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
The research report titled “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” provides an in-depth analysis of agriculture micronutrients market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027.
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.
The study offers a comprehensive analysis of the global agriculture micronutrients market with respect to type, form, crop type, method of application, and geography. The global agriculture micronutrients market is mainly segmented by type (zinc, boron, iron, copper, manganese, molybdenum, and other agriculture micronutrients), form (non-chelated, chelated), method of application (soil application, foliar, fertigation, seed treatment, and hydroponics), crop type (cereals & grains, fruits & vegetables, oilseeds and pulses, and other crops), and geography. The study also evaluates industry competitors and analyses the market at a country level.
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), Haifa Group (Israel), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), 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), and AgroLiquid (U.S.), among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of the type, crop type, form, method of application, and countries/regions?
- What is the historical market for agriculture micronutrients across the globe?
- What are the market forecasts and estimates for the period 2020-2027?
- What are the major drivers, restraints, and opportunities for the global agriculture micronutrients market?
- Who are the major players in the global market, and what market share do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What recent developments have taken place in the global agriculture micronutrients market?
- What are the different strategies adopted by the major players in this market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global agriculture micronutrients market, and how do they compete with the other market players?
Scope of the report
Market by Type
- Others Micronutrients
Market by Crop Type
- Cereals and Grains
o Other Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
- Other Crops
Market by Form
Market by Method of Application
- Soil Application
- Seed treatment
Market by Geography
- North America
- Asia-Pacific (APAC)
- Latin America
- Middle East and Africa