Agriculture Micronutrients Market Expanding at a CAGR of 8.3% from 2016 – 2024

According to this report analysis, agriculture micronutrients are gaining popularity globally for obtaining better yield output. The global agriculture micronutrients market value is anticipated to increase from US$ 6,576.9 Mn in 2015 to US$ 13,344.2 Mn by 2024, expanding at a CAGR of 8.3% during the forecast period (2016–2024). Increasing need for effective fertilizers due to poor soil quality and high demand for quality and uniform yield in view of the increasing population across the globe are factors anticipated to drive the growth of the agriculture micronutrients market over the forecast period. Demand for agriculture micronutrients across the globe is growing steadily and can be attributed to the various benefits associated with them. The major benefits that they offer include the fact that they help to improve a quality of soil used for agriculture and to increase the production of bio-fuel crops. Growing contribution of agriculture in GDP is further fueling the growth of the agriculture micronutrients market currently.

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One of the major restraints for a growth of the agriculture micronutrients market is the lack of awareness among farmers in developing countries regarding appropriate dosage and proper application of micronutrients, thereby limiting its demand. This factor is anticipated to restrain the growth of the agriculture micronutrients market over the forecast period.

In 2015, among the various product type segments, the zinc product type segment was valued at US$ 2,504.7 Mn and it is estimated to reach a market value of US$ 2,697.5 Mn by the end of 2016. The boron product type segment was valued at US$ 953.6 Mn in 2015 and is estimated to reach US$ 1,034.1 Mn by the end of 2016.

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In 2015, the soil application segment accounted for 47.6% value share of the overall market, which is expected to rise up to 48.7% by the end of 2024.

In terms of volume, the Asia Pacific agriculture micronutrients market dominated the overall market in 2015, and it is expected to continue to dominate the market over the forecast period between 2016 and 2024 as well, as compared to other regions. In terms of value, the Asia Pacific agriculture micronutrients market is anticipated to expand at a CAGR of 9.0% during 2016 to 2024.

The price of agriculture micronutrients is forecast on the basis of the historic price trend and several other factors, including production, demand, import & export, and end-stock of agriculture micronutrients.

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Key players in the global agriculture micronutrients market include ADAMA Agricultural Solutions Ltd., Agrium Inc., Akzo Nobel N.V., Auriga Industries A/S, BASF SE, Bayer Crop, Compass Minerals International Inc., E. I. DUPONT DE NEMOURS AND COMPANY, Land O’Lakes Inc. Monsanto Co., Nufarm Limited, Sumitomo Chemical Co., Ltd., Syngenta International AG, The Dow Chemical Co., The Mosaic Company, Yara International ASA, ATP Nutrition, Baicor, L.C., Brandt Consolidated Inc., Grow More Inc., Kay-Flo, Micnelf USA Inc., Nutra-Flo Company (K- Flo), Stoller USA, Inc., Verdesian Life Sciences, LLC, Merck KGaA, and Sigma-Aldrich Corporation.

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