The global agriculture micronutrients market is expected to rise at a strong rate owing to the rise in demand for higher crop yield and efficient fertilizers, according to a report by Persistence Market Research.
Key findings in the global agriculture micronutrients market are as follows:
1. The global agriculture micronutrients market accounted at the value of US$ 6.58 Bn at the end of 2015.
2. The global market is expected to increase at the strong CAGR of 8.3% for the forecast period of 2016 – 2024.
3. The global market is projected to reach the value of US$ 13.34 Bn at the end of 2024.
4. Demand for effective fertilizers, high crop yield are major drivers.
5. Lack of awareness about proper dosage is a major restraint in the global market.
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6. According to product type, the zinc segment is the largest contributor to the market share followed by boron in 2016.
7. Molybdenum segment is touted to be the fastest growing with expected rise at a CAGR of 10.2% for the forecast period, in terms of revenue.
8. Asia Pacific is touted to be a major contributor in terms of value in the global market.
9. North America regional market is anticipated to rise at a CAGR of 7.9% for the forecast period, whereas Europe is projected to rise at a CAGR of 7.2% and accounting for 13.7% of the value share.
10. MEA is expected to grow the fastest in the global market for the forecast period.
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Key players in the global agriculture micronutrients market include ADAMA Agricultural Solutions Ltd., Agrium Inc., Nufarm Limited, Land O’Lakes Inc., Auriga Industries A/S, BASF SE, Akzo Nobel N.V., The Dow Chemical Co., Brandt Consolidated Inc., ATP Nutrition, E. I. Dupont De Nemours And Company, Baicor, L.C., Yara International ASA., Monsanto Co., The Mosaic Company, Compass Minerals International Inc., Syngenta International AG., Sumitomo Chemical Co., Ltd., and Bayer Crop.