Agricultural Micronutrients Market Growth Accelerated by Rising Need for Sustainable Agriculture
Agricultural Micronutrients Market |
Market key trends:
The growing importance of
sustainable agriculture has been one of the major factors driving the demand
for agricultural micronutrients. Sustainable agricultural practices focus on
long term soil fertility and minimize the use of chemicals through balanced
fertilization. Micronutrients play a vital role in maintaining soil health and
quality. They enhance nutrient uptake efficiency in plants and reduce the
requir
ements for other fertilizers. As a result, their use supports sustainable
production of crops over a longer period with minimal environmental impact.
This has prompted many farmers and agricultural companies to increase
micronutrient adoption.
Segment Analysis
The global agricultural
micronutrients market is segmented into type and crop type. Based on type, the
market is segmented into zinc, boron, copper, manganese, molybdenum and others.
Among these, the zinc segment held the largest share of the market in 2023 due
to its high usage in maintenance of metabolic activities of plants. The
micronutrient helps in cell division and elongation of plants. Based on crop
type, the market is segmented into cereals and grains, fruits and vegetables,
pulses and oilseeds and others. The cereals and grains segment dominated the
market in 2023, owing to use of micronutrients for better yield of crops such
as rice, wheat and corn.
Key Takeaways
The Global
Agricultural Micronutrients Market Size is expected to witness high
growth over the forecast period of 2023 to 2030. Regional analysis shows that
Asia Pacific region led the market in 2023 and is expected to grow at the
fastest rate during the forecast period. Factors such as large cultivable land,
growing population and expansion of industrialization are driving the demand
for foodgrains, fruits and vegetables in countries like India and China,
thereby propelling regional growth of agricultural micronutrients market.
Key players operating in the agricultural micronutrients market are
Zoetis Inc., Elanco Animal Health, MSD Animal Health, Benchmark Holdings,
Phibro Animal Health Corporation, Intervet Inc., Norvartis, Merck Animal
Health, Novartis AG, Pharmaq AS, AquaBounty Technologies, Alltech, Skretting,
Nutreco, Biomin. These companies are focusing on new product launches and
partnerships to strengthen their distribution network and market presence. For
instance, in 2022, Zoetis launched veterinary micronutrient injection VitalCare
Plus Gold for cattle and swine.
The global agricultural
micronutrients market is expected to witness robust growth over the forecast
period owing to rising population and increasing food demand. Growing awareness
among farmers regarding benefits of micronutrients is further driving market
growth. Key players are expanding their regional presence through strategic
collaborations to leverage new opportunities in agricultural micronutrients
market.
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https://www.newsstatix.com/agricultural-micronutrients-market-size-share-growth-outlook-2023/
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