(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Agricultural Micronutrients Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The latest addition to the extensive research collection on our website unveils a comprehensive analysis of the global agricultural micronutrients market. This report provides an in-depth assessment of key drivers, trends, and growth forecasts for this vital segment of agriculture, emphasizing the value of micronutrients in increasing agricultural productivity.
Agricultural micronutrients are essential for plant growth and play a pivotal role in balanced crop nutrition. These nutrients, including zInc., boron, iron, copper, manganese , and molybdenum , have seen a surge in demand owing to soil depletion and the heightened necessity for crop yield optimization.
The research spotlights the immense growth potential of the agricultural micronutrients market. With a projection to expand from $6.2 billion in 2023 to $11.95 billion by 2028 , at a CAGR of 13.8% , this vibrant market trajectory demonstrates the industry's crucial role in sustainable agriculture.
Soaring Demand in Asia-Pacific Spearheads Market Expansion
Insightful findings indicate that Asia-Pacific is leading the charge as the most substantial market for agricultural micronutrients, fueled by robust agricultural practices and an increasing focus on food security. The region also showcases the highest growth rates, setting the stage for influential market trends such as organic farming and precision agriculture.
Strategic market expansions, mergers, and acquisitions among major players further illustrate the vibrancy of the sector. For instance, the recent acquisition of micronutrient assets by Koch Agronomic Services LLC deepens its foothold within North America, creating new opportunities for product innovation and market diversification.
Emerging Trends and Innovations Propel Market Growth
Innovation remains at the core of market growth with technological advancements such as ICL Group Ltd .'s eqo.x technology leading the charge. This new biodegradable release technology aims to boost nutrient use efficiency in open-field agriculture, a promising development for sustainable nutrient management.
The expansive report indicates a variety of application methods for these micronutrients, from soil and foliar application to seed treatment and hydroponics. This versatility underscores their all-encompassing role in modern farming techniques for a diverse array of crops including horticulture, cereals, and oilseeds.
As environmental concerns, soil nutrient depletion, and the pursuit of food quality continue to rise, the market for agricultural micronutrients is expected to witness both growth and transformation. This report contributes to an understanding of market dynamics by exploring the multiplicity of factors propelling the agricultural micronutrients market into the future.
Growth drivers include the rising deficiency of essential minerals in soil and the burgeoning need for high-quality food production. Technological innovations, such as enhanced nutrient delivery systems, are significantly shaping the market landscape. Key industry players are continuously introducing groundbreaking products that solve critical challenges in crop cultivation.
This authoritative analysis of the agricultural micronutrients market offers stakeholders a complete overview of the current situation and a forward-looking perspective on potential developments up to 2024 and beyond. It enables informed decision-making for industry participants, from policymakers to farmers and suppliers, positioning them to capitalize on emerging opportunities.
With this new report, industry professionals can gain valuable insights into market segmentation, competitive dynamics, regional growth patterns, and strategic approaches to maximize growth in the agricultural micronutrients sector.
A selection of companies mentioned in this report includes
BASF SE Yara International ASA Nutrien Ltd. Nouryon BV Compass Minerals International Helena Chemical Company Corteva Agriscience Coromandel International Limited Haifa Group Valagro S.p.A Sigma AgriScience LLC Aries Agro Limited AgroLiquid Agrium Inc. Dow Chemical Company ATP Nutrition Ltd. Baicor L.C. Stoller USA Inc. Akzonobel N.V Sumitomo Chemical Co. Ltd. Syngenta International AG Brandt Consolidated Inc. Grow More Inc. Western Nutrients Corporation The Mosaic Company Nufarm Limited ICL Group Ltd. Chambal Fertilisers and Chemicals Limited Sapec Group Green Has Italia SPA
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