The growing popularity of micronutrients for increasing crop yield and productivity is driving market growth. The rising demand of micronutrients for soil enrichment, seed treatment, soil fertilization, foiler, and aquaponics application is also fueling the market growth. Lack of arable land is raising demand for high crop yield in limited farmland. This, in turn, has increased the demand for micronutrients. The growing adoption of micronutrients for high-quality agricultural outcomes is pushing the market growth uphill.
The latest report by Value Market Research expects the Global Micronutrients Market to reach USD XX billion by 2030. It was valued USD XX billion in 2022. The report foresees an XX% CAGR from 2023 to 2030.
ZINC EMERGED AS THE LEADING PRODUCT SEGMENT
In 2022, zinc dominated the product segment. Zinc accounted for the maximum market share as it promotes the growth of a variety of crops such as rice, maize, bean, potato, etc. Also, increasing use in photosynthesis, sugar formation, phytohormone synthesis, protein synthesis, and other crucial pathways are again increasing the demand for zinc.
SOIL DOMINATED THE APPLICATION SEGMENT
By application, soil has emerged as a leading segment in 2022. Decreasing arability of soil is majorly driving demand for micronutrients for the enrichment of the soil. The presence of micronutrients enhances soil properties such as organic matter content, clay content, and pH balance leading to increases in crop yield is again fueling the segment growth.
ON THE BASIS OF CROP, CEREALS LED THE SEGMENT
In 2022, cereals dominated the segment and accounted for the maximum market share. Rising consumption of cereals such as maize, wheat, oats, etc. is driving the segment growth. Growing demand for cereal bars, biscuits, and snacks is contributing to the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
In 2022, Asia Pacific emerged as the leading regional market owing to the booming agricultural sector in countries such as India and China. The growing focus on better quality and high yield of the crop to fulfill the regional demand is again contributing the market growth.
MAJOR PLAYERS OF THE MARKET
BASF SE, Coromandel International Ltd., K+S AG, Sociedad Quimica y Minera SA, The Mosaic Company, and Yara International ASA are the key players in the micronutrient market.