Agricultural Micronutrients Market is Projected to Reach $6.9 billion by 2028

The global agricultural micronutrients market is poised for substantial expansion, projected to reach USD 6.9 billion by 2028 with a CAGR of 8.6%. A research report by MarketsandMarkets highlights key factors driving this growth and sheds light on market dynamics.

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Key Findings:

Increasing Focus on Agricultural Yield and Crop Quality:

The primary driver is the global push to enhance agricultural yield and crop quality, necessitating the use of micronutrient fertilizers. Farmers are adopting these micronutrients to improve crop nutritional content in response to the rising demand for high-quality food from a growing global population.

Soil Micronutrient Deficiencies:

Soil imbalances leading to micronutrient deficiencies contribute significantly to the market's growth. Addressing these deficiencies is crucial for preventing decreased crop productivity.

Boron Segment Growth:

The boron segment is estimated to exhibit the highest CAGR. The recognition of boron's vital role in plant growth, coupled with its impact on crop quality and yield, is driving increased adoption. High-value crops, sensitive to boron levels, further contribute to the demand for boron-containing micronutrients.

Fertigation on the Rise:

Fertigation, applying micronutrients through irrigation systems, is gaining momentum due to its precise and efficient nutrient delivery directly to plant roots. This method aligns with resource-efficient farming, conserving water and reducing environmental impact.

Cereal and Grain Crop Growth:

Cereals and grains, fundamental to the global food supply, are experiencing significant growth. Farmers recognize the importance of micronutrients in optimizing yields and meeting the demand for nutrient-rich staple foods.

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South America's Market Significance:

South America is estimated to grow significantly, driven by a growing population, rising disposable incomes, and an increasing demand for food products. Diverse climate and soil conditions in the region create a need for tailored nutrient solutions, contributing to the market's expansion.

Key Players:

The key players in the market include BASF SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), and Coromandel International Ltd (India).

In conclusion, the global agricultural micronutrients market is witnessing robust growth, fueled by the imperative to improve agricultural productivity, address soil deficiencies, and meet the demands of a growing population for high-quality, nutrient-rich food.

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