According to the latest market report published by Persistence Market Research, titled “Global Market Study on Agriculture Micronutrients: Established Players Are Focusing to Strengthen Partnerships along the Value Chain to Gain Better Market Access over the Forecast Period 2016 – 2024,” the global agriculture micronutrients market was valued at US$ 6,576.9 Mn in 2015 and is anticipated to expand at a CAGR of 8.3% from 2016 to 2024, to reach a market value of US$ 13,344.2 Mn by 2024.
Currently, the agriculture micronutrients market is mainly driven by factors such as increasing the need for effective fertilizers due to poor soil quality and high demand for quality and uniform yield, due to increasing population across the globe. However, factors such as lack of awareness among farmers in developing countries regarding dosage and proper application of micronutrients are the major factor expected to restrain the growth of the global agriculture micronutrients market during the forecast period.
The agriculture micronutrients market is segmented on the basis of region into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The Asia Pacific agriculture micronutrients market is expected to be the highest contributor to the overall global agriculture micronutrients market in terms of value share, followed by North America, by 2015 end. The MEA agriculture micronutrients market is expected to be the fastest growing market over the forecast period (2016-2024). Growth of the Asia Pacific agriculture micronutrients market is primarily attributed to the increasing agriculture contribution towards GDP. Moreover, rise in demand for effective fertilizers due to poor soil quality is also expected to support growth of the Asia Pacific agriculture micronutrients market over the forecast period.
The North America agriculture micronutrients is expected to expand at a CAGR of 7.9% in terms of value over the forecast period (2016-2024). The Europe agriculture micronutrients market is expected to witness moderate growth over the forecast period, accounting for 13.7% value share of the overall market in 2015, and expanding at a moderate CAGR of 7.2% in terms of value over the forecast period (2016-2024).
The zinc product type segment is expected to be the highest contributor to the agriculture micronutrients market in terms of value share, followed by the boron segment by 2016 end. The molybdenum product type segment is expected to be the fastest growing segment in the overall market over the forecast period (2016-2024). The segment is expected to expand at a CAGR of 10.2% over the forecast period in terms of revenue.