REDDING, Calif., May 6, 2021 /PRNewswire/ -- According to a new market research report "Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Copper, Manganese), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-Chelated, Chelated), Method of Application (Soil Application, Foliar, Fertigation) - Global Forecast to 2027", published by Meticulous Research, the agricultural micronutrients market is expected to grow at a CAGR of 8.7% from 2020 to 2027 to reach $12.2 billion by 2027. Also, in terms of volume, the agricultural micronutrients market is expected to grow at a CAGR of 5.8% from 2020 to 2027 to reach 2,013.3 KT by 2027.
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Rising micronutrient deficiency in the soil, the shift of consumer preference towards nutrient-rich foods, growing population and rising food insecurity, growing focus on productivity, and positive outlook of government policies and various organizations encouraging the use of micronutrients are the key factors driving the growth of the agricultural micronutrients market. In addition, growing contract farming provides significant opportunities for manufacturers in the agricultural micronutrients market. However, a lack of awareness among the farmers hinders the growth of the agricultural micronutrients market to some extent.
The overall agricultural micronutrients market is mainly segmented by type (zinc, boron, iron, copper, manganese, molybdenum, and other types), form (non-chelated, chelated), method of application (soil, foliar, fertigation, seed treatment, and hydroponics), crop type (cereals & grains, fruits & vegetables, oilseeds and pulses, and other crop types), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the global agricultural micronutrients market is mainly segmented into zinc, boron, iron, copper, manganese, molybdenum, and other types. Zinc accounted for the largest share of the overall agricultural micronutrients market. The dominant position of this segment is mainly attributed to the increasing awareness of zinc deficiency in soils across the globe and its wide range of functions within the growth of plants. In addition, the growth in zinc as an agricultural micronutrients market is driven by factors like the rising need to meet food security challenges and the growing demand for zinc nutritious food products considering its health benefits. Moreover, rising government initiatives across the globe towards enhancing zinc concentrate in the soil to enhance quantitative and qualitative crop yield further support the growth of this market.
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Based on crop type, the overall agricultural micronutrients market is segmented into cereals and grains, fruits and vegetables, oilseeds and pulses, and other crop types. In 2020, the cereals and grains crop segment accounted for the largest share of the overall agricultural micronutrients market. The higher use for cereals and grains and related products in the daily meals of the population across the globe to ensure daily nutrition, relatively large arable land attributed for the cultivation of cereals and grains, increasing industrial application of cereal grains, growing demand for the cereal-based snack are the common factors attributed to the major share of cereals and grains segment in the overall agricultural micronutrients market. However, the fruits and vegetables segment is expected to grow at the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the growing need to increase high fiber and nutrient-rich fruit and vegetable production and increasing hydroponics cultivation of the fruits and vegetables.
Based on type, the overall agricultural micronutrients market for cereals and grains is further segmented into maize/corn, wheat, rice, and other cereals and grains. In 2020, the maize segment accounted for the largest share of the overall agricultural micronutrients market for cereals and grains. The higher use for corn and corn related products in the daily meals of the population across the globe, especially in Africa to ensure daily nutrition, relatively huge arable land attributes for the cultivation of corn production, increasing industrial application of corn in manufacturing of ethanol/alcohol used as fuel for motor vehicles, in the production of animal feed, as biomass for energy, and a source of cooking oil.
Based on form, the global agricultural micronutrients market is segmented into non-chelated form and chelated form. The non-chelated segment accounted for the largest share of the overall agricultural micronutrients market. The largest share of this segment is mainly due to the increasing application of non-chelated micronutrients because of their low price over chelated micronutrients. However, the chelated segment is expected to grow at the fastest CAGR during the forecast period, owing to its high stability over non-chelated micronutrients, growing need to increase micronutrient efficiency, and the rising trend of the development and application of new generation chelates.
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Based on method of application, the overall agricultural micronutrients market is segmented into soil, fertigation, foliar, seed treatment, and hydroponics. In 2020, the soil segment accounted for the largest share of the overall agricultural micronutrients market. The largest share of this segment is mainly attributed to the ease in soil application of micronutrients, its cost-effectiveness over the other application methods, and better results in crop growth. Moreover, the higher preference of the farmers from developing economies for this method is mainly due to the rampant use of traditional agriculture methods in the current farming system, very limited resources, and lower adoption of the advanced fertilizer application methods.
The global agricultural micronutrients market is divided into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia Pacific accounted for the largest share of the global agricultural micronutrients market. The largest share of this region is primarily attributed to the huge area under crop cultivation, growing population, growing interest in high-quality food, increase in awareness and acceptance of the agricultural micronutrients by farmers in the emerging economies, such as China and India. In addition, increasing agricultural practices and the necessity of high-quality agricultural produce are further expected to support the growth of this market. Moreover, this region is expected to grow at the highest CAGR during the forecast period, owing to the vast depletion of arable land, rising micronutrients deficiency in soil and a huge area of infertile soil, and government support for the fertilizer industry.
The key players operating in the global agricultural micronutrients market are BASF SE (Germany), Coromandel International Limited (India), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), Haifa Group (Israel), Yara International ASA (Norway), Helena Agri-Enterprises LLC (U.S.), Nouryon (the Netherlands), Valagro S.p.A (Italy), Sigma AgriScience, LLC (U.S.), Aries Agro Limited (India), Nufarm Limited (Australia), and AgroLiquid (U.S.), among others.
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Scope of the report:
Agricultural Micronutrients Market by Type
- Zinc
- Boron
- Iron
- Copper
- Manganese
- Molybdenum
- Others Micronutrients
Agricultural Micronutrients Market by Crop Type
- Cereals and Grains
- Maize
- Wheat
- Rice
- Other Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
- Other Crops
Agricultural Micronutrients Market by Form
- Non-Chelated
- Chelated
Agricultural Micronutrients Market by Method of Application
- Soil Application
- Fertigation
- Foliar
- Seed treatment
- Hydroponics
Agricultural Micronutrients Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- India
- Australia
- Japan
- RoAPAC
- Latin America
- Brazil
- Mexico
- Argentina
- RoLATAM
- Middle East and Africa
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