Allied Market Research

2024

Micronutrients Market

Micronutrients Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

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Author's: | Eswara Prasad
Publish Date:

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Micronutrients Market Analysis :

Micronutrients are a category of elements that are required by living organisms in very minute quantities (less than 100 mg per day) for wellbeing and to perform physiological functions. Zinc, cobalt, molybdenum, and copper are some examples of micronutrients. These nutrients are very essential for organisms and deficiency of any of these nutrients causes several complications and deficiency diseases such as anemia, goiter, and night blindness. Vitamins also fall under this category of nutrients. These micronutrients can be obtained from both plant and animal based food sources such as fruits, vegetables, and fish oils and can also be obtained artificially in the form of supplements.

COVID-19 scenario analysis:

The COVID-19 pandemic has affected the global micronutrients market in a positive way.

  • Awareness regarding immunity and healthcare among common people increased significantly and led to a steep escalation in demand for health supplements across the world. This has increased growth of the global micronutrients market.
  • Moreover, owing to growth in number of patients admitted to different health care institutions increases demand for micronutrients such as vitamins in the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Micronutrients play a vital role in maintaining health of humans as well as live-stock and crops. Rise in awareness about health and fitness among people and rapid growth in agricultural and live-stock industries have escalated the demand for micronutrients in the market. In case of the agricultural sector, deficiency of micronutrients causes several problems such as decline in productivity of crops and yellowing of leaves. Thus, growth in need for a steady production and better quality of crops drives the demand for use of micronutrients in fertilizers and sprays used in cultivation. As lack of micronutrients can cause serious health issues in human beings. Growth in health awareness among athletes has created demand for health supplements in diets to overcome nutrient deficiency. It not only prevents certain diseases but helps to maintain a higher level of immunity. They are extensively used by athletes to maximize their performance on ground. Thus,  extensive use of micronutrients in agricultural products, medicines, and health supplements boosts growth of the market. However, higher cost and lack of awareness and relevant information about benefits and dosage of these nutrients among consumers in underdeveloped regions, especially among farmers limits growth of the market.

Asia-Pacific region held the major fraction of the global micronutrients market, owing to growth in the agricultural sector in emerging economies such as India and China. The market in North America and Europe is also expected to grow at a steady rate to meet escalating demand for crops with limited arable lands.

Key benefits of the report:

  • This study presents the analytical depiction of the global micronutrients industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global micronutrients market share.
  • The current market is quantitatively analyzed to highlight the global micronutrients market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global micronutrients market research report:

  • What are the leading market players active in the micronutrients market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
  • What would be the detailed impact of COVID-19 on the market?

Micronutrients Market Report Highlights

Aspects Details
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By Type
  • Vitamins
  • Copper
  • Zinc
  • Molybdenum
  • Cobalt
  • Others
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By Application
  • Fertilizer
  • Health Supplements
  • Others
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By Industry Vertical
  • Agriculture
  • Food & Beverages
  • Pharmaceutical
  • Healthcare
  • Others
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By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, rest of Europe)
  • Asia Pacific  (China, Japan, India, rest of Asia Pacific)
  • Latin America  (Brazil, Mexico, rest of LATAM)
  • Middle East 
  • Africa 
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Key Market Players

Yara International, Agrium Inc., BASF SE, Coromandel International Ltd., Valagro, Cheminova., Areis Agro Ltd., AkzoNobel, Gujarat State Fertilizer & Chemicals, Tradecorp International

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Micronutrients Market

Global Opportunity Analysis and Industry Forecast, 2023-2032