The Agricultural Micronutrients Market is estimated at USD 4.3 Billion in 2022; it is projected to grow at a CAGR of 8.6% to reach USD 6.4 Billion by 2027.
Asia Pacific accounted for the largest share, during the forecast period, in terms of volume and value, respectively. Asia Pacific comprises developing countries with vast agricultural lands. The per capita income of the region depends on the agricultural activities conducted.
The increasing agricultural practices and requirement of high-quality agricultural produce are factors that drive the micronutrient fertilizer market growth in the Asia Pacific region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced.
The key countries that play an important role in the agriculture sector in this region are India, China, Japan, and Australia. Cotton, sugar crops, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries. Rice cultivation and the predominance of small-scale manufacturers are widely seen across all the countries of Asia Pacific. The only exception to this is Australia, where yield potential is limited due to substandard climatic conditions.
Asia Pacific accounted for the largest share in the agricultural micronutrients market, during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the micronutrients are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies for fertilization and nutrition of crops, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region.
Key players in this market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (US), Compass minerals international (US), and Valagro (Italy). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
