Global Agriculture Micronutrients Market is Expected to Reach US$ 13,344.2 Mn by 2024: Persistence Market Research
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).
Currently, the agriculture micronutrients market is mainly driven by factors such as increasing the need for effective fertilizers due to poor soil quality and high demand for quality and uniform yield, due to increasing population across the globe. However, factors such as lack of awareness among farmers in developing countries regarding dosage and proper application of micronutrients are the major factor expected to restrain the growth of the global agriculture micronutrients market during the forecast period.
The global agriculture micronutrients market is anticipated to expand at a CAGR of 8.3% in terms of revenue from 2016 to 2024, to reach a market value of US$ 13,344.2 Mn by 2024.
The agriculture micronutrients market is segmented on the basis of region into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The Asia Pacific agriculture micronutrients market is expected to be the highest contributor to the overall global agriculture micronutrients market in terms of value share, followed by North America, by 2015 end. The MEA agriculture micronutrients market is expected to be the fastest growing market over the forecast period (2016–2024). Growth of the Asia Pacific agriculture micronutrients market is primarily attributed to the increasing agriculture contribution towards GDP. Moreover, rise in demand for effective fertilizers due to poor soil quality is also expected to support growth of the Asia Pacific agriculture micronutrients market over the forecast period. The North America agriculture micronutrients is expected to expand at a CAGR of 7.9% in terms of value over the forecast period (2016-2024). The Europe agriculture micronutrients market is expected to witness moderate growth over the forecast period, accounting for 13.7% value share of the overall market in 2015, and expanding at a moderate CAGR of 7.2% in terms of value over the forecast period (2016–2024).
The report provides detailed information about various market trends and offers analysis and insights into the potential of the agriculture micronutrients market globally. Furthermore, the agriculture micronutrients market is segmented on the basis of product type into boron, copper, iron, manganese, molybdenum, zinc, and others.
The zinc product type segment is expected to be the highest contributor to the agriculture micronutrients market in terms of value share, followed by the boron segment by 2016 end. The molybdenum product type segment is expected to be the fastest growing segment in the overall market over the forecast period (2016–2024). The segment is expected to expand at a CAGR of 10.2% over the forecast period in terms of revenue.
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On the basis of application, the global agriculture micronutrients market is segmented into fertigation, foliar, soil, seed treatment and others.
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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