The report “Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Copper), By Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated micronutrients), Crop Type, and Region – Global Forecast to 2025″, is estimated to be valued at USD 3.3 billion in 2019 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.
The Zinc segment is projected to be the largest segment in the agricultural micronutrients market during the forecast period.
Zinc is required in plants for a wide range of functions such as protein synthesis, gene regulation, structure and integrity of biomembranes, protection of cells from oxidative damage, and others. Sandy, highly leached acid soil and soils having poor organic content, show lower zinc contents. The formations of essential enzymes in the plants, such as carbohydrate, protein, and chlorophyll is hampered in the zinc-deficient soils.
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The foliar segment is estimated to account for the largest share in 2019.
Foliar mode of application is widely used to apply micronutrients, particularly iron and manganese, for many crops. It is mostly used for many fruit, vegetable and flower crops. Micronutrients can be foliar applied as liquid or suspensions to crops. Soluble inorganic salts of micronutrients are useful in foliar spray and are lower in cost as compared to synthetic chelates.
Key players in the agricultural micronutrients market include BASF SE (Germany), Nutrien, Ltd. (Canada), Yara International ASA (Norway), AkzoNobel (Netherlands), The Mosaic Company (US), Valagro (Italy), and Compass Minerals International (US). Product innovations, expansions, mergers & acquisitions, agreements, collaborations, and partnerships were some of the core strengths of the leading players in the agricultural micronutrients market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some of the other leading players in the agricultural micronutrients market include Nufarm (Australia), Land O’ Lakes (US), Coromandel International Limited (India), Helena Chemical Company (US), Sapec S.A. (Belgium), Haifa Group (Israel), Balchem (US), Stoller Enterprises (US), Zuari Agrochemicals Ltd. (India), ATP Nutrition (US), and BMS Micro-Nutrients NV (Belgium).
Nutrien Ltd. (Canada) has the largest crop nutrient product portfolio, which is combined with a global retail distribution network that includes more than 1,500 farm retail centers. Nutrien Ltd. specializes in crop nutrition and is engaged in the production and distribution of potash, nitrogen, and phosphate products for agricultural, industrial, and feed manufacturers. A subsidiary of Nutrien Ltd., Nutrien Ag Solutions is the leading provider of agricultural products and services for western Canadian growers. The company has a wide-ranging agricultural retail network that provides services to over 500,000 grower accounts. The company has a network of nearly 1,700 retail locations in seven countries, along with operations and investments in 14 countries, globally. The company has its presence in North America, South America, Europe, Asia, Africa, and Australia.
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Yara International ASA (Norway) is a leading crop nutrition company. The company’s product segment comprises ammonia, nitrates, calcium nitrate, and NPKs, with a growing portfolio of phosphates, providing the foundation for its crop nutrition and industrial solutions businesses. It provides micronutrients through its crop nutrition segment. The product offering covers both commodity and high-value crops, where it offers differentiated fertilizer products and services. The segment offers the most comprehensive crop nutrition product portfolio, ranging from standard nitrogen products to complete crop nutrition solutions.