(MENAFN- GlobeNewsWire - Nasdaq) New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Micronutrients Global Market Report 2023" -
p.A, Sigma AgriScience LLC, Aries Agro Limited, AgroLiquid, Agrium Inc., The Dow Chemical Co, ATP Nutrition, Baicor L.C., Stoller USA Inc., Akzonobel, Sumitomo Chemical Co. Ltd., Syngenta International AG, Brandt Consolidated Inc., Grow More Inc., DowDuPont Inc., and Western Nutrients Corporation.
The global agricultural micronutrients market grew from $5.3 billion in 2022 to $5.94 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The agricultural micronutrients market is expected to grow to $9.65 billion in 2027 at a CAGR of 12.9%.
The agricultural micronutrient market consists of sales of agricultural micronutrients such as chlorine and nickel.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The agricultural micronutrient are defined as a fine blend of mineral elements, which play an important role in balancing crop nutrition.Agricultural micronutrients are crucial for plant growth that nurture horticultural crops and crops of pulses, cereals, spices, plantations, and oilseeds.
The mineral elements in agricultural micronutrients include manganese, zInc., iron, copper, molybdenum, and boron.
Asia-Pacific was the largest region in the agricultural micronutrient market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in the agricultural micronutrient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of agricultural micronutrients are zInc., boron, iron, copper, manganese, molybdenum, and other Types. Zinc is a necessary micronutrient for human metabolism since it catalysis over 100 enzymes, aids protein folding, and regulates gene expression. Zinc deficiency is more common in patients with malnutrition, alcoholism, inflammatory bowel disease, and malabsorption disorders. The method of application is soil application, fertigation, foliar, seed treatment, and hydroponics used for various crop types such as cereals, pulses, oilseeds, spices, fruit, and vegetables. The applications are tomato, cotton, citrus, apple, lettuce, soybean, and other applications.
The rising micronutrient deficiency in soil is expected to propel the growth of the agricultural micronutrient market. Micronutrient deficiency in soil is defined as the low or unavailability of elements like manganese, copper, zInc., boron, iron, sulphur, and molybdenum. The deficiency of these elements is a concern to the farmers, as it decreases productivity and profit. For instance, in October 2022, according to a report published by ICAR, an India-based apex body managing research and education in agriculture, that was conducted from agricultural fields in 615 districts spread across 28 states in India found that S (58.6% of soils), Zn (51.2% of soils), and B (44.7% of soils) had higher deficiencies than Fe (19.2% of soils), Cu (11.4% of soils), and Mn (17.4% of soils) did. Out of 615 districts, 50% of the soils in 101, 131, and 86 districts, respectively, had insufficient amounts of available S, available Zn, and available B. Therefore, the growing micronutrient deficiency in soil is driving the growth of the agricultural micronutrient market.
Technological advancements are shaping the agricultural micronutrient market.Technological advancement is a discovery of knowledge that advances technology and aids in providing an enhanced product.
For instance, in September 2022, ICL Group Ltd., an Israel-based developer and manufacturer of metals, fertilizers and specialty chemicals, launched eqo.x, a revolutionary rapidly biodegradable release technology created for open field agriculture. By reducing nutrient loss and increasing nutrient use efficiency (NUE) up to 80%, a coating is used in this novel solution to help farmers maximize agricultural crop performance while minimizing environmental impact. The release technology can also help reduce the number and amount of nitrogen applications, increase or maintain yields with lower fertilizer rates, and provide predictable and consistent nutrient release.
In November 2020, The McGregor Company, a US-based provider of seed, crop inputs, research, equipment, and advice required to raise sustainable and healthy crops, acquired HydroGro, for an undisclosed amount.With this acquisition, The McGregor company aims at strengthening its position in the agriculture and turf industries, offering specialty products and solutions.
HydroGro is a US-based manufacturer of water-based micronutrient solutions for the turf and agriculture markets.
The countries covered in the agricultural micronutrient market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agricultural micronutrients market research report is one of a series of new reports that provides agricultural micronutrients market statistics, including agricultural micronutrients industry global market size, regional shares, competitors with an agricultural micronutrients market share, detailed agricultural micronutrients market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural micronutrients industry. This agricultural micronutrient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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