Agricultural Micronutrients Market

Agricultural Micronutrients Market worth $8.8 billion by 2022

The report "Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type, and Region - Global Forecast to 2022" With the shift in preferences of health-conscious consumers toward nutrient-dense and high-protein diets, farmers are monitoring and analyzing the requirement of nutrients in crops. To increase the crop yield, farmers across the world are spending on high-analysis NPK fertilizers, which further deplete the micronutrient quotient of these crops. To enhance the nutrient quotient in their produce and agricultural productivity, farmers utilize agricultural micronutrients. According to MarketsandMarkets, the agricultural micronutrients market is projected to account for a value of USD 8.8 billion by 2022, recording a CAGR of 8.6%.

Browse 117 market data Tables and 43 Figures spread through 181 Pages and in-depth TOC on "Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type, and Region - Global Forecast to 2022"
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The Soil Segment Is Projected To Widen the Scope of Growth for Key Players in the Market

Accounting for the largest share in the agricultural micronutrients market, the soil segment is projected to lead during the forecast period. Application of agricultural micronutrients in the soil is comparatively easy than foliar, seed treatment, and fertigation. As the application of agricultural micronutrients in the soil is easy, farmers prefer this mode over other techniques. Due to these factors, the soil segment is projected to remain dominant in the agricultural micronutrients market during the forecast period.

The Cereals Segment Is Projected To Witness the Fastest Growth in the Agricultural Micronutrients Market Through 2022

Cereals such as corn, wheat, and rice continue to be a staple food across regions. As the demand for these cereals remains high among health-conscious consumers, farmers focus on increasing the crop yield by supplementing micronutrients. In addition, the increasing population in various countries has escalated the demand for nutritious crops in multiple regions. This has encouraged farmers to invest in agricultural micronutrients as they enhance the nutrient quotient of crops and increase the yield. Due to these factors, the cereals segment is projected to record the highest growth in the agricultural micronutrients market during the forecast period.

Asia Pacific To Be a Leading Region in the Agricultural Micronutrients Market During the Forecast Period

With the growing population in various countries of the region, the consumption of nutrient-dense food products continues to remain high. Health-conscious consumers prefer spending on fruits and cereals to improve and maintain their health. Due to the high consumption of crops such as cereals and fruits in this region, the demand for agricultural micronutrients is projected to remain high, particularly in New Zealand, India, Australia, and China.

Major players in the agricultural micronutrients market are adopting strategies such as agreements and expansions. Key players identified in this market include Agrium (Canada), Dow Chemical (US), Coromandel International (India), Land O’Lakes (US), Haifa Chemicals (Israel), and Helena Chemicals (US).

As the competition in the market intensifies, companies focus on expanding across regions to cater to the increasing demand and requirements of farmers of various countries. Through undertaking expansions & agreements, key players focus on increasing their customer base. These factors are projected to impact the growth of the market significantly during the forecast period. All in all, the agricultural micronutrients market is expected to witness significant growth through 2022.

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