The agricultural micronutrients global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Agricultural Micronutrients Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The agricultural micronutrients market size has grown rapidly in recent years. It will grow from $6.2 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to soil nutrient depletion, awareness and education, government subsidies, crop diversity, environmental concerns.
The agricultural micronutrients market size is expected to see rapid growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to emerging markets, increasing population, precision agriculture, research and development, rising organic farming. Major trends in the forecast period include biological micronutrients, customized micronutrient blends, nanotechnology in micronutrients, micronutrient fortification, sustainable sourcing.
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Scope Of Agricultural Micronutrients Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Agricultural Micronutrients Market Overview
Market Drivers –
The rising micronutrient deficiency in soil is expected to propel the growth of the agricultural micronutrients market. Micronutrient deficiency in soil is defined as the low or unavailability of elements like manganese, copper, zInc., boron, iron, sulphur, and molybdenum. The deficiency of these elements is a concern to the farmers, as it decreases productivity and profit. For instance, in October 2022, according to a report published by ICAR, an India-based apex body managing research and education in agriculture, that was conducted from agricultural fields in 615 districts spread across 28 states in India found that S (58.6% of soils), Zn (51.2% of soils), and B (44.7% of soils) had higher deficiencies than Fe (19.2% of soils), Cu (11.4% of soils), and Mn (17.4% of soils) did. Out of 615 districts, > 50% of the soils in 101, 131, and 86 districts, respectively, had insufficient amounts of available S, available Zn, and available B. Therefore, the growing micronutrient deficiency in soil is driving the growth of the agricultural micronutrients market.
Market Trends –
Technological advancements are shaping the agricultural micronutrients market. Technological advancement is a discovery of knowledge that advances technology and aids in providing an enhanced product. For instance, in September 2022, ICL Group Ltd., an Israel-based developer and manufacturer of metals, fertilizers and specialty chemicals, launched eqo.x, a revolutionary rapidly biodegradable release technology created for open field agriculture. By reducing nutrient loss and increasing nutrient use efficiency (NUE) up to 80%, a coating is used in this novel solution to help farmers maximize agricultural crop performance while minimizing environmental impact. The release technology can also help reduce the number and amount of nitrogen applications, increase or maintain yields with lower fertilizer rates, and provide predictable and consistent nutrient release.
The agricultural micronutrients market covered in this report is segmented –
1) By Type: Zinc, Boron, Iron, Copper, Manganese, Molybdenum, Other Types
2) By Method of Application: Soil Application, Fertigation, Foliar, Seed Treatment, Hydroponics
3) By Crop Type: Cereals, Pulses, Oilseeds, Spices, Fruit And Vegetables
4) By Application: Tomato, Cotton, Citrus, Apple, Lettuce, Soybean, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the agricultural micronutrients market in 2023. Asia-Pacific is expected to be the fastest-growing region in the agricultural micronutrients market. The regions covered in the agricultural micronutrients market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the agricultural micronutrients market include BASF SE, Yara International ASA, Nutrien Ltd., Nouryon BV, Compass Minerals International, Helena Chemical Company, Corteva Agriscience, Coromandel International Limited, Haifa Group, Valagro S.p.A, Sigma AgriScience LLC, Aries Agro Limited, AgroLiquid, Agrium Inc., Dow Chemical Company, ATP Nutrition Ltd., Baicor L.C., Stoller USA Inc., Akzonobel N.V, Sumitomo Chemical Co. Ltd., Syngenta International AG, Brandt Consolidated Inc., Grow More Inc., Western Nutrients Corporation, The Mosaic Company, Nufarm Limited, ICL Group Ltd., Chambal Fertilisers and Chemicals Limited, Sapec Group, Green Has Italia SPA
Table of Contents
1. Executive Summary
2. Agricultural Micronutrients Market Report Structure
3. Agricultural Micronutrients Market Trends And Strategies
4. Agricultural Micronutrients Market – Macro Economic Scenario
5. Agricultural Micronutrients Market Size And Growth
…..
27. Agricultural Micronutrients Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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