According to the report, published by Fortune Business Insights in a report, titled “Agricultural Micronutrients Market Size, Share & Industry Analysis, By Type (Zinc, Boron, Iron, Molybdenum, Manganese, and Others), Application Mode (Soil, Foliar and Fertigation), Form (Chelated and Non-Chelated), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecasts, 2019 – 2026” the market size stood at USD 3.50 billion in 2018. The report incorporates several factors that have impacted the Agricultural Micronutrients Market growth and share in recent years. Besides providing insights on the growth stimulators, it reveals a few factors that have restricted the market expansion.
The global agricultural micronutrients market size is predicted to reach USD 6.86 billion by 2026, exhibiting a CAGR of 8.92% during the forecast period. The growing number of framers and surge in farm income will contribute positively to the Agricultural Micronutrients Market size during the forecast period. According to the United States Department of Agriculture, about 2.05 million farms are currently in operation, and the gross cash farm income (GCFI) is forecast at USD 431 billion in 2020.
Furthermore, the study also revealed that Crop cash receipts totaled USD 196.2 billion in 2018. Receipts from corn and soybeans accounted for 43.9 percent of the total. In addition, the surge in agricultural activities and rising demand for food around the world will be a key factor in boosting the Agricultural Micronutrients Market share in the forthcoming years.
The report highlights a few of the leading products, significant companies, and considerable industry developments of recent times. The competitive landscape has been discussed in in-depth in the Agricultural Micronutrients Market report. Forecast values for the market have been provided in the report for the period of 2019 to 2026. Moreover, the report recognizes areas that have witnessed the highest demand and applications for the product in recent years.
List of the Major Companies Operating in the Agricultural Micronutrients Market includes;
- Nutrien Ltd.
- Akzo Nobel N.V.
- Yara International ASA
- Haifa Group
- Helena Agri-Enterprises, LLC
- Israel Chemicals Ltd.
- Coromandel International Limited
- COMPO EXPERT GmbH
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Compass Minerals Inc.
- The Mosaic Company
- AgXplore International, LLC.
Declining Arable Land to Consolidate Market Capabilities
The degradation and contamination of soil across various regions of the world will be a critical factor in fuelling the demand for agricultural micronutrients in the forthcoming years. Moreover, the declining levels of arable land is likely to boost the Agricultural Micronutrients Market trends. This has also led to an escalation in R&D investment by key players for the development of efficient and affordable micronutrients for agricultural use.
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For instance, AgXplore, a premier agriculture specialty company, launched Microcoat, which is a mixture of five vita micro and secondary nutrients. The new product features a composite of magnesium, sulfur, manganese, molybdenum, and zinc to dry fertilizer, making it an efficient nutrient delivery fertilizer. Furthermore, Gunther Kreps, director of sales for AgXplore, said in a statement, “Microcoat is truly unique by allowing dealers the versatility to custom mix with any phosphorous and potassium fertilizer blend. It allows dealers to differentiate themselves in the marketplace by offering additional value and profit.”
Advancements in Fertigation Technology to Spur Opportunities for Micronutrients
The increasing use of agricultural micronutrients in soil-based applications will bolster the healthy growth of the market. As soil is the most preferred, easy and affordable way for farmers. The fewer adoption of unique and advanced fertilizer application techniques by farmers along with the availability of limited resources, has impelled them to use soil-based applications for micronutrients in plants. However, the increasing advancement in fertigation technology and drip irrigation will aid the fertigation segment’s growth, which in turn boost the Agricultural Micronutrients Market revenue.
Higher Crop Production to Support Market in Asia Pacific
In Asia Pacific, China and India are the two major markets for agricultural micronutrients owing to the increasing production and consumption of micronutrients in the region. The growing awareness regarding the significance of micronutrients will boost the Agricultural Micronutrients Market in India. North America generated a revenue of USD 932.59 million in 2018 and is predicted to grow rapidly during the forecast period.
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