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Micronutrients Market To Reach USD 6.87 Billion By 2028 | Key Players: Gujarat State Fertilizers & Chemicals, AkzoNobel, Tradecorp International, Mosaic, and others

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Micronutrients Market To Reach USD 6.87 Billion By 2028 | Key Players: Gujarat State Fertilizers & Chemicals, AkzoNobel, Tradecorp International, Mosaic, and others

May 04
14:10 2021
Micronutrients Market To Reach USD 6.87 Billion By 2028 | Key Players: Gujarat State Fertilizers & Chemicals, AkzoNobel, Tradecorp International, Mosaic, and others

Reports And Data
Micronutrients Market Size – USD 3.59 Billion in 2020, Market Growth – CAGR of 8.4%, Market Trends – Increasing demand from the agricultural sector to enhance the crop yield

The global Micronutrients Market is expected to reach USD 6.87 Billion by 2028 at a CAGR of 8.4%, according to a new report by Reports and Data. The augmenting demand from the agricultural sector to improve crop yield, growing incidences of plant diseases, and the increasing awareness about the critical advantages of micronutrients are the primary factors contributing to the market growth. The market is predominantly driven by the escalating need for efficient plant nutrition products to overcome the deficiency of micronutrients in plants.

Additionally, the diminishing proportion of the arable land in major economies and the growing levels of contamination in the soil are projected to add traction to the market growth. Micronutrients play a crucial role in the growth and metabolism of plants, and subsequently, humans and animals. They are projected to have an impact on the immune system and reduce the risks of cancer and other severe illnesses in humans. This has boosted the shift of consumers towards a nutrient-dense diet, which is, in turn, projected to drive the market growth in the forecast timeframe.

The increasing need for high crop yield, more use of synthetic fertilizers, and the reduction in the content of micronutrients available for the plants are estimated to bolster the growth of the market in the timeframe. Additionally, the amalgamation of fertilizers and micronutrients has led to a reduction in costs and allowed the uniform distribution of micronutrients. This is further estimated to bolster the market growth in the timeline.

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 Key Highlights from the Report:

  • Zinc is projected to observe a significant growth in the market in the estimated timeframe accredited to the increasing deficiency of zinc in the soil and the important role of zinc in plant growth and development.
  • The hydroponics segment is estimated to register a significantly high growth rate in the projected period attributed to its rapid adoption in agricultural practices due to the rapidly declining availability of cultivable land.
  • The soil segment is forecast to grow at a rapid rate in the timeframe owing to its easy-to-use and cost-efficient applications. The increasing preference of this mode by the farmers coupled with the expanding use of conventional agricultural equipment is projected to further drive the segment’s growth.
  • The chelated form is projected to observe considerable growth in the timeframe owing to the increasing need to enhance micronutrients’ efficiency in the soil, increasing development of innovative chelated micronutrients, and the high stability of chelated micronutrients.
  • The fruits and vegetable segment is projected to record substantial growth in the estimated timeframe owing to increasing consumption of fruits and vegetables, consumer shift to a vegetarian diet, and escalating demand for nutrition-dense crops.
  • North America is projected to grow at a substantial rate in the timeframe accredited to the escalating decrease in the area of agricultural land. The increasing awareness among the farmers regarding crop nutrition, the presence of major manufacturers, and extensive R&D activities in the region are contributing to the market growth.
  • Key players in the market include Agrium Inc., BASF SE, Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, AkzoNobel, Tradecorp International, Mosaic, and Cheminova.

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 For the purpose of this report, Reports and Data has segmented the global Micronutrients Market based on Crop Type, Type, and Region:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Zinc
  • Molybdenum
  • Boron
  • Manganese
  • Others

Form Outlook (Revenue, USD Billion; 2018-2028)

  • Chelated
  • Non-chelated

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Soil
  • Hydroponics
  • Foliar

End-user Outlook (Revenue, USD Billion; 2018-2028)

  • Cereals
  • Fruits & Vegetables
  • Pulses & Oilseeds
  • Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

To identify the key trends in the industry, click on the link below:

Table of Content:

