Growing global population and rising concerns for food security are key factors driving agricultural micronutrients market growth
Leading companies include AkzoNobel (the Netherlands), BASF SE (Germany), Nutrien, Ltd. (Canada), The Mosaic Company (US), Yara International ASA (Norway), Valagro (Italy), and Compass minerals international (US).
Agricultural micronutrients global market Market Size is valued at $3.7 Billion in 2020; Market Growth is at a CAGR of 8.6%; Market Trend is a shift in consumer preference towards nutrient-rich foods
New York, NFAPost: The global agricultural micronutrients market is expected to reach a value of $6.9 Billion in 2028 and register a CAGR of 8.6%, according to the latest report by Reports and Data.
The micronutrient deficiencies can cause plant abnormalities and reduce crop yield, compromising crop productivity and farm income. Hence there is a rising need for agricultural micronutrients.
Over the years, there has been a steady rise in the production of high-value crops and seeds, including nuts, fruits, ornamental crops, and vegetables.
On a per hectare basis, horticulture crops utilize comparatively greater amounts of micronutrients than other agronomic crops. In addition, this sector of agriculture has observed several acquisitions of farmlands by major companies. Such developments are emerging as a new trend in the industry.
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Government-supported initiatives in many countries, including India, which is one of the major opportunity areas for growth opportunities, are expected to contribute to market growth over the forecast period.
These schemes involve a partnership or agreement between processing firms and farmers, for producing and supplying of various agricultural products at predetermined prices. Moreover, such agreements also involve crop buyers providing a degree of production support, such as provision of technical expertise and raw materials to farmers.
Rising importance for enhancing uniformity and quality in cultivated crops combined with low arable land availability is expected to result in rising demand for chelated micronutrients. Evidence indicates that agricultural crops grown with deficient micronutrients are unable to benefit human health and dietary levels.
Various manufacturers in the industry are encouraging sellers and farmers to boost production and sales of biofortified and nutritious crops, such as maize, wheat, sweet potato, and potato.
The Covid-19 pandemic situation has made a sizable volume of the general population conscious regarding benefits of foods rich in micronutrients.
Increased commercial utilisation, strong local market chains, and robust smallholder production systems are factors expected to result in rising sales of biofortified crops rich in nutrition. This is also expected to drive demand for agricultural micronutrients and in turn, support market growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/agricultural-micronutrients-market
Some key findings in the report
- Zinc is mostly applied as a foliar and mixed with soil for improving cereal-based nutrition. Companies in the industry are encouraging farmers and producers to adopt micronutrient biofortification at specific growth stages of wheat, aiding in enhanced yields.
- Iron micronutrient application is mainly associated with increased yields, economic returns, and high iron concentration in mung bean. Biofortification is a recurring trend in the agricultural micronutrients sector and is helping in integrating nutrients into agricultural crops.
- Manganese is popular for resisting crop diseases. Rising consumer demand for ideal and healthy diet with well-balanced nutrition is opening up lucrative opportunities for various companies in the market.
Top Key Agricultural Micronutrients Market players:
- AkzoNobel (the Netherlands)
- BASF SE (Germany)
- Nutrien, Ltd. (Canada)
- The Mosaic Company (US)
- Yara International ASA (Norway)
- Valagro (Italy)
- Compass minerals international (US)
For the purpose of this report, Reports and Data has segmented the global agricultural micronutrients market on the basis of type, mode of application, form, crop type, and region:
Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Others (Chlorine and Nickel)
Crop Type Outlook (Revenue, USD Billion, 2018 – 2028)
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (Turfs, ornamentals, plantation crops, forages, and fiber crops)
Form Outlook (Revenue, USD Billion, 2018 – 2028)
Mode of Application Outlook (Revenue, USD Billion, 2018 – 2028)
- Others (Seed treatment, trunk injection, and implantation)
Regional Outlook (Revenue, USD Billion, 2018 – 2028)
- North America
- Rest of North America
- Rest of Europe
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of UAE
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(The above story is based on inputs from GLOBE NEWSWIRE)