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Meticulous Research®, a leading global market research firm, has released an insightful report titled “Agricultural Micronutrients Market by Type (Zinc, Iron, Copper, Molybdenum), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-chelated, Chelated), Mode of Application (Soil, Foliar, Fertigation, Seed Treatment) – Global Forecast to 2030.” This comprehensive analysis forecasts that the agricultural micronutrients market will reach approximately $13.35 billion by 2030, with a compound annual growth rate (CAGR) of 8.4% from 2023 to 2030.
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The growth of this market is primarily driven by several interrelated factors. Firstly, the increasing global population and the resulting food insecurity have created a pressing need for more effective agricultural practices. As arable land decreases and soil micronutrient deficiencies become more prevalent, the role of agricultural micronutrients has gained significant importance. Additionally, supportive government policies and initiatives from various organizations are fostering the use of these essential nutrients in agriculture. However, challenges remain, particularly the lack of awareness among farmers regarding the benefits of micronutrients and the sustainable sourcing of raw materials.
Emerging trends, such as contract farming and the integration of nanotechnology in fertilization practices, present further opportunities for growth within this market. Contract farming arrangements can enhance access to micronutrient-rich products, while nanotechnology promises improved efficiency in nutrient delivery.
Market Segmentation Insights
The agricultural micronutrients market is segmented by type, crop type, form, mode of application, and geography.
- Type: As of 2023, the zinc segment is anticipated to dominate the market. This is largely due to the recognized role of zinc in plant growth, coupled with its widespread deficiency in soils globally. The increasing emphasis on food security and the nutritional value of zinc-rich food products further support this trend.
- Crop Type: The cereals and grains segment is expected to hold the largest market share in 2023. The rising demand for staple crops such as wheat, rice, and maize, driven by population growth and industrial applications, reinforces the importance of micronutrients in these crops.
- Form: The chelated micronutrients segment is projected to exhibit the highest growth rate during the forecast period. The stability and enhanced efficiency of chelated forms over non-chelated variants make them increasingly attractive to farmers.
- Mode of Application: In 2023, soil treatment is expected to be the most prevalent method for applying micronutrients. Its simplicity and cost-effectiveness, combined with traditional agricultural practices, contribute to its popularity. This segment is also projected to grow at the fastest rate due to the limited resources available to many farmers.
- Geography: The Asia-Pacific region is expected to dominate the agricultural micronutrients market in 2023, driven by extensive crop cultivation, a growing population, and increasing demand for high-quality agricultural produce. Countries like China and India are particularly focused on enhancing crop productivity through the use of micronutrients.
Key Players
Prominent players in the agricultural micronutrients market include AgroLiquid, BASF SE, and Nutrien Ltd., among others. These companies are at the forefront of developing innovative solutions to enhance agricultural productivity.
In summary, the agricultural micronutrients market is poised for substantial growth, driven by global food demands and supportive agricultural practices. Stakeholders are well-positioned to capitalize on emerging opportunities in this evolving landscape.
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