Table Of Contents
1 Introduction 
    1.1 Objectives Of The Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Regional Segmentation
    1.4 Periodization Considered
    1.5 Currency Considered
    1.6 Unit Considered
    1.7 Stakeholders
2 Research Methodology 
    2.1 Research Data
           2.1.1 Secondary Data
           Key Data From Secondary Sources
           2.1.2 Primary Data
           Key Data From Primary Sources
           Breakdown Of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions & Limitations
           2.4.1 Assumptions
           2.4.2 Limitations Of The Study
3 Executive Summary 
4 Premium Insights 
    4.1 Opportunities In The Agricultural Micronutrients Market
    4.2 Agricultural Micronutrients Market, By Form
    4.3 Asia Pacific: Agricultural Micronutrients Market, By Form & Key Country
    4.4 Agricultural Micronutrients Market, By Crop Type & Region
    4.5 Key Markets, By Key Country
5 Market Overview 
    5.1 Introduction
    5.2 Macroeconomic Indicators
           5.2.1 Decreasing Arable Land Around The Globe
           5.2.2 Growing Production Of High-Value Crops
           5.2.3 Growing Importance Of Micronutrients In Human Consumption
    5.3 Market Dynamics
           5.3.1 Drivers
           Increasing Micronutrient Deficiency In Soil
           Rising Focus On Crop Production And Quality
           Supporting Policies From The Government
           5.3.2 Restraints
           Booming Organic Fertilizer Industry
           Bio-Accumulation Of Non-Biodegradable Chelates
           5.3.3 Opportunities
           Development Of Biodegradable Chelates
           5.3.4 Challenges
           Poor Awareness Among The Developing Regions Regarding The Benefits Of Micronutrients
           Need For Sustainable Sourcing Of Raw Materials
    5.4 Regulatory Framework
           5.4.1 North America
           5.4.2 Asia Pacific
           5.4.3 South Africa
6 Agricultural Micronutrients Market, By Type 
    6.1 Introduction
    6.2 Zinc
           6.2.1 Zinc-Based Fertilizer Demand Observed To Be Stable In The Market As It Is A Scarce Nutrient Across The Globe
    6.3 Boron
           6.3.1 Complex Soil Conditions And Plant Physiologies Make It Difficult To Manage The Supplementation Of Boron
    6.4 Iron
           6.4.1 The Unabsorbable Existent Form Of Iron Fuels The Demand In The Agricultural Sector
    6.5 Molybdenum
           6.5.1 Demand For Molybdenum Higher Among The Farmers Undertaking Leguminous Crops
    6.6 Copper
           6.6.1 Copper Has Major Role In Carbohydrate And Nitrogen Metabolism
    6.7 Manganese
           6.7.1 Irregular Deposits Of Manganese Across Regions Fuel Demand In Regions Experiencing A Deficit
    6.8 Other Types
7 Agricultural Micronutrients Market, By Crop Type
    7.1 Connected Market: Npk (N+P2o5+K2o) Fertilizers
    7.2 Introduction
    7.3 Cereals & Grains
           7.3.1 Micronutrient Deficiencies In Major Staple Crops To Drive The Agricultural Micronutrients Market
    7.4 Fruits & Vegetables
           7.4.1 Increasing Concern Toward Balanced Nutrition To Drive The Agricultural Micronutrients Market
    7.5 Oilseeds & Pulses
           7.5.1 Increase In Demand From The Feed Industry For Oilseeds To Promote The Application Of Micronutrients
    7.6 Other Crop Types
8 Agricultural Micronutrients Market, By Form 
    8.1 Introduction
    8.2 Chelated Micronutrients
           8.2.1 Increased Bioavailability Of Micronutrients Due To The Adoption Of Chelated Micronutrients
           Ethylene Diamine-Tetra-Acetic Acid (Edta)
           Ethlyenediamine Di-2-Hydroxyphenyl Acetate (Eddha)
           Diethylene-Triamine Penta-Acetic Acid (Dtpa)
           Iminodisuccinic Acid (Idha)
           Other Chelated Micronutrients
    8.3 Non-Chelated Micronutrients
           8.3.1 Cheaper Rates Of Non-Chelated Micronutrients To Drive The Agricultural Micronutrients Market
9 Agricultural Micronutrients Market, By Mode Of Application 
    9.1 Introduction
    9.2 Soil
           9.2.1 Reduced Cost And Uniform Distribution Of Micronutrients To Promote The Use Of Soil Mode Of Application
    9.3 Foliar
           9.3.1 Low Rates Of Application And Immediate Response To Applied Nutrients To Drive The Foliar Segment
    9.4 Fertigation
           9.4.1 Improved Nutrient Use Efficiency To Drive The Fertigation Segment
    9.5 Other Modes Of Application
10 Agricultural Micronutrients Market, By Region 
     10.1 Introduction
     10.2 North America
             10.2.1 Us
               Sustainable Agriculture Production Systems And Stringent Environmental Regulations To Drive The Market For Agricultural Micronutrients
             10.2.2 Canada
               Boron And Zinc Deficiencies In The Soil To Promote The Application Of Agricultural Micronutrients
             10.2.3 Mexico
               Increasing Government Focus Toward Sustainable Agriculture To Drive The Demand For Agricultural Micronutrients
     10.3 Europe
             10.3.1 France
               Increase In Organic Farming Practices To Promote The Use Of Agricultural Micronutrients
             10.3.2 Germany
               Rise In Demand For Agricultural Micronutrients Due To The Increase In Boron Deficiencies In The Soil
             10.3.3 Poland
               Prevalence Of Unfertile Acid Soils And Low Content Of Available Nutrients To Drive The Market For Agricultural Micronutrients

11 Competitive Landscape 
     11.1 Overview
     11.2 Company Ranking
     11.3 Competitive Leadership Mapping
             11.3.1 Dynamic Differentiators
             11.3.2 Innovators
             11.3.3 Visionary Leaders
             11.3.4 Emerging Companies
     11.4 Competitive Leadership Mapping (For Smes/Start-Ups)
             11.4.1 Progressive Companies
             11.4.2 Starting Blocks
             11.4.3 Responsive Companies
             11.4.4 Dynamic Companies
     11.5 Competitive Scenario
             11.5.1 New Product Launches
             11.5.2 Expansions
             11.5.3 Mergers & Acquisitions
             11.5.4 Agreements
12 Company Profiles 
     12.1 Basf Se
     12.2 Akzonobel (Nouryon)
     12.3 Nutrien Ltd.
     12.4 Nufarm
     12.5 Yara International Asa
     12.6 Coromandel International Ltd


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