The Agricultural Micronutrients market accounted for $2.94 billion in 2018 and is expected to reach $7.33 billion by 2027 growing at a CAGR of 10.7% during the forecast period.
Rising focus on crop production and quality, and supporting policies from the government are the major factors propelling the market growth.
However, factors such as booming organic fertilizer industry, and bio-accumulation of non-biodegradable chelates are hampering the market growth.
Nutrient antagonism and synergism occupies a vital role in the dynamic of interactions in between plant nutrients, which has a substantial effect on the overall yield.
This is a vital aspect shaping the dynamics of the agricultural micronutrients market. The exact volumes of micro nutrients required for the growth of a plant is shaped by numerous factors.
Some of the instances of nutrient antagonism that agriculturists and farmers need to keep in mind while deciding on the correct dosage are iron blocking the absorption of manganese, magnesium blocking calcium, and potassium blocking both.
The growing role of contract farming in improving productivity is imparting an attractive thrust to the demand for micronutrient fortified products.
This has paved way for lucrative prospects in the agricultural micronutrients market. In this regard, a number of contract farming assessment studies and randomized control trials on the safety and effectiveness of these fortified food products on the farming productivity bodes well for the market.
Based on the crop type, the fruits & vegetables segment is going to have a lucrative growth during the forecast period due to the increasing exports of fruits & vegetables.
This factor has resulted in a rise in their production levels. Hence, the crop sustaining and protecting the chemicals market for fruits & vegetables is projected to witness significant growth.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period owing to the requirement of high-quality agricultural produce and increasing agricultural practices.
Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains. The region consumes 90% of the global rice produced.
There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives to NPK products.
Some of the key players profiled in the Agricultural Micronutrients Market include.
AkzoNobel, BASF SE, Coromandel International Ltd, Corteva Inc, Haifa Group, Nufarm, Nutrien, Ltd, Sapec SA, Stoller Enterprises Inc, The Mosaic Company, Yara International, and Zuari Agrochemicals Ltd.
For more information, visit www.researchandmarkets.com