ID: MRFR/AGR/8659-HCR | February 2021 | Region: Global | 90 pages
Agricultural Micronutrients Market has been projected to reach approximately USD 7.3 Billion by 2026, at a CAGR of 8.4% from 2020 to 2026. Micronutrients are essential elements that are used by plants in small quantities. These include zinc, boron, copper, manganese, and iron. The demand for agricultural micronutrients is rising at a tremendous rate owing to the increasing prevalence of micronutrient deficiency in the soil, followed by the growing demand for food to fulfill the needs of the increasing population. Over-fertilization owing to limited land availability for farming is leading to micronutrient deficiency in the soil. This deficiency is continuously increasing the need for agricultural micronutrients at farms to optimize crop yields. The governments of various countries are also devising supportive policies to boost the growth of the Agricultural Micronutrients Market.
The COVID-19 outbreak has disrupted people’s lives, and its impacts across various industries have been different. The COVID-19 outbreak has restricted the growth of every sector in the global economy, and the agricultural industry is no exception. The COVID-19 pandemic has disrupted the supply chains of agricultural micronutrients, as many countries are under lockdown and have sealed their borders to curb the spread of the virus. Strict containment regulations imposed by the governments of various countries and preventive measures to control the impact of the outbreak have led to significant restrictions on transportation. The impact of COVID-19 on logistics has disrupted the supply of raw materials, which has resulted in reduced production capacity and, thus, product shortages. These factors are expected to cause a price rise in agricultural micronutrients in the short run.
Agricultural Micronutrients Market has witnessed high growth in recent years. The rising population and increasing concerns regarding food security are driving the growth of the agricultural micronutrients market. Also, there has been an upsurge in demand for agricultural micronutrients due to the increasing awareness among farmers regarding soil nutrients deficit. The increasing adoption of contract farming, where companies provide significant agricultural inputs, has led to a rise in product awareness, supporting product growth. The demand for high-yield crops has resulted in the removal of micronutrients from the soil in large quantities.
Moreover, the increased use of NPK fertilizers containing lower quantities of micronutrient contaminants has resulted in micronutrient deficiencies in the soil. These factors are boosting the need for agricultural micronutrients across the globe. However, the farmers’ inclination towards the use of organic fertilizers in various regions may hamper market growth during the review period.
Increasing prevalence of micronutrient deficiency in soil
Agricultural Micronutrients Market Drivers
Agricultural Micronutrients Market Restraints
Agricultural Micronutrients Market Segmentation
By Crop Type
By Mode of Application
Agricultural Micronutrients Market Key Players
|Market Size||USD 7.3 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Crop Type, Form, Mode of Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass Minerals International (US), Valagro (Italy), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Zuari Agrochemicals Ltd (India), Stoller Enterprises, Inc. (US), ATP Nutrition (Canada), Balchem (US), Corteva, Inc. (US)|
|Key Market Opportunities||Increasing adoption of contract farming|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Agriculture micronutrients market can thrive at 8.4%CAGR by 2026.
By 2027, the agriculture micronutrients market value at about USD 7.3 Billion.
Compass Minerals International (US), The Mosaic Company (US), and Yara International ASA (Norway) are some reputed agriculture micronutrients market players.
Support from governments for promoting robust agricultural solutions can drive the agriculture micronutrients market.
Lack of agriculture budget can hinder the agriculture micronutrients market rise.