New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Agricultural Micronutrients Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Agricultural Micronutrients Market Information by Type, Crop Type, Form, Mode of Application, and Region - Forecast till 2026”, the market is estimated to reach USD 7.3 Billion by 2026 at 8.4% CAGR.
Market Scope
Micronutrients are little amounts of important elements utilized by plants. Zinc, boron, copper, manganese, and iron are among them. Micronutrients are important plant nutrients that are only consumed in little amounts. Micronutrients in agriculture serve a critical role in plant growth and development. For most micronutrients, crop consumption is less than one pound per acre.
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Competitive Landscape
The notable players of the Market are:
- The Mosaic Company (US)
- Nutrien, Ltd. (Canada)
- Compass Minerals International (US)
- Helena Chemical Company (US)
- Zuari Agrochemicals Ltd (India)
- Stoller Enterprises, Inc. (US)
- ATP Nutrition (Canada)
- Balchem (US)
- Corteva, Inc. (US)
- BASF SE (Germany)
- AkzoNobel (Netherlands)
- Yara International ASA (Norway)
- Valagro (Italy)
- Nufarm (Australia)
- Coromandel International Ltd. (India)
Market Drivers
In recent years, the Agricultural Micronutrients Market has experienced rapid growth. The agricultural micronutrients industry is growing due to increased population and growing worries about food security. In addition, there has been an increase in demand for agricultural micronutrients as farmers become more conscious of soil nutrient deficiency. Contract farming, in which firms contribute considerable agricultural inputs, is becoming more popular, resulting in increased product awareness and growth. Micronutrients have been removed in huge quantities from the soil as a result of the drive for high-yield crops. Because of the increasing prevalence of micronutrient insufficiency in the soil, as well as the growing demand for food to meet the needs of an ever-expanding population, the demand for agricultural micronutrients is skyrocketing.
Market Restraints
However, a global shortage of micronutrients is being caused by reasons such as extensive irrigation facilities, mining of micronutrient deposits, and increased usage of heavy chemical fertilizers.
COVID-19 Analysis
The COVID-19 pandemic has affected agricultural micronutrient supply systems, as several nations are on lockdown and have closed their borders to prevent the virus from spreading. Strict containment requirements enforced by various governments, as well as preventive steps to control the outbreak's impact, have resulted in considerable transportation restrictions. COVID-19's logistical impact has interrupted the supply of raw materials, resulting in reduced manufacturing capacity and, as a result, product shortages. In the short term, these variables are projected to raise the price of agricultural micronutrients.
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Market Segmentation
In 2019, the zinc sector had the biggest market share by type. Soil zinc shortage is one of the most common agricultural issues in the world. Zinc insufficiency is most common in cereal grain crops, which are the primary food source for a substantial portion of the world's population, particularly in impoverished nations.
In 2019, the Cereals & Grains sector held the largest market share by Crop Type. Cereals and grains make up the majority of the agricultural land under cultivation. They are the most widely farmed crop types on the planet. As a result, the use of Agricultural Micronutrients Market is widespread in this industry.
The chelates sector is expected to grow at a faster rate than the rest of the market during the forecast period. Chelates are organic micronutrients that create a ring-like structure around the metal cation.
The soil category accounted for the greatest market share by mode of application in 2019 and is expected to maintain its dominance throughout the research period. It is one of the most often used methods of application in the world. Due to its simplicity and affordability, it is the most popular way of application among farmers.
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Regional Analysis
In 2019, North America held a sizable market share, with the United States being the leading contributor at the country level. The demand for crop yield-improving goods such as agricultural micronutrients has increased as the region's arable land has shrunk. Market growth is further aided by the widespread presence of significant players in the region.
In 2019, Asia-Pacific held the greatest market share, and it is expected to continue to dominate the worldwide agricultural micronutrients market over the forecast period. India and China are two of the most populous countries in the world, with vast swaths of agricultural land. The market is growing due to the expansion of the agricultural sector and increased knowledge of the products among farmers in these emerging countries.
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