Agricultural Micronutrients Market Size Estimated To Be Driven By Innovation And Industrialization By 2030
Market Overview
Due to the general occurrence of micronutrient insufficiency in soil and the escalating demand for food to meet the needs of an ever-expanding population, the demand for agricultural micronutrients is skyrocketing. Due to a lack of available area for farming, over-fertilization is causing soil micronutrient deficiencies. As per MRFR, the market is estimated to gain USD 7.3 Billion in income at a CAGR of 8.4% by 2026.
The Agricultural Micronutrients Market Size is growing due to the increased population and growing worries about food security. Contract farming, in which firms contribute considerable agrarian inputs, is becoming more popular, resulting in increased product awareness and growth.
Segmental Analysis
The segmental overview of the Agricultural Micronutrients Market Size is conducted based on type, crop type, form, mode of application, and regions. The crop type segment of the Agricultural Micronutrients Market Size consists of oilseeds & pulses, fruits & vegetables, and cereals & grains. The form segment of the Agricultural Micronutrients Market Size consists of chelated and non-chelated. The mode of application segment of the Agricultural Micronutrients Market Size consists of foliar, fertigation, and soil. The region segment of the Agricultural Micronutrients Market Size consists of North America, Asia-Pacific, Europe, and other vital regions. The type segment of the Agricultural Micronutrients Market Size consists of iron, molybdenum, copper, manganese, zinc, and boron.
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Regional Analysis
North America held a sizable market share in the forecast period, 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. The Asia-Pacific held the greatest market share, and it is expected to continue to dominate the worldwide Agricultural Micronutrients Market Size over the forecast period. India and China are two of the most populous countries globally, with vast swaths of agricultural land. The market is growing due to the rapid growth of the agricultural sector and increased knowledge of the products among farmers in these emerging countries.
Competitive Analysis
The need to establish a quick and profitable management strategy is predicted to impact the market in the near future. The market's conflict between demand and supply is investigated to generate a measured development framework. In the subsequent years, the requirement to ameliorate losses incurred by the current public health crisis is projected to be the exclusive focus of market applications. In the coming future, competitors' potential to stimulate market transformation will proceed to grow at a steady rate. Since the market requires an additional drive to achieve consistency in such a situation, cooperation from administrative authorities and governments is increasing. The focus on transformation is forecast to expand in the following years, as user expectations must be addressed more effectively to recover the global market. In particular, there will be a need to provide a helping hand to enterprises in the approaching phase.
The important contenders in the agricultural micronutrient market are AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), BASF SE (Germany), The Mosaic Company (US), Compass Minerals International (US), Valagro (Italy), Nufarm (Australia), Stoller Enterprises, Inc. (US), Helena Chemical Company (US), Zuari Agrochemicals Ltd (India), ATP Nutrition (Canada), Balchem (US), Coromandel International Ltd. (India), and Corteva, Inc. (US).
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