The Global Agricultural Micronutrient Market size is expected to grow from USD 8.32 billion in 2023 to USD 16.05 billion by 2032, at a CAGR of 7.58% during the forecast period (2024-2032).
The Agricultural Micronutrient Market is growing swiftly because of the increasing want for higher crop yields and the rising cognizance approximately soil health and nutrient deficiencies in agricultural practices. Micronutrients together with zinc, boron, copper, manganese, and iron are crucial for plant growth and development, albeit in small quantities, and are essential in making sure wholesome crop manufacturing. These vitamins play important roles in techniques like photosynthesis, enzyme hobby, and ailment resistance. As the global population maintains to make bigger, the demand for food will increase, pressuring the rural sector to beautify productivity without increasing land use. This has caused a more cognizance on micronutrient management, especially in regions wherein in depth farming practices have caused nutrient-depleted soils. Additionally, the shift towards sustainable and natural farming practices is riding the adoption of micronutrient-wealthy fertilizers, as they guide wholesome plant boom without the destructive environmental affects related to synthetic chemical inputs.
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Top Key Players Covered in the Agricultural Micronutrient Market
- BASF SE(Germany)
- AkzoNobel (Netherlands)
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (US)
- Compass minerals international (US)
- Valagro (Italy)
- Coromandel International Limited (India)
- Haifa Group (Israel)
- Helena Agri-Enterprises LLC (U.S.)
- Valagro S.p.A (Italy)
- Sigma AgriScience LLC (U.S.)
- Aries Agro Limited (India)
- Nufarm Limited (Australia)
- AgroLiquid (U.S.)
- Indian Farmer Fertilizer cooperative limited (India)
- SAPEC SA (Belgium) and Other Major Players.
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Segmentation
By Type
· Zinc
· Boron
· Iron
· Others
By Form
· Chelated
· Non-chelated
By Application
· Soil
· Foliar
· Fertigation
Key Industry Development In The Agricultural Micronutrient Market
In September 2021, In India Coromandel International Limited launched a new product namely GroShakti Plus a fertilizer, which is a superior and complex fertilizer with new technology. Coromandel is continuously serving the farmers in all aspects to enhancing productivity of crops and increasing yield of crop, by creating Specialty nutrients, Bulk fertilizers, and nutrient based pure Organic fertilizers that’s improve the quality of soil.
In March 2021, for the development and distribution of nutrient efficiency products, The Mosaic Company made a partnership with Sound Agriculture. The product is inspired by biochemistry that activates the soil microbiome to give open space to the plant for absorption of fertilizers. Sound Agriculture has invented technology that activates the soil microbiome to give access to enter important nutrients in plants and which allow farmers to get more benefits of fertilizer.
Market Dynamics Of Agricultural Micronutrient Market:
Market Drivers:
Rising Demand for Higher Crop Yields:
As the worldwide populace grows, the demand for meals keeps to upward thrust, pressuring farmers to boom crop yields on current farmland. Agricultural micronutrients, which decorate crop quality and growth, play a essential function in assisting farmers meet those demands, making them crucial in modern-day agricultural practices.
Soil Degradation and Nutrient Deficiency:
Intensive farming practices, non-stop cropping, and unsuitable use of fertilizers have depleted crucial micronutrients from soils, mainly in rising agricultural areas like Asia-Pacific and Latin America. Micronutrient-enriched fertilizers help repair the stability in nutrient-poor soils, riding demand.
Growing Adoption of Precision Farming:
Precision farming strategies, which permit farmers to use micronutrients in which they are wanted most, are gaining recognition. These methods optimize input use, reduce waste, and boom performance, improving the demand for tailor-made micronutrient merchandise.
Market Restraints:
High Cost of Micronutrient Fertilizers:
Compared to conventional fertilizers, micronutrient merchandise have a tendency to be extra pricey, which may be a barrier for small and medium-scale farmers, in particular in growing areas where resources are confined. The price component may slow the vast adoption of these products.
Lack of Awareness and Education Among Farmers:
In many areas, in particular in developing nations, farmers lack cognizance approximately the advantages of micronutrients and a way to follow them correctly. Limited access to information and extension services hinders the growth of the market in these areas, as many farmers keep to rely on traditional farming methods.
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