Agricultural Micronutrients Market was worth USD 6.9 Billion in 2020 and is expected to reach USD 10.3 Billion by 2025 with a CAGR of 8.28 %. The market is growing at a huge rate due to rising soil deficiencies and increasing demand for high-quality yield.
Micronutrients are supplements required by organisms throughout life in little amounts to coordinate a range of physiological functions. Micronutrients are essential for the growth of the plants and play an important role in balanced crop protection. Deficiency of Micronutrients results in withering of buds in crops, yellowing of leaves, health hazards and eventually results in the decline of crop productivity.
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Rising demand for food and increasing demand for standard quality and continuous yield because of a growing population, depleting arable land are the major factors driving the market. Lack of awareness among farmers in developing regions, high cost, lack of awareness about an appropriate quantity to be injected into the soil due to lack of standardized levels established by regulatory agencies are the major restraints of the markets.
Agricultural Micronutrients Market is segmented based on
· Mode of Application
o Seed treatment
o Foliar and Others
Based on Form, the Market is segmented into Chelated and Non-Chelated Agricultural Micronutrients. Chelated agricultural micronutrients are further segmented into Ethylenediaminetetraacetic Acid (EDTA), Diethylene Triamine Pentaacetic Acid (DTPA), Ethylenediamine Di-2-Hydroxyphenyl Acetate (EDDHA), D,L-Aspartic Acid N-(1,2-Dicarboxyethyl) Tetrasodium Salt (IDHA), Hydroxybenzyl Ethylenediamine Diacetic Acid(HBED). Based on crop type, the market is segmented into Fruits and Vegetables, Cereals, Pulses and oilseeds and others. Zinc segment is expected to grow at the highest CAGR because of the growing demand for zinc in the food. Cereals are the highest growing segment around the world owing to continuous technological advancements and growing demand for cereals.
Geographically, this market is further segmented into
· North America
· Latin America
· Middle East & Africa
Asia-Pacific is the largest market globally and continues to dominate the world throughout the forecast period owing to the high demand for nutritious food, increasing investment in the agricultural sector and management of crop production costs.
Some of the key players operating in the global market are BASF SE, Mosaic, and Cheminova, Agrium Inc., Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, Tradecorp International, AkzoNobel.