Nourishing the Future: The Booming Agricultural Micronutrients Market



The global agricultural micronutrients market size is expected to experience significant growth by reaching USD 6.65 billion by 2028 while exhibiting a CAGR of 7.51% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Agricultural Micronutrients Market, 2023-2028.” The report further mentions that the market stood at USD 3.86 billion in 2020. Decreasing arable land and the growing demand for gardening activities is perceived as a positive growth factor in the market. According to the Our World in Data Organization, half of the global habitable land is adopted for agriculture purposes. On the other hand, as per the European Commission and Joint Research Center, around 970 million tons of soil are lost due to erosion in the European Union every year.

Agricultural micronutrients are essential elements required by plants in small quantities for their growth and development. These micronutrients include iron, zinc, copper, manganese, boron, molybdenum, and chlorine. While plants require these nutrients in small amounts, their deficiency can have a significant impact on crop yield and quality. Agricultural micronutrients can be added to the soil or applied as foliar sprays to ensure that plants have access to sufficient amounts of these essential elements. The agricultural micronutrient market includes products such as chelated micronutrients, sulfates, and other micronutrient fertilizers, which are used to supplement the soil and enhance plant growth. The increasing demand for high-quality food products and the need to increase agricultural productivity are driving the growth of the agricultural micronutrients market.

Market Segmentation

On the basis of type, the market is segmented into zinc, boron, iron, molybdenum, manganese, and others. Based on form, the market is bifurcated into chelated and non-chelated. Moreover, on the basis of application, the market is trifurcated into soil, foliar, and fertigation. On the basis of crop type, the market is segregated into cereals, oilseeds & pulses, fruits & vegetables, and others.

Based on crop type, the cereals segment held a global agricultural micronutrients market share of about 48.09% in terms of revenue in the forthcoming years. This is due to the increasing incidence of nutritional value loss amongst cereals crops such as wheat, rice, and others that propel the demand for advanced micronutrients in the agriculture sector worldwide.

Finally, on the basis of region, the market is classified into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.

What does the Report Include?

The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Growing Demand for Gardening Activities to Augment Growth

According to the data by Heart, Lung, and Blood Institute, gardening is believed to relieve stress and reduce high blood pressure in people. Besides, the increasing awareness regarding the consumption of healthy food products has led to the high inclination towards gardening activities worldwide. The onset of the COVID-19 pandemic led to people being confined in their home spaces that propelled the adoption of home-gardening activities. The cultivation of horticulture crops gained momentum owing to their nutritious benefits. Therefore, these factors are likely to bode well for the global agricultural micronutrients market growth during the forecast period.

REGIONAL INSIGHTS

Asia-Pacific – The region stood at USD 1.76 billion in 2020 and is expected to dominate the market during the forecast period. This is due to the rapidly growing population driving the demand for nutritious agriculture yield in countries such as India, China, and Japan. According to the World Health Organization (WHO), 60% of the global population is present in the Asian region.

North America – The region is expected to experience significant growth in the forthcoming years. This is due to the steady decline of arable land in countries such as the U.S. and Mexico that is likely to boost the adoption of advanced agricultural micronutrients between 2021 and 2028.

COMPETITIVE LANDSCAPE

Collaboration between Key Players to Brighten Their Market Prospects

The market is experiencing healthy competition amongst the key players positioned in it. These companies are focusing on collaborating with other companies to develop and commercialize innovative agricultural micronutrients to cater to the growing demand from consumers. Moreover, the adoption of organic and inorganic growth strategies by the major companies will contribute to the growth of the market during the foecast period.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607