Agriculture Micronutrients Market projected to grow with significant CAGR over the forecast period
Agriculture Micronutrients Market projected to grow with significant CAGR over the forecast period
Overview of the Agriculture Micronutrients Market:-
Elements like Boron, Zinc, Copper, Manganese, Iron, Molybdenum, Nickel etc are considered as micronutrients for plants as they are needed in a very small quantity but, are very essential for the proper growth of plants. These micronutrients help in improving the quality of the plants and their overall crop yield. Deficiency of micronutrients can hamper critical functions in a plant, which may lead to abnormality, reduced yield, and improper growth.
Agriculture Micronutrients Market – Drivers and Constraints
Factors like increasing population, reduction in farming area, soil and water pollution leading to micronutrients deficiency in plants, demand for better agricultural products, demand for biofuels etc are likely to act in favour of the agriculture micronutrients market. Again, new innovative products in this field are likely to support the growth.
On the other side, there are factors like high product cost, unawareness among farmers regarding agricultural micronutrients and their proper dosage etc will continue to act as constraints to the growth of the agricultural micronutrients market.
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Agricultural Micronutrients Market – Segmentation
The agricultural micronutrients market can be segmented on the basis of product type, micronutrient type, type of crops, and mode of application.
On the basis of product type, the agriculture micronutrients market can be segmented as:-
• Chelated products
• Non-chelated products
On the basis of micronutrient type, the market can be segmented as below:-
• Iron
• Copper
• Zinc
• Magnesium
• Molybdenum
• Manganese
• Boron
• Others
On the basis of mode of application, the market can be segmented as below:-
• Foliar
• Soil
• Fertigation
On the basis of the crop type, the market can be segmented as below:-
• Cereals
• Oilseeds and pulses
• Vegetables and fruits
• Others
Analysis of the agriculture micronutrients market based on regions:-
On the basis of geography, the agriculture micronutrients market can be divided into five key regions:-
• Europe
• North America
• Latin America
• Asia-Pacific
• Middle East and Africa
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Among all regions, North America is showing the highest growth rate, mainly due to factors like – demand for high quality food products, reduction in farming area due to population growth, usage of GM food products and adoption of new technologies in agriculture.
Similarly, Europe is also likely to witness a significant growth, reasons being – polluted soil and water due to more industrialization; awareness among farmers regarding benefits of micronutrients; innovation in this area through intense R & D activities etc.
In Asia-Pacific, main growth factors are – disposable income, rise in production of fruits, vegetable, cereals, grains etc to meet the food requirement of growing population in this reason, and increasing soil pollution due to excessive use of chemical fertilizers.
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Agriculture Micronutrients Market – Key Players
Names of few important players in the agriculture micronutrients market are listed below:-
• AkzoNobel N.V. (Netherlands)
• BASF SE (Germany)
• Agrium, Inc. (Canada)
• The Dow Chemical Company (U.S.)
• The Mosaic Company (U.S.)
• Novozymes (Denmark)
• Sumitomo Corporation (Japan)
• Helena Chemical Company (U.S.)
• Nufarm Ltd. (Australia)
• SUL4R-PLUS, LLC (U.S.)
• Yara International (Norway)
• Land O’Lakes, Inc. (U.S.)
Mergers and acquisitions, Collaborations, patents filing and intense R & D activities are the growth strategies of major players in this industry.
Agriculture Micronutrients Market – key Developments
• June, 2017 – Roshini Crop Sciences Pvt Ltd in collaboration with Sumitomo Corporation launched Foliar Blend in India.
• March, 2017 – Launch of B+Z Fertilizer, a micronutrient product which contains Boron, Zinc, Calcium, and Sulfur by SUL4R-Plus, LLC
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