GlobalAgricultural Micronutrients Market was valued US$ X.XX Bn in 2019 and isexpected to reach US$ 12.50 Bn by 2027, at a CAGR of 8.86 % during a forecastperiod.
Global Agricultural MicronutrientsMarket
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Global Agricultural MicronutrientsMarket Definition:
Micronutrients play a vital role inagriculture for sustainable crop production. It is used in very smallquantities for the overall growth of plants. It is naturally found in plants& certain animal-based foods, which are artificially synthesized. The risein demand for crop intensification is one of the most powerful forces, whichare driving the growth in the global Agricultural Micronutrients Market.According to the estimation of the FAO, nearly about 80% crop production isexpected to grow by 2027 from higher yields. With the presence of the 13billion hectares of total land, only 1.6 Bn is under farmland production, whichis categorised regionally as 36% of the Europe, the Middle East, and Africa,39% of the Asia Pacific, 15% of North America and the 10% in Latin America.Rapid urbanization is motivating farmers to adopt efficient crop protectiontechniques like application of micronutrients across the globe.The report studyhas analyzed revenue impact of COVID -19 pandemic on the sales revenue ofmarket leaders, market followers and market disrupters in the report and sameis reflected in our analysis.
Global Agricultural MicronutrientsMarket Dynamics:
The population across the globe isexpected to increase to 8 billion people by 2020, which is expected to increasethe demand for food. An increase in awareness among farmers about the benefitsof micronutrients and the effectiveness of micronutrients for crop yield andproductivity are some of the prominent factors behind the growth of the globalagricultural micronutrients market. Additionally, the government of thedeveloping countries is also taking the initiative to provide policy supportfor correcting micronutrient deficiencies through the Soil Health Card Scheme,National Food Security Mission, and Nutrient Based Subsidy, which is expectedto boost the market growth. For instance, In India, state governments alsoassist in the form of subsidies to farmers to restore the micronutrientbalance.
However, reduction in the size ofagricultural landholdings, dependence on the monsoon, insufficient access toirrigation, unsuitable usage of soil nutrients, low penetration of formalagricultural credit and lack of adequate market linkages are some of thefactors, which are limiting the growth in the global agriculturalmicronutrients market. Additionally, the high cost and lack of awareness amongfarmers in developing countries concerning micronutrient benefits have limitedthe application scope of the agricultural micronutrients. At the same time,farmers are incapable to gauge the appropriate quantity to be injected into thesoil because of the lack of standardized permissible levels, which areestablished by regulatory agencies. These factors are act as major restrainingfactors for the global micronutrients market.
Global Agricultural MicronutrientsMarketSegment Analysis:
The micronutrient has a specificrole to play in the plant, which is classified as essential. Some of themicronutrients includes zinc, copper, iron, manganese, boron, molybdenum andothers (nickel and chloride). They create in total less than 1% of the dryweight of most plants. Zinc is essential to prevent leakage of essentialelements from plant surfaces and it also helps to maintain the integrity andstability of plant membranes. The micronutrient deficiencies in the soil haveincreased because of the deficiency of zinc and boron. The Zinc micronutrientdeficiencies are witnessing across the globe and more commonly in developing economieslike India, Brazil, and China. Extensive usage of fertilizers, chemicals, andfarm irrigation are some of the factors responsible for reducing the level ofmicronutrients in the soil. The reduction of the supply of micronutrient tocrops is decreasing productivity and damages the quality of crops. The demandfor the micronutrient is increasing to maintain the nutrient level in crops andsoil.
By crop type, the fruits andvegetable segment is expected to contribute US$ XXMn share in the global agriculturalmicronutrients market. The micronutrients are used to protect the soil fromcontamination and ensure a healthy and fresh fruits and vegetable production.Additionally, the rise in demand for fruits and vegetables is increasing theadoption of agricultural micronutrients. Zinc, iron, and molybdenum are widelyused agriculture micronutrients in fruits and vegetables.
Region-wise, the Asia Pacificregion is projected to be a leading region in the global agriculturalmicronutrients market. An increase in demand for high-quality food and wideacceptance of micronutrients by farmers in developing economies like India,Japan, and China are contributing a significant share in the globalagricultural micronutrients market.
India is expected to contribute theUS$ XX Mn share in the global agricultural micronutrients market. The rise inawareness about the benefits of micronutrient is expected to drive the marketgrowth. The country is a leading producer of the several agricultural productslike cashew nuts, fresh fruits. Furthermore, some of the prominent key playersare also focusing on R&D to produce new formulations and innovative modesof application for micronutrient deployment, which is expected to boost marketgrowth.
The objective of the report is topresent a comprehensive analysis of Global Agricultural Micronutrients Marketincluding all the stakeholders of the industry. The past and current status ofthe industry with forecasted market size and trends are presented in the reportwith the analysis of complicated data in simple language. The report covers allaspects of the industry with a dedicated study of key players that includesmarket leaders, followers and new entrants by region. PORTER, SVOR, PESTELanalysis with the potential impact of micro-economic factors by region on themarket are presented in the report. External as well as internal factors thatare supposed to affect the business positively or negatively have beenanalysed, which will give a clear futuristic view of the industry to thedecision-makers. The report also helps in understanding Global AgriculturalMicronutrients Market dynamics, structure by analysing the market segments andproject the Global Agricultural Micronutrients Market size. Clearrepresentation of competitive analysis of key players by Type, price, financialposition, product portfolio, growth strategies, and regional presence in theGlobal Agricultural Micronutrients Market make the report investor’s guide.
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Global Agricultural MicronutrientsMarket, By Type
• Zinc
• Copper
• Iron
• Manganese
• Boron
• Molybdenum
• Others (nickel and chloride)
Global Agricultural MicronutrientsMarket, By Crop Type
• Cereals
• Oilseeds & pulses
• Fruits & vegetables
• Others (floriculture crops,permanent crops, pastures, grasslands, and other cultivations)
Global Agricultural MicronutrientsMarket, By Application
• Soil
• Foliar
• Fertigation
• Others (seed treatment andhydroponics)
Global Agricultural MicronutrientsMarket, By Form
• Chelated
• Non-chelated
Global Agricultural MicronutrientsMarket, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in GlobalAgricultural Micronutrients Market
• Yara International
• The Mosaic Company
• Helena Chemical Company
• Nufarm
• Coromandel International
• BASF
• DOW Chemical
• Akzonobel
• Agrium
• Land O’lakes
• Haifa Chemicals
• Sapec S.A.
• Nutrien, Ltd.
• Compass minerals international
• Valagro
• Aries Agro Limited
• AgroLiquid
• Sigma AgriScience, LLC
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