Agricultural Micronutrients Market Is Expected To Reach USD 9.38 Billion In 2023: Decisiondatabases.Com
Decisiondatabases.com has added a new report titled “Global Agricultural Micronutrients Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2021”.According to the report, global agricultural micronutrients market was valued at USD 5.48 billion in 2016 and is anticipated to reach USD 9.38 billion in 2023, expanding at a CAGR of 8.0% between 2017 and 2023.
The global agricultural micronutrients market is driven by the factors such as growing demand of the consumers for nutrient rich foods due to increasing health concerns, decreasing availability of the micronutrients present in the soil and uniform yield owing to growing population and depleting arable land. Also, the rising contribution of agriculture in GDP is further boosting the growth of the agricultural micronutrients market globally. Thus, the global agricultural micronutrients market is propelled by factors such as increasing demand of biofuels, increasing soil deficiencies, macronutrientantagonism, and increasing demand of high-quality yield.
Micronutrients are needed in small quantities in humans which is generally lower than 100 mg per day. Zinc, Iron, copper, molybdenum, boron, chromium, cobalt and manganese are the common micronutrients, along with vitamins which are required in minute quantities in phytochemicals and organisms.
After iron, zinc is the second distributed element in the body. Zinc is widely used micronutrient across various regions and occupies more than 30% of the total volume and thus is likely to observe key benefits during the predicted period. However, the fastest growing product segment in the micronutrients market is molybdenum in the next few years. The most commonly used applied technique for micronutrients is soil. The second largest share is anticipated to be hold by foliar applications for the global agricultural micronutrients market.
Among crop types, the highest demand is accounted by cereals. Cereals include rice, maize, barley, wheat and oats constitutes majority of food sources in different regions. Pulses and oilseeds accounted for the second-largest demand for micronutrients. Fruits and vegetables are expected to be the fastest growing crop types for micronutrients during the estimated period. Also crops like flower are also likely to provide opportunity for the flowers micronutrients market in the next few years.
Asia Pacific dominated the agricultural micronutrients market globally. Asia Pacific was followed by North America, which is estimated to show potential growth in the micronutrients market during the predicted period. However, the demand for micronutrients is increasing in North America due to depleting arable land and higher demand for quality and uniform yield. Europe held the third-largest demand for micronutrients owing to growing awareness for nutrient diet among consumers. MEA is likely to witness steady gains over the forecast period as North Africa is witnessing technological advancements in farming. Rest of the World is expected to observe stable demand for micronutrients market between 2014 and 2020.
The global agricultural micronutrients market is highly splitted due to the existence of many international and regional vendors. Other prominent vendors analyzed in this market research report are Archer Daniels Midland, AGSpec Asia, Coromandel International, Sinochem Group, Syngenta, Valagro, Zuari Agro Chemicals, Chambal Fertilisers and Chemicals Uralkali, Haifa Chemicals, and Sapec.
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