Asia Pacific is Projected to Grow at the Highest CAGR in Agricultural Micronutrients Market by 2025

Posted on 2021-05-04 by MarketsandMarkets in Agriculture // 0 Comments

The global agricultural micronutrients market is estimated to be valued at USD 3.6 billion in 2020 and is projected to reach a value of USD 5.4 billion by 2025, growing at a CAGR of 8.7% during the forecast period. Factors such as the rise in micronutrient deficiencies in the soil and growing awareness about food security are projected to drive the growth of the agricultural micronutrients market.

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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. According to the World Bank, about 56.2% and 60.4% of the entire land area were accounted for as agricultural land in China and India, respectively, in 2015.

Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat plant deficiencies and are often sprayed in combination or as additives to NPK products.

In terms of value, The market for agricultural micronutrients in the Asia Pacific region is projected to grow at the highest CAGR from 2019 to 2025. Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils.

Large areas are affected by micronutrient deficiencies in China and is estimated that more than one-third of the country’s farmland area has soil Zn, Mo or B deficiencies. Problems with low soil Zn, B and Fe are very extensive and have become more widespread in recent times in India. Zinc sulfate is the most commonly used Zn source, particularly in the Asian market, where price is the main consideration in the micronutrient product choice. There is a huge demand for agricultural micronutrients market in Asia Pacific due to the direct use of micronutrients to treat deficiency.

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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 major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. They show a strong presence in North America, Asia Pacific, and Europe. And also have manufacturing facilities, along with strong distribution networks across these regions.

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