The agricultural micronutrients are plant nutrients, which are used in little amount to obtain better yield. These micronutrients include chloride, zinc, boron, copper and molybdenum. Rise in preference for Genetically Modified (GM) seeds across the world is expected to impact the growth of the global market for agriculture micronutrients.
Referring to study, “Global Agricultural Micronutrients Market: Market Segments: By Type(Zinc, Boron, Iron, Manganese, Molybdenum, and Copper); By Application (Soil, Foliar, and Fertigation); By Form (Chelated and Non-Chelated micronutrients);By Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses);and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global agricultural micronutrients market are Nutrien Ltd, Yara, The Mosaic Company, BASF SE, Akzo Nobel N.V., Compass Minerals, Auriga Industries A/S, Bayer AG, DuPont, ADAMA India Private Limited, Land O'Lakes, Inc, ATP Nutrition, Baicor, LLC, Sumitomo Chemical Co., Ltd., Dow Dow, Brandt, Inc, Grow More Inc. Key companies are focused on opting for agreements with global players, in order to gain considerable share at the highest level and maintain the competitiveness in the market.
Based on type, agricultural micronutrients market is segmented as boron, zinc, iron, molybdenum, manganese and others (nickel and chlorine). Based on crop type, market is segmented as fruits & vegetables (cucurbit, brassica, root-bulb, leafy and solanaceae), oilseeds & pulses (dry peas, soybeans, beans and others (sunflower and canola), cereals & grains (wheat, rice and corn), and others (plantation crops, ornamentals, turfs, fiber crops and forages). Based on form type, market is segmented as chelated (Ethylene Diamine Di-2-Hydroxyphenyl Acetate (EDDHA), Ethylene Diamine Tetra-acetic Acid (EDTA) and Diethylene Triamine Penta-acetic Acid (DTPA)) and non-chelated. In addition, based on mode of application, market is segmented as fertigation, foliar, soil and others (trunk injection, seed treatment and implantation).
The agricultural micronutrients market is driven by increase in focus on crop production and quality, followed by rise in micronutrient deficiency in soil and increase in supporting policies from the government. However, Poor awareness among the developing regions regarding the benefits of micronutrients and growth in organic fertilizer industry may impact the market. Moreover, growth in development of biodegradable chelates is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in global agricultural micronutrients market owing to rise in requirement of high-quality agricultural produce coupled with increase in agricultural practices in the region. The European and North-American regions are projected to witness higher growth rate due to increase in use of chemical fertilizer over the forecast period. It is expected that future of the global market will be bright as a result of increase in need for effective fertilizers led by poor soil quality, rise in demand for high-quality & uniform yield, growth in population and increase in concerns regarding food security during the forecast period. It is estimated that the global agricultural micronutrients market will be reached at US $11,002 million by 2030 from USD 5,848 million in 2018 at a CAGR of 7.12% during the forecast period 2019-2030.
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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)
Ankur Gupta, Head Marketing & Communications