The global micronutrient market is expected to reach $6.87 billion by 2028, according to a new report from Reports and Data. The compound annual growth rate (CAGR), according to the study presented, will be 8.4%.

"The growing demand of the agricultural sector to improve crop yields, the increasing incidence of plant diseases and the growing awareness of the critical advantages of micronutrients are the main factors contributing to market growth. The market is predominantly driven by the growing need for efficient nutrition products to overcome micronutrient deficiency in plants," reports and data points out.

In addition, the report states, the decreasing proportion of arable land in major economies and increasing levels of soil contamination are designed to add traction to market growth.

"Micronutrients play a crucial role in the growth and metabolism of plants and, later, of humans and animals. They are designed to have an impact on thfertilie immune system and reduce the risks of cancer and other serious diseases in humans. This has spurred consumers' shift to a nutrient-rich diet, which in turn is designed to drive market growth in the expected timeframe."

According to the study, key players in the micronutrient market include Agrium Inc., BASF SE, Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, AkzoNobel, Tradecorp International, Mosaic and Cheminova.

Source: Agrolink