New York, March 11, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 3.59 Billion in 2020, Market Growth – CAGR of 8.4%, Market Trends – A paradigm shift in consumer preference towards nutrient-dense foods and escalating food security concerns
The global Micronutrients Market is expected to reach USD 6.87 Billion by 2028 at a CAGR of 8.4%, according to a new report by Reports and Data. Soaring population growth, rapid adoption of precision agriculture, and increasing micronutrient deficiency in the soil are the key factors influencing the market expansion. To cater to the exponentially increasing demand from the prominent global population, the agricultural producers and farmers are shifting towards the use of efficient and productive crop nutrition products. This is projected to significantly propel the market development over the estimated period.
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The expanding vegan populace across the world and the surging apprehension about the benefits of micronutrients for plants and human health are adding traction to the market growth. The growing interest in high-quality food and increasing awareness about micronutrients amongst the farmers are other vital factors bolstering the market growth. The augmenting concerns regarding the safety of food and the rising need to incorporate micronutrients in cropping systems to achieve higher growth of crops are projected to drive the development of the global market.
The impact of the COVID-19 pandemic on the micronutrient market has restrained the market growth to an extent. The restrictions and lockdowns on the industries disrupted the supply chains and the import/export of micronutrients from key producers such as China. The shutdown of numerous fertilizer plants worldwide is also projected to negatively impact the agricultural sector and micronutrient market in the timeframe.
Micronutrients Market Size, Share & Analysis, By Type (Zinc, Boron, Manganese, Molybdenum, And Others), By Application (Foliar, Soil, Hydroponics), By Form (Chelated And Non-Chelated), By End-User (Cereals, Fruits & Vegetables, Floriculture, Pulses And Oilseeds, Others), By Region, Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/micronutrients-market
Key Highlights from the Report:
- The zinc segment is predicted to dominate the market growth in the timeframe due to the surging awareness of zinc’s importance for plant growth and the escalating deficiency of the mineral in soil worldwide. The increasing efforts to boost the concentration of zinc in the soil to enahance the production of crops are projected to bolster the segment growth.
- The soil application segment is foreseen to record lucrative growth in the period due to the easy application, low-cost, and high preference by the farmers and producers. The excellent end-results of micronutrients in the soil and the slow adoption of novel agricultural techniques are projected to bolster the segment’s progress, thereby driving the market growth.
- The chelated form is predicted to occupy the most considerable portion of the market share in the period ascribed to its enhanced stability, escalating demand to bolster micronutrients’ efficacy, and increasing R&D to develop novel micronutrients.
- The cereals segment is estimated to add significantly to the revenue share in the market accredited to the rising inclination towards healthy foods, increasing cultivation of cereals and grains, and the increasing demand for cereal-based food items across the globe.
- The Asia Pacific is predicted to register significant growth in the forecast timeframe ascribed to the increasing arable acres, escalating population, increasing incorporation and acceptance of micronutrients by the farmers, rising export and import of agricultural micronutrients, and the increasing micronutrient inadequacy in the soil. APAC region is predicted to proliferate at a CAGR of 9.4% throughout the estimated timeframe.
- Prominent competitors in the market include Valagro, Agrium Inc., BASF SE, Tradecorp International, Aries Agro Ltd., Coromandel International Ltd., Yara International, Gujarat State Fertilizers & Chemicals, Cheminova, AkzoNobel, and The Mosaic Company.
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For the purpose of this report, Reports and Data has segmented the global Micronutrients Market based on Crop Type, Type, and Region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Zinc
- Molybdenum
- Boron
- Manganese
- Others
Form Outlook (Revenue, USD Billion; 2018-2028)
- Chelated
- Non-chelated
Application Outlook (Revenue, USD Billion; 2018-2028)
- Soil
- Hydroponics
- Foliar
End-user Outlook (Revenue, USD Billion; 2018-2028)
- Cereals
- Fruits & Vegetables
- Pulses & Oilseeds
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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