The global agricultural grade zinc chemicals market is projected to reach approximately US$ 1.3 billion, with a robust Compound Annual Growth Rate (CAGR) of 5.4% over the forecast period, driven by increasing governmental support. In 2022, the industry is anticipated to secure a substantial market value of US$ 760.0 million, indicating a promising trajectory for future growth.
Growth and expansion of the agricultural industry especially in the developing economies, the development of fertilizers will create lucrative opportunities for growth of the agriculture grade zinc chemicals market. Also, the rising number of research and development by the leading manufacturer and the use of zinc chemicals in agriculture is the primary factor driving the growth of the agricultural grade zinc chemicals market.
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The chemical fertilizer segment is likely to offer remunerative opportunities for the global agricultural grade zinc chemicals market. Several emerging economies are making significant developments in their agricultural sector, thereby, providing lucrative opportunities to players in the market.
Key Takeaways:
- By application, the chemical fertilizer segment is expected to record a 5.4% CAGR by 2032
- By type, the zinc sulphate segment to expand at a 5.3% growth rate during the forecast period
- The U.S market to garner US$ 462.2 Million and record a 5.2% CAGR from 2022-2032
- Market in China to procure US$ 92.9 Million, expanding at a 4.8% growth rate during the assessment period
“Growth and expansion of agricultural industry especially in the developing economies, and development in fertilizers, is expected to fuel the demand of agricultural grade zinc chemicals market over the forecast period,” says an FMI analyst.
Competitive Landscape
Eminent players in the global agricultural grade zinc chemicals market include UPL, Syngenta Crop Protection AG, IFFCO, Yara, and Zochem Inc. among others. Recent developments among players include:
- In June 2020 – IFFCO signed MoU with ICAR for collaborative research, testing & extension programs across the country for collaborative research, testing and validation of different products through ICAR institutes and Krishi Vigyan Kendras (KVKs). This will also enable these centers to disseminate technological advancements by imparting training, through awareness programs, campaigns, field trials and demonstrations for the benefit of farmers.
- In May 2021 – Yara, a leading crop nutrition solutions provider, announced the commercial launch of Agoro Carbon Alliance, a global business created for farmers to earn additional revenue from positive climate action. By adopting climate-positive practices farmers can produce Farm Carbon Credits or climate-smart certified crops and help to decarbonize food supply chains.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global agricultural grade zinc chemicals market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Type (Zinc Oxide, Zinc sulphate, EDTA chelated zinc, Sulphur Zinc Bentonite, Zinc chloride, Other), by Application(Animal feed, chemical fertilizer, others), and Region (North America, Europe, APAC, Middle East & Africa, and Latin America)
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