The India agricultural micronutrients market size was USD 538.4 million in 2021. The market is projected to grow from USD 571.6 million in 2022 to USD 1,057.6 million by 2029, growing at a CAGR of 9.19% during the forecast period (2022-2029). This information is published by Fortune Business Insights™, in its report titled, “India Agricultural Micronutrients Market, 2022-2029.”

The utilization of micronutrients to improve crop health and output is made possible by the growing population, the introduction of cutting-edge technologies, and government support. The need for agricultural micronutrients is predicted to rise in the upcoming years as a result.

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COVID-19 Impact

Commotion in Supply Chain during COVID-19 to Impact Market Value of Agricultural Micronutrient in India

The pandemic had a significant impact on the market. The micronutrient supply chain for agriculture in India has been disrupted by the COVID-19 epidemic. Among the unexpected obstacles that the stakeholders in the agricultural micronutrient value chain saw were a severe labor shortage, restrictions on interstate travel, and a restricted export market.

However, in an effort to lessen the loss brought on by the pandemic, the Indian government has been incredibly supportive and has occasionally granted exceptions. The government’s “Aatmanirbhar Bharat Abhiyan” financial aid initiative has made significant advancements in agriculture and associated fields, which are expected to significantly alter the farm industry.

Segments

Type, Source, Application, and Crop Type are studied

Based on type, the market is divided into zinc, boron, iron, molybdenum, manganese, and others. Zinc is expected to dominate the segment owing to rising zinc deficiencies caused in people and its surging awareness. Based on source, the market segmented into chelated and non-chelated. Based on application, the market is segmented into soil, foliar, and fertigation. Based on crop type, the market is segmented into cereals, pulses and oilseeds, fruits and vegetables, and others.

Report Coverage

The research provides a comprehensive analysis of the industry overview and a segmentation study of the market. The study includes a thoughtful analysis of the market’s present trends as well as future opportunities. It also provides a thorough analysis of the regional insights and how they account for the largest portion of the Indian agricultural micronutrient industry. In order to provide investors and business owners with a better understanding of the potential risks in the market, the paper has discussed the consequences of COVID-19. The paper goes on to address the key actors and their essential strategies for maintaining their dominant positions.

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Driving Factors

Growing Micronutrient Deficiencies in Agricultural Soils of India to Endorse Market Growth

One of the main causes of the decline in soil micronutrients in India is the combination of concentrated farming and climatic variations, such as an increase in global warming. Crop cultivation in soils lacking in micronutrients has consequently had a negative effect on crop output and caused crop damages. Furthermore, India’s ability to produce agricultural crops sustainably has been hampered by the lack of prompt soil testing. This is anticipated to support the growth of the agricultural micronutrients market in India.

Competitive Landscape

Collaborations among Companies to Increase Business Prospects in Global Market

Key companies in the industry are constantly searching for ways to promote their goods and solidify their positions. Unveiling innovative agricultural micronutrient goods through partnerships with other businesses to increase their market penetration to end users is one such strategy.

Industry Development

June 2020: Indian Council of Agricultural Research (ICAR) signed a Memorandum of Understanding (MoU) with IFFCO for collaborative research and development of new agricultural products for farmers in the region.

List of Key Players Covered in the Report

  • Coromandel International (Hyderabad)
  • Indian Farmers Fertiliser Cooperative Limited (IIFCO) (New Delhi)
  • Aries Agro Limited (Mumbai)
  • Zuari Agro Chemicals Limited (Goa)
  • Geolife Group (Mumbai)
  • Deepak Fertilisers and Petrochemicals Corporation Ltd. (Pune)
  • Amruth Organic Fertilizers (Karnataka)
  • Anand Agro Care (Nashik)
  • Multiplex Fertilizers Private Limited (Bengaluru)

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