Apr 20, 2022   SOURCE: BusinessWire

Agricultural Micronutrients Market by Type, Mode of Application, Form, Crop Type and Region - Global Forecast to 2027 - ResearchAndMarkets.com

The "Global Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Copper), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated micronutrients), Crop Type and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global market for agricultural micronutrients is estimated at USD 4.3 Billion in 2022; it is projected to grow at a CAGR of 8.6% to reach USD 6.4 Billion by 2027.

Factors such as an increase in micronutrient deficiency in soils, demand for high crop production and quality, increasing food security concern, and supporting government policies are projected to drive the growth of this market.

The zinc segment, is accounted for the highest share by type in the agricultural micronutrients market throughout the forecasted period

Zinc is one of the most essential micronutrients required by plants in small quantities. Sandy soil, highly leached acid soil and soils having poor organic content, show low zinc contents. The symptoms of zinc deficiency include reduced height, interveinal chlorosis, and brown spots on upper leaves. Zinc deficiency is the most common problem witnessed globally, mainly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market.

The fruits & vegetables segment by crop type is estimated to account for the largest market share in the global agricultural micronutrients market

Agricultural micronutrients are gaining importance among the fruits & vegetable growers because of their beneficial nutritional support and at the same time, ensure better harvest and returns. Zinc deficiency commonly affects fruits such as banana, custard apple and mangoes. In citrus production, the molybdenum deficiency called as yellow spot is commonly observed. Hence proper plant nutrition is essential for the proper growth of fruits & vegetables globally

Foliar application segment, by mode of application is projected to be the largest segment in the agricultural micronutrients market during the forecast period

Foliar mode of application is widely used for the application of micronutrients, particularly iron and manganese, for various crops. It is mostly used for fruits, vegetables, and flower crops. Foliar sprays are advantageous to meet the internal demand of micronutrients during flowering when soil moisture and temperature is not favorable for growth of the crop.

For micronutrients to be applied in extremely smaller quantities, foliar sprays give an advantage of ease of application as compared to soil and fertigation. All these reasons make it the largest segment in the market.

Non-chelated application segment, by form is projected to be the largest segment in the agricultural micronutrients market during the forecast period

Non-chelated micronutrients are more widely used than chelated ones, as they are easily available and inexpensive. These micronutrients are marketed in the form of sulfates, such as zinc sulfate, iron sulfate, and copper sulfate. However, there is an increasing awareness among farmers about the benefits of chelated micronutrients, as they offer enhanced nutrient efficiency and improved absorption as compared to non-chelated micronutrients

Market Dynamics

Drivers

  • Increase in Micronutrient Deficiency in Soil
  • Rise in Focus on Crop Production and Quality
  • Supporting Policies from the Government

Restraints

  • Booming Organic Fertilizer Industry
  • Bio-Accumulation of Non-Biodegradable Chelates

Opportunities

  • Development of Biodegradable Chelates

Challenges

  • Poor Awareness Among the Developing Regions Regarding the Benefits of Micronutrients
  • Need for Sustainable Sourcing of Raw Materials

Companies Mentioned

  • BASF SE (Germany)
  • Nutrien, Ltd. (Canada)
  • Yara International ASA (Norway)
  • AkzoNobel (Netherlands)
  • The Mosaic Company (US)
  • Nufarm (Australia)
  • Corteva Inc. (US)
  • Balchem (US)
  • Sapec S.A. (Belgium)
  • Coromandel International Ltd (India)
  • Land O' Lakes (US)
  • Compass Minerals International (US)
  • Haifa Group (Israel)
  • Helena Chemical Company (US)
  • ATP Nutrition (Canada)
  • Stoller Enterprises (US)
  • Baicor LC (US)
  • Valagro (Italy)
  • Zuari Agrochemicals Ltd. (India)
  • BMS-Micro-Nutrient NV (Belgium)

For more information about this report visit https://www.researchandmarkets.com/r/7dzg87