC (US), Coromandel International Ltd (India), Corteva INC (US), Nufarm (Australia), and BMS Micro-Nutrients NV (Belgium).
The fruits & vegetables segment is projected to account for the largest market during the forecast period.
By crop type, the agricultural micronutrients market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other segments. The dominance of the fruits & vegetables segment is attributed to the increasing consumption of micronutrients for these crops, particularly in the Asian and North American countries. The high export potential of fruits & vegetables has led to an increase in production levels. This has propelled the requirement of micronutrient products for efficient usage of agricultural inputs to meet export quality standards. According to FAO, China is the largest producer of fresh fruits & vegetables, surpassing the US and India in 2018.
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