The global Agricultural micronutrients market is projected to reach $9,009.2 million by 2023. The market growth is driven by the fact that growing global population will continue to boost the demand for cereals and grains, thereby boosting the demand for micronutrients used for the promoting the growth of the crops.
On the basis of type, the agricultural micronutrients market is categorized into zinc, iron, boron, molybdenum, manganese, and others (copper, nickel, and chlorine). Of these, zinc micronutrients contributed the largest revenue to the market in 2017, accounting for more than 25.0% share.
APAC accounted for the largest revenue share in terms of value in the agricultural micronutrients market, accounting for more than 55.0% in 2017. The high demand for the product is driven by increasing demand for processed and non-processed food, which in turn, is boosting the adoption of micronutrients used in growing different types of crops.
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The agricultural micronutrients market is characterized by presence of large number of multinational corporations as majority of the major players operating in the market are present in more than three countries. FMC Corporation, Akzo Nobel N.V., Yara International ASA, BASF SE, Sinochem Group, and SAPEC SA were the leading players in 2017. Companies such as FMC Corporation and Akzo Nobel N.V. have wide range of agricultural micronutrients products.
Some of the other major players operating in the global agricultural micronutrients market are The Mosaic Company, Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, and Haifa Group.