Agricultural Micronutrients Market to Reach Value of US$ 10.4 Bn by 2030, TMR Study

WILMINGTON, DE / ACCESSWIRE / September 28, 2022 / Transparency Market Research Inc. - The global agricultural micronutrients market is prognosticated to reach a value of US$ 10.4 Bn by the end of 2030, as per a review by Transparency Market Research (TMR). Furthermore, the study analysts find that the market is expected to develop at a CAGR of 8% during the forecast period, between 2020 and 2030.

The prevalence of micronutrients deficiency problem is being rising in the recent years owing to a surge in the demand for higher crop yields that absorb high percentage of micronutrients form the soil. Moreover, there has been a surge in the use of synthetic fertilizers with lesser micronutrients quantities. This aside, the utilization of farmyard manure is being decreasing across the globe. These factors are projected to drive the sales growth in the global agricultural micronutrients market in the forthcoming years.

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Leading players in agricultural micronutrients market are using organic and inorganic strategies such as the new product launches, mergers, and acquisitions in order to stay ahead of the competition. In addition, companies are investing heavily in R&Ds, which are focused on product innovations. Such initiatives are expected to help in the rapid market expansion in the forthcoming years, states a TMR study that delivers in-depth insights pertaining to the recent developments in agricultural micronutrients market.

Agricultural Micronutrients Market: Key Findings

• The issue of micronutrients deficiency is being rising across the globe depending on the varied factors such as the soil condition, rainfall, climate, and other environmental conditions. Rise in the prevalence of this issue globally is anticipated to boost the future market demand for agricultural micronutrients market, find analysts at TMR.
• Some of the key factors leading to micronutrient deficiency include several human activities including carrying out farming work without sufficient fertilization or extra fertilization with phosphate, which can lead to obstructing the availability of iron, copper, and zinc for crops. Hence, surge in improper farming activities globally is likely to lead to the deficiency of micronutrients, which in turn, is expected to boost the agricultural micronutrients market growth in the near future.
• In order to address the issue of micronutrient deficiencies, the utilization of micronutrients sources such as synthetic chelates and inorganic and natural organic complexes is being rising in the recent years. Such factors are influencing positively on the growth of the global agricultural micronutrients market.
• Worldwide people are experiencing the health issues associated with micronutrient deficiency due to poor diet quality, according to TMR's study that offers thorough insights on the global agricultural micronutrients market. Furthermore, the deficiency of micronutrient in agricultural soil can lead to reduced nutritional quality and crop yield. This, in turn, is impacting negatively on human health and leading to increased prevalence of different health disorders including the rising mortality rate globally. Hence, this factor is boosting the need for agricultural micronutrients, states a TMR report.

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Agricultural Micronutrients Market: Growth Boosters

• Increase in the commonness of micronutrient deficiency in soil is the largest revenue generator in agricultural micronutrients market
• Surge in the adoption of farming activities with insufficient fertilization of the soil is expected to drive the sales growth in the market

Agricultural Micronutrients Market: Key Players

Some of the key players profiled in the report are:

• The Mosaic Company
• BASF SE
• Nutrien Ltd.
• Nouryon
• Yara International
• Nufarm
• Helena Agri-Enterprises, LLC
• Coromandel International
• Compass Minerals
• Haifa Group
• Petrochemicals Ltd
• Deepak Fertilizers
• BMS Micro-Nutrients
• Valagro S.p.A.

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Agricultural Micronutrients Market Segmentation

Product Type

• Boron
• Iron
• Manganese
• Zinc
• Copper
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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