Dublin, July 09, 2021 (GLOBE NEWSWIRE) -- The "Agriculture 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" report has been added to ResearchAndMarkets.com's offering.
In terms of value, the global agriculture micronutrients market is expected to reach $12.2 billion by 2027, growing at a CAGR of 8.7% during the forecast period of 2020 to 2027.
Also, in terms of volume, the global agriculture micronutrients market is expected to grow at a CAGR of 5.8% from 2020 to 2027 to reach 2,013.3 KT by 2027. The growth of this market is mainly attributed to the factors such as rising micronutrient deficiency in the soil, rising consumer preference for nutrient-rich foods, growing population, and rising food insecurity.
Based on type, the zinc segment held the leading position of the overall agriculture micronutrients market in 2020 and is also projected to continue its dominance during the forecast period. The major share of this segment is mainly due to the increasing awareness of zinc deficiency in soil across the globe and its wide range of functions in growing various crops.
Moreover, the growth in the zinc micronutrients segment is also attributed to the rising demand to meet food security challenges and growing demand for zinc nutritious food due to its health benefits. Also, the rising government initiatives towards an increase in zinc concentrate in the soil to enhance quantitative and qualitative crop yields further support the growth of this market.
Based on form, the non-chelated segment accounted for the largest share of the overall market in 2020. However, the chelated segment is expected to grow at the fastest CAGR during the forecast period due to its high stability over the non-chelated micronutrients, increasing micronutrient utilization efficiency, and rising innovation across the development and application of next-generation chelates.
Based on crop type, the cereals and grains segment commanded the largest share of the overall agriculture micronutrients market in 2020, owing to the growing demand for cereals and grains and related products in the daily diets, a huge land area dedicated for the cultivation of cereals and grains, increasing industrial application of cereal and grains, growing demand for the cereals-based snacks products, and the key role of the grain cereals to combat many chronic diseases associated with nutrition deficiency. However, the fruits and vegetables segment is expected to grow at the fastest CAGR during the forecast period.
Geographically, the Asia-Pacific region commanded the largest share of the overall agriculture micronutrients market in 2020, followed by North America and Europe. The large share of the Asia-Pacific region is primarily attributed to the high use of micronutrients in its huge agricultural land and the increase in awareness and acceptance of the agriculture micronutrients by farmers in the emerging economies, such as China and India.
Moreover, increasing demand for high-quality food to meet the nutrition requirement of large population base in the region, rising micronutrient deficiency in arable soil, rising need to convert a large area of infertile land to fertile soil, and substantial government support for the fertilizer industry further support the growth of this region.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the agriculture micronutrients market over the last four years (2017-2020).
The key players operating in the global agriculture 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.)
- Valagro S.p.A (Italy)
- Sigma AgriScience LLC (U.S.)
- Aries Agro Limited (India)
- Nufarm Limited (Australia)
- AgroLiquid (U.S.)
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
3.1. Introduction
3.2. Segment Analysis
4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Rising Micronutrient Deficiency in Soil
4.2.2. Need to Enhance Agricultural Productivity With Growing Population and Rising Food Insecurity
4.2.3. Positive Outlook of Government Policies and Various Organisations Encourage the Use of Micronutrients
4.3. Restraints
4.3.1. Lack of Awareness Among Farmers
4.4. Opportunities
4.4.1. Growing Contract Farming
4.5. Challenges
4.5.1. Sustainable Sourcing of Raw Materials Requirement
4.6. Trends
4.6.1. Emergence of Nanotechnology in Micronutrient Fertilization
5. Global Agricultural Micronutrients Market, by Type
5.1. Introduction
5.2. Zinc
5.3. Boron
5.4. Iron
5.5. Copper
5.6. Manganese
5.7. Molybdenum
5.8. Other Types
6. Global Agricultural Micronutrients Market, by Crop Type
6.1. Introduction
6.2. Cereals and Grains
6.2.1. Maize/Corn
6.2.2. Wheat
6.2.3. Rice
6.2.4. Other Cereals and Grains
6.3. Fruits and Vegetables
6.4. Oilseeds and Pulses
6.5. Other Crop Types
7. Global Agricultural Micronutrients Market, by Form
7.1. Introduction
7.2. Non-Chelated Micronutrients
7.3. Chelated Micronutrients
8. Global Agricultural Micronutrients Market, by Method of Application
8.1. Introduction
8.2. Soil
8.3. Fertigation
8.4. Foliar
8.5. Seed Treatment
8.6. Hydroponics
9. Agricultural Micronutrients Market, by Region
10. Competitive Landscape
10.1. Introduction
10.2. Competitive Benchmarking
11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
For more information about this report visit https://www.researchandmarkets.com/r/fz6wt5