Global Agricultural Micronutrients Market Will Surpass USD 7.8 Billion by 2031
The global agricultural micronutrients market is projected to grow at a CAGR of 5.9% from 2022 to 2031. The market is estimated at USD 4.0 billion in 2021 and is projected to reach USD 7.8 billion by 2031. The growth of the agricultural micronutrients market can be attributed to the increasing awareness among farmers about the benefits of using micronutrients and the increasing demand for high-quality crops. The rising population and the consequent increase in the demand for food are also driving the growth of the agricultural micronutrients market. However, the high cost of micronutrient products and lack of awareness about their benefits among smallholder farmers are restraining the growth of this market.
Browse ThinkWise Intelligence's exclusive report, spread through 156 Pages on "GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET, BY TYPE (BORON, COPPER, IRON, MANGANESE, ZINC, AND OTHERS), BY CROP TYPE (FRUITS AND VEGETABLES, CEREALS AND GRAINS, OILSEEDS AND PULSES, AND OTHERS), BY FORM (CHELATED, NON-CHELATED), BY APPLICATION (FERTIGATION, FOLIAR, AND SOIL APPLICATION) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2022-2031".
BORON IS EXPECTED TO HAVE THE DOMINANT SHARE IN THE FORECAST PERIOD
By type, the global agricultural micronutrient market is segmented into boron, copper, zinc, and manganese. Boron accounted for the largest share of the agricultural micronutrients market in 2021. Boron is used as a fertilizer to improve crop yield and quality. It helps plants absorb nitrogen and phosphorus from the soil, increases photosynthesis, and improves water retention. The product demand is rising as farmers become more aware of the advantages of incorporating these nutrients into their crops. The increasing adoption of precision agriculture techniques also contributes to the growth of the agricultural micronutrient market.
THE FRUITS AND VEGETABLES SEGMENT WILL HAVE THE LION'S SHARE DURING THE ESTIMATED PERIOD
The fruits and vegetables segment will be the fastest-growing crop type during the estimated period. This segment will grow at a 7.1% CAGR from 2022 to 2031. Agricultural micronutrients are used in fruits and vegetables for increasing their yield, quality, and shelf life.
DURING THE FORECAST PERIOD, THE ASIA-PACIFIC WILL HAVE THE FASTEST GROWTH
The Asia-Pacific agricultural micronutrients market is projected to grow at a CAGR of 6.8% from 2022 to 2031. The industry is being pushed by increased demand for fortified foods and the need to increase crop yields. The use of micronutrients helps overcome deficiencies in crops, which leads to an improvement in the quality and yield of the crops. China dominates the Asia-Pacific agricultural micronutrients market, followed by Japan and India. The China agricultural micronutrients market is expected to grow at a CAGR of 7.5% from 2022 to 2031. The expanding demand for fortified foods and increased knowledge of the benefits of employing micronutrients are driving this industry forward.
The major stakeholders in the global agricultural micronutrient market are The Mosaic Company, Yara International ASA, Israel Chemicals Ltd., Nutrien Ltd., and BASF SE. To enhance their market share, these companies used various growth techniques, including expansions, acquisitions, and new product releases.