The 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. The increasing micronutrient deficiency in soil and rising focus on crop productivity and quality are key factors that are projected to drive the growth of the agricultural micronutrients market during the forecast period.
The agricultural micronutrients market consists of a few globally established players such as BASF SE (Germany), Nutrien, Ltd. (Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Valagro (Italy), and Compass Minerals International (US). Product innovations, expansions, agreements, collaborations, and partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies helped the companies to increase their presence globally and industrial segments. It helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some other leading players in the agricultural micronutrients market include Nufarm (Australia), Land O’ Lakes (US), Coromandel International Limited (India), Helena Chemical Company (US), Sapec S.A. (Belgium), Haifa Group (Israel), Balchem (US), Stoller Enterprises (US), Zuari Agrochemicals Ltd. (India), ATP Nutrition (US), and BMS Micro-Nutrients NV (Belgium).
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Yara International, formerly known as Norsk Hydro in 1905, changed its name to Yara International ASA in 2004, which is primarily engaged in the manufacture and marketing of fertilizers and industrial products. The company operates through its major business segments, namely, fertilizer and chemical products, freight, and insurance services. The company has its presence in 160 countries in Europe, Africa, Asia, North America, and South & Central America. Yara has 10,800+ retail outlets around the world. leading crop nutrition company. The company’s product segment comprises ammonia, nitrates, calcium nitrate, and NPKs, with a growing portfolio of phosphates, providing the foundation for its crop nutrition and industrial solutions businesses. It provides micronutrients through its crop nutrition segment. The product offering covers both commodity and high-value crops, where it offers differentiated fertilizer products and services. The segment offers the most comprehensive crop nutrition product portfolio.
Nutrien, Ltd. was formed in 2018 through a merger between Agrium, Inc. (Canada) and Potash Corporation of Saskatchewan Inc. (PotashCorp) (Canada) to become one of the world’s largest premier providers of crop inputs and services. Nutrien Ltd. has the most extensive crop nutrient product portfolio, combined with its global retail distribution network, which includes more than 1,500 farm retail centers. The company is a leading manufacturer and distributes over 27 million tons of nitrogen, potash, and phosphate products for industrial, agricultural, and feed consumers worldwide, and the company also has an additional 5 million tonnes (5.5 million tons) of potash capacity. Nutrien Ltd. is the third-largest nitrogen producer in the world, and the ability to produce nitrogen products in the majorly in North America. The company offers fertilizer products such as nitrogen (dry), nitrogen (liquid), potash (dry), potash (liquid), industrial (dry), and industrial (liquid). The company has its presence in North America, South America, Europe, Asia, Africa, and Australia.
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 - Global Forecast to 2027
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