Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global agricultural micronutrient market is projected to flourish at a CAGR of 8% from 2020 to 2030. As per the report published by TMR, a valuation of US$ 10.4 billion is anticipated for the market in 2030. As of 2023, the market for agricultural micronutrients is expected to close at US$ 6.0 billion.
The growing trend among farmers is to shift from traditional staple crops to high-value cash crops such as fruits, vegetables, and nuts. These high-value crops often have specific micronutrient requirements to achieve premium quality and market prices. As a result, the demand for micronutrient fertilizers has increased.
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Competitive Landscape
The global agricultural micronutrient market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global agricultural micronutrients market report:
- BASF SE
- The Mosaic Company
- Nouryon
- Nutrien Ltd.
- Nufarm
- Yara International
- Coromandel International
- Helena Agri-Enterprises, LLC
- Haifa Group
- Compass Minerals
- Deepak Fertilizers
- Petrochemicals Ltd
- Valagro S.p.A.
- BMS Micro-Nutrients
Key Developments in the Agricultural Micronutrients Market
- Nutrien is one of the world's largest fertilizer producers and suppliers. They have been actively involved in the agricultural micronutrients market. As of 2021, they have focused on expanding their micronutrient product portfolio and investing in research and development to create more efficient and sustainable micronutrient solutions.
- Yara International is a global crop nutrition company with a strong presence in the agricultural micronutrients market. They have been involved in partnerships and collaborations to enhance their micronutrient offerings. Yara has also been active in promoting balanced crop nutrition and sustainable agriculture practices.
- Haifa Group is a global supplier of potassium nitrate for agriculture and industry. They have a range of micronutrient products and have been expanding their global presence to serve farmers better.
- Compass Minerals International is known for its salt and mineral-based products, including agricultural micronutrients. They have been focused on innovation in micronutrient delivery methods and have been working to provide solutions for sustainable agriculture.
The increasing shift towards cultivating high-value crops is a significant driver of the agricultural micronutrient market. Farmers are increasingly diversifying their crop portfolios and moving away from traditional staple crops in favor of high-value cash crops such as fruits, vegetables, and nuts.
These high-value crops often have specific micronutrient requirements to achieve premium quality and market prices. The demand for micronutrient fertilizers has surged, as they enable farmers to meet these unique crop demands and secure higher returns on their investments.
Key Takeaways from the Market Study
- As of 2022, the agricultural micronutrients market was valued at US$ 5.6 billion
- Based on product type, the zinc segment is anticipated to dominate the industry during the forecast period
Agricultural Micronutrients Market: Key Trends and Opportunistic Frontiers
- Advances in agricultural technology, including precision agriculture, allow for more accurate and targeted application of micronutrients. This not only maximizes the effectiveness of these nutrients but also reduces waste and environmental impact.
- Increasing awareness among farmers and agricultural professionals about the importance of micronutrients in crop production. Educational programs, research, and government initiatives are promoting the use of micronutrient fertilizers to address nutrient deficiencies and improve agricultural sustainability.
Agricultural Micronutrients Market: Regional Analysis
- North America is expected to account for a significant share of the agricultural micronutrient market owing to the demand diverse range of crops grown, including corn, soybeans, wheat, and fruits. Precision agriculture techniques are widely adopted in the United States leading to increased use of micronutrients for targeted nutrient management.
- Asia Pacific is expected to dominate the agricultural nutrients market owing to the increasing demand from countries such as China and India. The Chinese government has been promoting micronutrient use to enhance crop productivity. India is another key market in Asia-Pacific. The agricultural sector in India has been adopting micronutrient fertilizers to address soil deficiencies, particularly in crops like rice, wheat, and cotton.
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Agricultural Micronutrients Market- Key Segments
Product Type
Boron
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Iron
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Manganese
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Zinc
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Copper
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Other
Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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