Northbrook, IL 60062 -- (SBWIRE) -- 11/10/2023 -- According to a recent research report titled "Agricultural Micronutrients Market by Type, Mode of Application, Form, Crop Type, and Region - Global Forecast to 2028" published by MarketsandMarkets, the global agricultural micronutrients market is poised to reach USD 6.9 billion by 2028, with an estimated value of USD 4.5 billion in 2023. The market is projected to experience a CAGR of 8.6% during the forecast period from 2023 to 2028.

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Key Drivers of Growth:

Focus on Improving Agricultural Yield and Crop Quality: The increasing emphasis on enhancing agricultural yield and crop quality is a primary driver for the adoption of micronutrient fertilizers, essential for optimal plant growth.

Global Population Growth and Demand for High-Quality Food: The rising demand for high-quality food due to a growing global population is prompting farmers to adopt micronutrients to enhance crop nutritional content and meet the nutritional needs of the expanding populace.

Soil Micronutrient Deficiencies: Imbalances in soil micronutrients can lead to decreased crop productivity, driving the demand for micronutrient supplementation to optimize plant health and ensure higher yields.

Technological Advancements and Research Activities: Ongoing research, technological advancements, and increased awareness of the benefits of agricultural micronutrients are contributing to the growing demand for these essential minerals.

Key Insights by Segment:

Boron Segment Growth: The boron segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing recognition of boron's role in promoting plant growth and development, particularly in high-value crops sensitive to boron levels.

Fertigation on the Rise: Fertigation, the application of micronutrients through irrigation systems, is gaining momentum due to its precise and efficient delivery, optimizing nutrient uptake, and aligning with sustainable agricultural practices.

Cereal and Grain Crop Significance: Cereal and grain crops, including staples like corn, wheat, and rice, are anticipated to grow significantly, fueled by the need to meet the global demand for food, changing dietary preferences, and advancements in agricultural practices.

South America's Growing Market: South America is estimated to experience significant growth in the agricultural micronutrients market, driven by a growing population, rising incomes, and the need for tailored nutrient solutions to enhance crop productivity.

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Key Players:

Key players in the market include BASF SE (Germany), Nouryon (Netherlands), Nufarm (Australia), Yara International ASA (Norway), and Coromandel International Ltd (India), indicating a diverse and competitive landscape in the agricultural micronutrients sector.

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