Agricultural Micronutrients Market Size is projected to reach USD 13.03 Billion by 2032
Market Overview
The global agricultural micronutrients market is predicted to grow substantially during the forecast period. In 2022, the market was valued at USD 6 Billion, and it is expected to reach USD 13.03 Billion in 2032, growing at a CAGR of 9%. One of the key drivers of market revenue growth is the growing global population, which has increased the need for food and consequently the need for increased agricultural productivity and quality. Agricultural micronutrients are critical to modern agricultural operations, as they significantly impact plant development, growth, and overall crop health.
Another factor driving revenue growth in the agricultural micronutrients market is the increasing awareness among farmers about the benefits of micronutrients for plant growth and crop productivity. Farmers are using agricultural micronutrients more widely to improve crop yields and quality in response to the rising global food demand. Additionally, the market for agricultural micronutrients has grown due to the decline in soil quality and an increase in crop nutrient deficits.
The market for agricultural micronutrients is expected to continue growing due to the increasing use of organic farming methods. Micronutrients and natural inputs are used in organic farming to increase crop productivity and soil health. The use of micronutrients in organic farming is driven by multiple advantages they offer, such as increased crop quality and production, decreased use of synthetic fertilizers, and enhanced soil health. As organic farming gains popularity, demand for agricultural micronutrients is expected to rise, further boosting market revenue growth.
Several key players are contributing to the growth of the global agricultural micronutrients market, including companies such as BASF SE, Yara International ASA, Compass Minerals International Inc., Nutrien Ltd., and The Mosaic Company. These companies are engaged in research and development activities to enhance the effectiveness and efficiency of micronutrient products, as well as expanding their product portfolios to cater to a wider range of crops and regions.
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Agricultural Micronutrients Market: Competitive Landscape
The market report features some significant companies such as Yara International ASA, BASF SE, Syngenta AG, Agrium Inc., The Mosaic Company, Compass Minerals International Inc., Haifa Chemicals Ltd., Balchem Corporation, Cheminova A/S, and Grow More Inc.