WASHINGTON, March 28, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Agricultural Micronutrients Market Size, Share & Trends Analysis Report by Type (Zinc, Boron, Iron, Manganese), by Crop Type (Cereals & grains, Oilseeds & pulses, Fruits & vegetables, Others (Turfs, ornamentals, plantation crops, forages, and fiber crops), by Form (Chelated, Non-Chelated), by Application (Soil, Foliar, Fertigation, Others (Seed treatment, trunk injection, and implantation), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Agricultural Micronutrients Market is expected to grow from USD 3,916.90 Million in 2021 to USD 6,250.24 Million by 2028 at a CAGR of 8.10% during the forecast period.
Market Synopsis-
Agricultural Micronutrients Market are small amounts of important elements utilized by plants. These include zinc, boron, copper, manganese, iron, and others. Micronutrients are important phytonutrients that are consumed in very small amounts and play a key role in plant growth and development. They assist with working on the yield and nature of rural items and are used prominently in soil, foliar showers and irrigation and fertilization frameworks. They also aid in the organic cycle and cell development of plants. Today, micronutrients are mixed with dry and flowing compost to reduce costs and allow for uniform transport using conventional application equipment.
Micronutrients are used in plants for chemical adjusting, auxin action, upgrading blossoming sprouts and fostering a uniform aging interaction. The rising spotlight on plant supplements for effective development and ideal yields addresses one of the key variables supporting the market growth. Moreover, as they go about as a catalyst co-factors and building blocks that empower plants to construct total proteins and mixtures, they are viewed as a fundamental mineral component for sustaining green harvests. This is a factor expected to proliferate growth of the target market. Different variables adding to an increment in the use of Agricultural Micronutrients Market remember the need to accomplish legitimate adjusted sustenance for harvests of oats, beats, oilseeds, flavors and ranch. Aside from this, as micronutrient lack prompts hindered development, leaf staining, loss of fruiting bodies, plant disfigurements and diminished crop yields, their interest is expected to grow in the agricultural business.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Agricultural Micronutrients market is predicted to grow at a CAGR of roughly 8.10% during the forecast period.
- The Agricultural Micronutrients market was estimated to be worth roughly USD 3,916.90 Million in 2021 and is expected to reach USD 6,250.24 Million by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Agricultural Micronutrients market.
List of Prominent Players in the Agricultural Micronutrients Market:
- BASF SE (Germany)
- AkzoNobel (Netherlands)
- Nutrien Ltd. (Canada)
- Nufarm (Australia)
- Coromandel International Ltd. (India)
- Helena Chemical Company (US)
- Yara International ASA (Norway)
- The Mosaic Company (US)
- Haifa Group (Israel)
- Sapec SA (Belgium)
- Compass minerals international (US)
- Valagro (Italy)
- Zuari Agrochemicals Ltd (India)
- Stoller Enterprises Inc (US)
- Balchem (US)
- ATP Nutrition (Canada)
- Baicor LC (US)
- Corteva Inc (US)
- BMS Micronutrient NV (Belgium)
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Market Dynamics:
Drivers-
The Agricultural Micronutrients Market has experienced rapid growth in recent years. The agricultural micronutrient industry is growing due to an increasing population and growing concerns about food security. In addition, as farmers become more aware of soil nutrient deficiencies, the demand for Agricultural Micronutrients Market is also increasing. Contract farming, in which companies provide large amounts of agricultural inputs, is becoming more popular, resulting in increased product awareness and growth. As a result of growing high-yielding crops, micronutrients are largely removed from the soil. Demand for Agricultural Micronutrients Market is soaring due to the increasing prevalence of micronutrient deficiencies in soils and the growing need for food to meet the needs of a growing population.
Challenges:
Excessive costs of micronutrients have been a significant limitation for request development of micronutrients in the new past. A few ranchers have discounted or opposed the utilization of micronutrients in their manure programs because of excessive costs. This has caused a lack of decrease and of micronutrient levels in the dirt. Ranchers in non-industrial nations need mindfulness with respect to the dose and legitimate utilization of micronutrients. They are not prepared and regularly don't approach innovation and information with respect to cultivating strategies.
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Regional Trends:
APAC ruled the global Agricultural Micronutrients Market as APAC holds the biggest region for horticulture. Nations, for example, India and China are central parts around here. Significant yields created in Asia incorporate rice, sugar beet, natural products and vegetables, oats, and grains; the locale consumes 90% of the global rice delivered. There is a colossal interest for agrarian micronutrients market in Asia Pacific because of the immediate utilization of micronutrients to treat plant inadequacies and are frequently showered in mix or as added substances.
According to the 2020 CropLife 100 survey, 69% of respondents believe their micronutrient sales will increase by 1% to 5% in 2020. The increase in sales is due to government support initiatives and high global demand for nutritious agricultural products. The World Health Organization (WHO) emphasizes the need to consume grains, legumes, and vegetables for a balanced diet. These factors are expected to favor the demand for the product in the upcoming years.
Recent Developments:
ICL is set to get the South American plant nourishment business of Compass Minerals Inc. The obtaining is relied upon to grow its arrangement of micronutrients expected in farming and further fortify its situation in the worldwide commercial center.
Browse market data Tables and Figures spread through 134 Pages and in-depth TOC on "Agricultural Micronutrients Market Size, Share & Trends Analysis Report by Type (Zinc, Boron, Iron, Manganese), by Crop Type (Cereals & grains, Oilseeds & pulses, Fruits & vegetables, Others (Turfs, ornamentals, plantation crops, forages, and fiber crops), by Form (Chelated, Non-Chelated), by Application (Soil, Foliar, Fertigation, Others (Seed treatment, trunk injection, and implantation), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/agricultural-micronutrients-market-market-462989
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Agricultural Micronutrients Market?
- How will the Agricultural Micronutrients Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Agricultural Micronutrients Market?
- What is the Agricultural Micronutrients market drivers and restrictions?
- What will be the CAGR and size of the Agricultural Micronutrients Market throughout the forecast period?
The report on the Agricultural Micronutrients Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Agricultural Micronutrients Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 3,916.90 Million |
| Projected Market Size in 2028 | USD 6,250.24 Million |
| CAGR Growth Rate | CAGR of 8.10% from 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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