The global agricultural micronutrients market is predicted to rise at a CAGR of 7.84% between the forecast periods of 2019-2027. The market is driven by the growing deficiency of micronutrients in soil, increasing focus on agricultural productivity and the high demand for food production on account of the growing worldwide population.
The global agricultural micronutrients market is categorized on the basis of the market by type, crop type, form and applications. The lack of awareness regarding the usage of micronutrients in the agronomic community is limiting the growth of the market. The high-dose of micronutrient application creates additional severe issues, affecting fertilizer uptake and resulting in an added deficiency of other nutrients, which are vital for plant growth.
The global agricultural micronutrients market covers regions like North America, Europe, Asia Pacific and the Rest of World. The Asia Pacific region accounted for a major share of the global market in 2018 and is predicted to continue its dominance throughout the forecast period. The Asia-Pacific is the highest populated region in the world with a significantly large demand for food products. This, in turn, has resulted in an increased demand for the agricultural nutrient market in this region.
Mergers and acquisitions seem to be the primary policy employed by major market players for the global agricultural nutrients market. Baicor L.C., The Mosaic Company, DowDuPont, SAPEC S.A., Haifa Group, Nutrien Ltd., Aries Agro Ltd., FMC Corporation, BASF SE, Valagro SpA, Compass Minerals International Inc., AkzoNobel N.V., Yara International ASA, Western Nutrients Corporation, and Coromandel International Ltd. are the major companies operating in the market.