Analysis of the Global Agricultural Micronutrients Market
The Agricultural Micronutrients Market is projected to grow from US$5.19 billion in 2023 to US$10.14 billion by 2032, reflecting a CAGR of 7.73% from 2024 to 2032. This growth is driven by a rising global population and increasing concerns regarding food security.
Global Agricultural Micronutrients Market Table of Content and Sample Download: https://www.renub.com/agricultural-micronutrients-market-p.php
Definition of Agricultural Micronutrients
Micronutrients are vital for plant growth and play a significant role in ensuring optimal nutrition. Although required in smaller amounts than primary and secondary macronutrients, their deficiency can severely impede plant development. A lack of micronutrients in the soil poses a significant challenge to crop production and quality, directly impacting global food security. Zinc is the most commonly deficient micronutrient, while iron is particularly challenging to obtain due to high demand and rapid depletion in soils, especially in rice-growing regions.
These micronutrients enhance plant metabolic processes and improve the availability of other nutrients, such as iron, which is essential for chlorophyll production and photosynthesis, ultimately leading to increased crop yields. This was especially evident during the Green Revolution, which significantly boosted crop production but often compromised soil health due to excessive fertilizer use. At least 17 elements are recognized as essential for plant nutrition, including iron, manganese, boron, molybdenum, copper, zinc, chlorine, and cobalt.
Key Drivers of the Global Agricultural Micronutrients Industry
Increasing Awareness and Promotion of Micronutrient Use
Educating farmers about the importance of micronutrients—such as iron, zinc, copper, manganese, and boron—is crucial for enhancing crop production and ensuring food security. By informing farmers about effective soil management and fertilizer application, we can encourage the adoption of micronutrient-enriched fertilizers and practices that optimize nutrient uptake. This not only boosts agricultural productivity but also improves the nutritional quality of food crops, addressing malnutrition and health issues in communities reliant on agriculture.
Rising Global Population and Food Security Concerns
As the global population continues to grow, food security becomes an increasingly pressing issue. The World Bank projects that the population will reach 9.7 billion, necessitating a 50% increase in agricultural production to meet rising food demands. Sustainable agricultural practices, improved food distribution systems, and waste reduction are essential for ensuring food security for this expanding population.
Integration of Digital Technologies in Agriculture
Digital technologies are transforming agricultural practices by automating processes, streamlining operations, and enabling data-driven decision-making. The use of data analytics, artificial intelligence, and IoT devices enhances production efficiency and operational effectiveness. These technologies also facilitate better customer engagement through social media and e-commerce platforms, leading to personalized interactions and deeper insights into consumer preferences. By leveraging data, businesses can innovate and explore new revenue streams.
Growing Interest in Biofortification of Crops
Biofortified crops, such as sweet potatoes and beans enriched with iron or vitamin A, provide communities with sustainable sources of essential nutrients, especially in regions with limited access to nutrient-rich foods. Biofortification addresses global micronutrient deficiencies, improving health and reducing disease susceptibility. Additionally, these crops often exhibit greater resilience to adverse weather and pests, contributing to food security. By enhancing crop yields and market value, biofortification can also increase farmers' productivity and income, ensuring a diverse and nutritious food supply.
Overview of the Asia Pacific Agricultural Micronutrients Market
The Asia Pacific agricultural micronutrients market is experiencing rapid growth, driven by a large agricultural sector and rising food demand. Urbanization, population growth, changing dietary habits, and the need for high-quality crops are key factors fueling this expansion. Smallholder farmers are increasingly recognizing the benefits of micronutrients for improving crop yields and quality. Key players in this market include China, India, and Japan, with India ranking second globally in agricultural output. Other countries, such as Indonesia, Vietnam, and Thailand, are also expected to significantly contribute to market growth in the region.
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Company Analysis in the Agricultural Micronutrients Sector
The agricultural micronutrients market features several key players, including BASF SE, Compass Minerals, Coromandel International, Deepak Fertilizers, Nouryon, Nufarm, Nutrien Ltd., and Yara International.
News of Agricultural Micronutrients Company
In July 2022, Anand Agro Care launched two innovative product lines: Dr. Bacto’s 4K and Dr. Bacto’s 5G, which are glucose-based, eco-friendly, and biodegradable gelatinous capsules designed for organic farming.
In May 2023, Aries Agro Limited introduced the "100 Days Drone Yatra" program, utilizing drones for efficient micronutrient spraying across large fields, significantly reducing time and labor costs.
Form - Market is divided into 2 viewpoints
- Chelated
- Non-Chelated
Crop Type – Market is divided into 4 viewpoints
- Fruits Vegetables
- Cereals Grains
- Oilseeds Pulses
- Other Crop Types
Nutrient Type – Market is divided into 6 viewpoints
- Zinc
- Boron
- Iron
- Molybdenum
- Manganese
- Others
Application – Market is divided into 3 viewpoints
- Soil
- Foliar
- Fertigation
Countries – Market breakup of 25 Countries
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
All the Key players have been covered from 4 Viewpoints:
- Overviews
- Recent Developments
- Product Portfolio
- Revenue
Companies List
- Basf SE
- Compass Minerals
- Coromandel International
- Deepak Fertilizers
- Nouryon
- Nufarm
- Nutrien Ltd
- Yara International
- The Mosaic Company
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