The global agricultural grade zinc chemical market garnered USD 716 Million in 2021, and is likely to exhibit a Y-o-Y increase of 9.1% to be valued at USD 760 Million in 2022. Owing to the increasing advancement in technology, the market is likely to propel to USD 1.3 Billion by 2032. The trade is projected at a 5.4% CAGR during the forecast period.
Growth and expansion of agricultural industry especially in the developing economies, and development in fertilizers, which will benefit the market in the forecast period.
| Attributes | Details |
|---|---|
| Global Agricultural Grade Zinc Chemical Market CAGR (2022 to 2032) | 5.4% |
| Global Agricultural Grade Zinc Chemical Market (2032) | USD 1.3 Billion |
| Global Agricultural Grade Zinc Chemical Market Attraction | The increasing advent of sustainable farming practices is expected to drive the growth of the market in the forecast period. |
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Zinc is one of the eight essential trace elements that plants need for normal growth and reproduction. The application of zinc fertilizers to soils and/or crops offers a simple, effective solution to the problem of zinc deficiency in food production, animal health, and human health.
For example, it has been estimated that enriching rice and wheat grain with zinc could save the lives of up to 48,000 children in India annually. The increasing use of zinc in many applications like in foods, and fertilizers has boosted the need of the market in coming years.
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.
The increased population density and human activities contribute to the reduction of mineral and nutrient content of the soil, across the globe and are also expected to fuel the demand of the market over the forecast period.
Awareness about the hazardous effects of agrochemicals and the adoption of a healthy lifestyle by the end-users has become a major constraint in the growth of the agricultural grade zinc chemical industry. People are shifting to organic or bio-based products as they are safe for the environment.
Also, the factors such as excess micronutrients in the soil that can adversely affect the environment, especially microorganisms and earthworms, and lower or inadequate awareness regarding the accurate and adequate quantity of zinc required to produce good-quality crops impede the growth of the agriculture grade zinc chemicals market.
Growing commercialization of zinc-containing fertilizers is expected to impart large momentum to the growth of the agricultural grade zinc chemicals market.
Furthermore, the increasing focus of various governments of several countries on zinc-based fertilizers is expected to create lucrative avenues for producers. In recent years, several producers of zinc-based fertilizers have been focusing on bolstering their production capacities, in order to meet the current and emerging diversity of demand of end-users across the globe.
This is a prominent trend aiding in the steady expansion of the agricultural grade zinc chemicals market. Constant advancements in the production processes of zinc-based fertilizers are also fuelling the expansion of the agricultural grade zinc chemicals market.
As per type, the zinc sulphate segment is expected to lead the market during the forecast period. The segment is anticipated to have witnessed a 5.9 % CAGR from 2015 to 2021. Whereas, during the forecast period, the segment is estimated at a 5.3% CAGR.
As Zinc Sulphate has major applications in agriculture as a weed killer and to give protection against pests. It is used to supply zinc in animal feeds and fertilizer, Zinc Sulphate functions as a mordant in dyeing, as a preservative for skins and leather, and as an astringent and emetic in medicine. The demand for zinc sulphate is expected to rise in the coming years in the agricultural and healthcare sectors.
Based on application, the chemical fertilizer segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 5.4% during the forecast period. The segment is expected to have experienced a CAGR of 6.1% during the timeframe of 2015 to 2021.
As Farmers all around the world are adopting intensive farming techniques to increase productivity, maximizing yields by making heavy use of pesticides and chemical fertilizers. On the other hand, the animal feed segment is expected to record significant growth in revenue due to high application, this will also contribute to the growth of the market.
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North America is anticipated to lead the global agricultural grade zinc chemicals market during the forecast period. The market is likely to garner USD 462.2 Million while exhibiting a CAGR of 5.2% from 2022 to 2032.
The rapid development of the region can be attributed to the rising consumption of agriculture grade zinc chemicals and high awareness regarding the fertilizers within this region. It is one of the leading countries in agricultural activities, with a high presence of many global key players.
Alongside, profit-bearing growth strategies and product innovations by these key players, as well as government policies to boost the agriculture sector, are expected to propel sales of agricultural grade zinc chemicals over the assessment period.
APAC is anticipated to be the fastest-growing region during the forecast period. China is likely to make the most significant contribution to developing the market. China is estimated at USD 92.2 Million, expanding at a 4.8% CAGR during the forecast period.
Growth can be attributed to the presence of evolving countries such as; India, China, Japan, and others. Asia-Pacific dominates the agriculture grade zinc chemicals market and will continue to flourish its dominance during the forecast period owing to the advent of sustainable farming practices. The large traction that the regional market has received over the past few years can be attributed to the growing uptake of zinc-based fertilizers to boost crop productivity.
A large part of this growth will be driven by rapid strides being taken by agriculture practices in its key economies, with the objective of maximizing the yield of food crops. In addition, Japan has been recognized as another potent player in the region. According to the analysis, the country is anticipated at USD 74.9 Million while recording a CAGR of 3.9% in the forecast period. The development of the regional market can be credited to the rapid development in the concerned field. South Korea is estimated at USD 46.8 Million.
| Countries | Estimated CAGR |
|---|---|
| USA | 5.2% |
| UK | 4.2% |
| China | 4.8% |
| Japan | 3.9% |
| South Korea | 3.4% |
Eminent players of the global agricultural grade zinc chemicals market include UPL, Syngenta Crop Protection AG, IFFCO, Yara, and Zochem Inc among others. Recent key developments among players include:
The global agricultural grade zinc chemicals market is likely to value USD 716 Million in 2021.
The global agricultural grade zinc chemicals market is estimated to grow at a CAGR of 5.4% from 2022 to 2032.
The global agricultural grade zinc chemicals market is predicted to procure USD 1.3 Billion from 2022 to 2032.
The zinc sulfate segment is projected to expand at a 5.3% CAGR during the forecast period.
The application segment is likely to exhibit a 5.4% CAGR from 2022 to 2032.
The U.S market is expected to garner USD 462.2 Million while expanding at a 5.2% CAGR from 2022 to 2032.
| Estimated Market Size (2024E) | USD 274.8 million |
|---|---|
| Projected Market Value (2034F) | USD 387.7 million |
| Value-based CAGR (2024 to 2034) | 3.5% |
| Market Estimated Size (2023E) | USD 309.6 million |
|---|---|
| Projected Market Valuation (2033F) | USD 505.6 million |
| Value-based CAGR (2023 to 2033) | 5.0% |
| Global Market CAGR (2022 to 2032) | 5.4% |
|---|---|
| Global Market (2032) | USD 1.3 Billion |
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Agricultural Grade Zinc Chemicals Market
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