Micronutrients are the vital elements for plants necessarily in small quantities. Micronutrients are the basic input in agriculture to get better the quality & yield of agriculture products. Most frequently used agriculture micronutrients include Zinc, Boron, Copper, Iron, Molybdenum, Manganese, Nickel and among others. It performs a different function for the development & growth of plant and necessary less than a pound per acre. Owing to lack of these micronutrients, critical tasks of the plant are limited & result in the plant abnormalities, reduced growth of plant and lower yield.
According to study, “Global Agricultural Micronutrients Market Size Study, by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), by Mode of Application (Soil, Foliar, and Fertigation), by Form (Chelated and Non-Chelated), by Crop Type, and Regional Forecasts, 2017-2025 (USD Billion/Million)” some of the other major companies currently working in the global agriculture micronutrients market are Aries Agro Ltd., Dow Chemical Co., BASF SE, Land OLakes, Haifa Chemicals, Western Nutrients Corporation, AkzoNobel N.V, Baicor L.C., The Mosaic Co., Zuari Agro Chemicals, Agrium Inc., Sigma-Aldrich Corporation, Auriga Industries A/S, Yara international ASA, Sumitomo Chemical Co., Ltd., Sapec S.A., E. I. Dupont DE Nemours & Company, Brandt Consolidated Inc., FMC Corporation, Valagro, Coromandel International, Bayer CropScience, Helena Chemical Co., Wolf Trax Inc., Nutrien Ltd., Chambal Fertilisers and Chemicals Ltd., Compass Minerals International Inc., Nufarm.
Based on the type, the global agriculture micronutrients market is segmented into copper, molybdenum, zinc, manganese, boron, iron, magnesium, chloride and nickel. Based on form, market is segmented into chelated & non-chelated. Chelated segment is further sub-categorized into Ethylenediamine Di-2-Hydroxyphenyl Acetate (EDDHA), HydroxybenzylEthylenediamineDiacetic Acid (HBED), DiethyleneTriaminePentaacetic Acid (DTPA), Ethylenediaminetetraacetic Acid (EDTA), and D,L-Aspartic Acid N-(1,2-Dicarboxyethyl) Tetrasodium Salt (IDHA). Based on crop type, market is segmented into oil seeds & pulses, cereal & grain, fruits & vegetables and others (cotton, sugarcane, rubber, coconut, tea and coffee). Based on mode of application, market is segmented into fertigation, hydroponics, seed treatment, foliar and soil.
The global agriculture micronutrients is driven by escalating production of biofuel crops, increasing deficiency of micronutrients in the soil, growing worldwide population rise in the demand for food products, food security and changing diets, rising need for agriculture micronutrients worldwide, and increased tendency for contract farming. Apart from benefits, some of the other restraints include availability of cheap alternatives & counterfeit products with rising need of sustainable sourcing of raw materials and lack of awareness leading appropriate dosage of micronutrients among farmers. In addition, increase in use of new methods of farming adds to a key opportunity of the market. Furthermore, some other key trends are consolidation of farmlands, increase in horticulture, and intensification of agricultural crops.
Asia Pacific region held the key market share in terms of requirement of micronutrients. The North American region is expected to remain the second-major market, followed by European region. Increase in demand for food, micronutrient-deficient soils and depleting arable land in regions like Northern Africa, Brazil, Indian subcontinent, Southern U.S., China, and Nordic countries are expected to drive the demand for micronutrients in the upcoming years. The global agriculture micronutrients market is expected to grow at a CAGR of approximately 8.9% over the next decade to attain around US $15.5 billion, by 2025.
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Ankur Gupta, Head Marketing & Communications