The global agricultural micronutrients market size is expected to experience significant growth by reaching USD 6.65 billion by 2028 while exhibiting a CAGR of 7.51% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Agricultural Micronutrients Market, 2021-2028.” The report further mentions that the market stood at USD 3.86 billion in 2020. Decreasing arable land and the growing demand for gardening activities is perceived as a positive growth factor in the market. According to the Our World in Data Organization, half of the global habitable land is adopted for agriculture purposes. On the other hand, as per the European Commission and Joint Research Center, around 970 million tons of soil are lost due to erosion in the European Union every year.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/agricultural-micronutrients-market-101607
COVID-19 impact:
High Sales Owing to Growing Demand for Nutritious Agriculture Yield
As per the 2020 CropLife 100 survey, 69% of respondents were of the view that their micronutrient sales rose between 1% to 5% in 2020. The rise in sales is owing to the supportive government initiatives and the high demand for nutritious agricultural products worldwide. The World Health Organization (WHO) has emphasized the need to consume cereals, pulses, and vegetables as a balanced diet. Such factors are expected to favor the demand for the product in the forthcoming years.
List of Top Companies Profiled in the Global Agricultural Micronutrients Market are:
- Haifa Group (Haifa, Israel)
- AkzoNobel (Amsterdam, Netherlands)
- Nutrien Ltd. (Saskatoon Canada)
- Yara International ASA (Oslo, Norway)
- Helena Agri-Enterprises, LLC (Tennessee, United States)
- Coromandel International Limited (Secunderabad, India)
- The Mosaic Company (Florida, United States)
- Indian Farmers Fertilizer Cooperative Limited (New Delhi, India)
- Compass Minerals Inc. (Kansas, United States)
- SAPEC S.A. (Bruxelles, Belgium)
Market Segmentation
On the basis of type, the market is segmented into zinc, boron, iron, molybdenum, manganese, and others. Based on form, the market is bifurcated into chelated and non-chelated. Moreover, on the basis of application, the market is trifurcated into soil, foliar, and fertigation. On the basis of crop type, the market is segregated into cereals, oilseeds & pulses, fruits & vegetables, and others.
Based on crop type, the cereals segment held a global agricultural micronutrients market share of about 48.09% in terms of revenue in the forthcoming years. This is due to the increasing incidence of nutritional value loss amongst cereals crops such as wheat, rice, and others that propel the demand for advanced micronutrients in the agriculture sector worldwide.
Finally, on the basis of region, the market is classified into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
What does the Report Include?
The global market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Growing Demand for Gardening Activities to Augment Growth
According to the data by Heart, Lung, and Blood Institute, gardening is believed to relieve stress and reduce high blood pressure in people. Besides, the increasing awareness regarding the consumption of healthy food products has led to the high inclination towards gardening activities worldwide. The onset of the COVID-19 pandemic led to people being confined in their home spaces that propelled the adoption of home-gardening activities. The cultivation of horticulture crops gained momentum owing to their nutritious benefits. Therefore, these factors are likely to bode well for the global agricultural micronutrients market growth during the forecast period.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 1.76 billion in 2020 and is expected to dominate the market during the forecast period. This is due to the rapidly growing population driving the demand for nutritious agriculture yield in countries such as India, China, and Japan. According to the World Health Organization (WHO), 60% of the global population is present in the Asian region.
North America – The region is expected to experience significant growth in the forthcoming years. This is due to the steady decline of arable land in countries such as the U.S. and Mexico that is likely to boost the adoption of advanced agricultural micronutrients between 2021 and 2028.
COMPETITIVE LANDSCAPE
Collaboration between Key Players to Brighten Their Market Prospects
The market is experiencing healthy competition amongst the key players positioned in it. These companies are focusing on collaborating with other companies to develop and commercialize innovative agricultural micronutrients to cater to the growing demand from consumers. Moreover, the adoption of organic and inorganic growth strategies by the major companies will contribute to the growth of the market during the foecast period.
Industry Development:
- March 2021 – ICL is set to acquire the South American plant nutrition business of Compass Minerals Inc. The acquisition is expected to expand its portfolio of micronutrients required in agriculture and further strengthen its position in the global marketplace.
