The new report by Expert Market Research titled, 'Global Agricultural Micronutrients Market Report and Forecast 2022-2027', gives an in-depth analysis of the global agricultural micronutrients market, assessing the market based on its segments like types, crop types, forms, modes of application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 2%
Growers' efforts to overcome micronutrient shortage in the soil and increase crop yield are likely to drive the global market for agricultural micronutrients. One of the primary factors boosting the market expansion is the increased focus on plant nutrients for successful growth and maximum yields. They also promote sugar translocation and root strength, which aids in the development of big roots and overall plant immunity. Additionally, they are regarded as a crucial mineral element for nourishing horticultural crops since they work as enzyme co-factors and building blocks that allow plants to form entire proteins and compounds. As a result, their overall sales are increasing over the world. Another major factor driving the market growth is the rapidly growing population, which is driving the demand for nutritious agriculture yield in countries such as India, China, and Japan.
Industry Definition and Major Segments
Agricultural micronutrients are essential mineral elements utilised in small amounts by plants, such as zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum (Mo). They are mostly utilised with soil, foliar sprays, and fertigation systems to help improve the productivity and quality of agricultural goods. They also help plants with their biological processes and cell growth.
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By type, the market is segmented into:
By crop type, the market is classified into:
- Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
By form, the market is classified into:
- Chelated Micronutrients
- Ethylene diamine-tetra-acetic acid (EDTA)
- Ethlyenediamine Di-2-Hydroxyphenyl Acetate (EDDHA)
- Diethylene-triamine penta-acetic acid (DTPA)
- Iminodisuccinic Acid (IDHA)
- Non-Chelated Micronutrients
By mode of application, the market is divided into:
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Some other factors contributing to an increase in the usage of agricultural micronutrients include the need to achieve proper balanced nutrition in crops of cereals, pulses, oilseeds, spices, and plantations. Apart from this, as micronutrient deficiency leads to stunted growth, leaf discolouration, loss of fruiting bodies, plant deformations and reduced crop yields, their demand is anticipated to expand in the agricultural industry. Growers' awareness of plant nutrition and acknowledgement of the need for micronutrients has increased in recent years. Proven technologies, such as zinc on corn, have a significant audience. Market expansion is also likely to be aided by advancements in precision farming equipment that enable efficient micronutrient administration. As growers gain a better understanding of how different micronutrients promote crop growth, the micronutrient industry is expected to expand.
Key Market Players
The major players in the market are BASF SE, Yara International ASA, Helena Agri-Enterprises, LLC, Haifa Negev technologies LTD, VALAGRO S.P.A, Zuari Agro Chemicals LTD, and Baicor, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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