Agriculture Micronutrients Market is expected to surge at a CAGR of 8.4% to reach close to US$ 11.3 Bn by the end of 2031: Persistence Market Research
NEW YORK, Feb. 3, 2022 /PRNewswire/ -- The global agriculture micronutrients market is set to surge at a CAGR of 8.4% and close in on a valuation of US$ 11.3 Bn by 2031.
The raw materials required for the production of micronutrients are obtained through mining processes, and manufacturers of micronutrients procure raw materials from companies engaged in the mining industry. Growing demand for bio-based crop protection products, including fertilizers, has facilitated the market potential of micronutrients that have a vital role in the growth of plants
Globally, quality of soil is declining due to various reasons such as overgrazing, agricultural activities, deforestation, overexploitation of land to produce fuel wood, and increasing industrialization. Chelated iron micronutrients rectify iron deficiency in calcareous (high pH) soils and soil in the Mediterranean region. Alkaline soil is widely distributed in low rainfall areas where salt accumulates due to poor drainage systems. Chelated micronutrient fertilizers make metal ions available for immediate absorption by plants, as they prevent the precipitation of metal caused by poor soil quality.
Micronutrients are effective in both, soil and foliar applications due to their chelation properties. Micronutrients facilitate effective operation of fertilizers by increasing the uptake of primary and secondary nutrients by plants, which leads to proper growth of plants, and this factor will bolster the sales of micronutrients for crop production.
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Key Takeaways from Market Study
- The agriculture micronutrients market is expected to expand in the Middle East & Africa, Latin America, and Europe at CAGRs of 8.3%, 7.3% and 7% respectively, through 2031.
- Utilization of agriculture micronutrients in foliar application is anticipated to reach US$ 2.7 Bn by 2031.
- Deficiency of molybdenum is increasing in crops and plants owing to very low pH levels in the substrate or soil. Based on product type, molybdenum is set to register promising growth at a CAGR of 9.5% over the forecast period.
- Major demanding country for agriculture micronutrients in East Asia is China.
- Supply of agriculture micronutrients was impacted negatively during the COVID-19 pandemic, owing to disruptions in supply chains. However, in the recovery phase, manufacturers are striving to match the supply and demand of agro-micronutrients by adopting various strategies in the global market.
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"Use of agriculture micronutrients is essential for plant growth as there is intensive cultivation and excess consumption of agro-products worldwide," says a Persistence Market Research analyst.
Competitive Landscape
Manufacturers of agriculture micronutrients all over the world are implementing strategies to capitalize on the current market scenario. Major agriculture micronutrient manufacturers are utilizing strategies such as expanding their distribution networks and boosting their investments in new production facilities. Manufacturers are focusing on enhance the quality of finished products.
- The Mosaic company recently increased its production capacity for MicroEssentials to 2.3 million tons. This expansion is aligned for upcoming MicroEssentials supply and demand and would also allow Mosaic to continue providing innovation and value to its global customers.
- Stoller USA, Inc. developed zinc- and boron-rich solutions to meet the specific requirements of consumers in West America and Brazil. In addition, the company provides soil analysis assistance to help correct soil deficiencies and tissue analysis to help address any in-season deficiencies.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global agriculture micronutrients market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of product type (boron, copper, iron, manganese, molybdenum, zinc, others), crop type (cereals, pulses and oilseeds, fruits and vegetables, others), and application (fertigation, foliar, soil, seed treatment, others), across seven major regions of the world.
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