CHICAGO, Nov. 8, 2023 /PRNewswire/ -- The Agricultural Micronutrients Market is estimated at USD 4.5 billion in 2023 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 8.6% from 2023 to 2028 according to a report published by MarketsandMarkets™. Agricultural micronutrients, essential minerals needed in small quantities for plant growth, play a crucial role in modern agriculture. The global agricultural micronutrients market is experiencing significant growth, driven by several key factors. One of the primary drivers is the increasing focus on improving agricultural yield and crop quality, which necessitates the use of micronutrient fertilizers. The rising global population's demand for high-quality food also fuels the growth, prompting farmers to adopt these micronutrients to enhance crop nutritional content. Soil micronutrient deficiencies are another significant factor propelling the market, as imbalances can lead to decreased crop productivity. Furthermore, research activities, technological advancements, and the awareness of the benefits of agricultural micronutrients contribute to their rising demand.
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By type, the boron segment is estimated to grow at the highest CAGR during the forecasted period.
Boron, as an essential micronutrient in the agricultural micronutrients market, is experiencing rapid growth due to various influential factors. One key driver is the increasing recognition of boron's crucial role in promoting plant growth and development. Boron deficiency can significantly impact crop quality and yield, prompting farmers to incorporate boron into their fertilizer strategies. Additionally, the expansion of high-value crops that are particularly sensitive to boron levels, such as fruits and vegetables, has contributed to the surging demand for boron-containing micronutrients. The prevalence of soil imbalances and deficiencies, influenced by factors like humidity, temperature, and soil pH, further underscores the necessity of boron supplementation to optimize crop nutrition. With the agricultural industry's continuous pursuit of higher yields and nutrient-efficient practices, boron's significance in ensuring plant health and productivity continues to fasten its growth in the agricultural micronutrient market.
By mode of application, the fertigation segment is anticipated to grow at a significant rate in the agricultural micronutrients market.
Fertigation, the practice of applying micronutrients through irrigation systems, is gaining momentum in the agricultural micronutrients market due to several factors fastening its growth. First and foremost, fertigation offers precise and efficient delivery of micronutrients directly to plant roots, optimizing nutrient uptake and minimizing waste. This precision enhances crop quality and yield, addressing the growing demand for high-quality agricultural produce. Moreover, the increasing adoption of controlled irrigation systems and the need for sustainable agricultural practices further promote the use of fertigation. It aligns with the trend of resource-efficient farming and helps conserve water and reduce environmental impact. The expanding global population and the need to enhance food security drive the agricultural sector to explore innovative techniques like fertigation to maximize crop productivity.
The cereal and grain crop type is anticipated to grow at a significant CAGR in the global agricultural micronutrients market.
The growth of cereals and grains as a prominent crop type in the agricultural micronutrients market is driven by several key factors. Firstly, cereals and grains, including staples like corn, wheat, rice, and other grains, are fundamental components of the global food supply. The ever-increasing global population necessitates higher cereal and grain production to meet the growing demand for food. To achieve optimal yields, farmers are increasingly recognizing the importance of micronutrients in enhancing the quality and quantity of these crops. Additionally, changing dietary preferences and the shift toward healthier eating habits have spurred the demand for nutrient-rich cereals and grains, creating a market for fortified crops. This trend aligns with the application of agricultural micronutrients to ensure the nutritional value of these staple foods. Moreover, advancements in agricultural practices, including precision farming and technology-driven solutions, have enabled more efficient micronutrient application, further promoting the growth of cereals and grains in the agricultural micronutrients market.
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South America is estimated to grow at a significant CAGR in the global agricultural micronutrients market.
With the region's growing population and rising disposable incomes, there is an increasing appetite for food products. The agricultural micronutrients market in South America is experiencing significant growth, driven by several key factors. First and foremost, there is a growing emphasis on improving crop yields and quality to meet the increasing demand for food in the region. Micronutrients play a crucial role in enhancing plant growth, nutrient uptake, and overall crop productivity. Additionally, South America's diverse climate and soil conditions have created a need for tailored nutrient solutions, further boosting the market for agricultural micronutrients. The adoption of modern agricultural practices, including precision farming and technology-driven solutions, has facilitated efficient micronutrient application, maximizing agricultural output. Moreover, increasing awareness among farmers about the benefits of micronutrient fertilizers and government initiatives to promote sustainable agriculture have fueled the market's growth.
The key players in the market include BASF SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), and Coromandel International Ltd (India).
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