Agricultural micronutrient comprised of a fine mixture of mineral elements such as Copper (Cu), Manganese (Mn), Zinc (Zn), Iron (Fe), Molybdenum (Mo) and Boron (B). Mineral elements cultivate the horticultural crops and also crops of pulses, oilseeds, cereals, spices, and plantation. Micronutrient deficiency can be encountered through the visual symptoms on crops and by testing soil & plant tissues.
As per 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” key players that are currently operating in the global agricultural micronutrients market include Helena Chemical Company, Agrium, DOW Chemical, BASF SE, Akzo Nobel N.V., Land Lakes, Coromandel International, Land Lakes, The Mosaic Company, Nufarm, Haifa Chemicals, Yara International and Sapec S.A. Product innovations, mergers & acquisitions, agreements, expansions, collaborations, and partnerships are few of the core strengths of the foremost players in the agricultural micronutrients market.
By type, the agricultural micronutrient market is bifurcated as manganese, zinc, iron, molybdenum, boron , and others. The zinc segment holds the major share in the global market owing to an increase in the number of benefits provided and a rise in zinc deficiency in soils across various regions & countries. By form, the market is bifurcated as chelated form and non-chelated form. By crop type, the market is bifurcated as oilseeds & grains, fruits & vegetables, oilseeds & pulses, and others. In addition, by application, the market is bifurcated as foliar, soil, fertigation, and others. The Fertigation segment is expected to exhibit a substantial growth rate as it increases nutrient absorption by plants, minimizes the risk of roots contracting soil-borne diseases, decreases water consumption, and decreases soil erosion and monitors the rate of release of fertilizers during the forecast period.
The agricultural micronutrients market is driven by the high efficiency of agricultural micronutrients, followed by rising in focus on crop production & quality, increase in concerns regarding food security, growth in population & demand over agricultural productivity and increase in supporting policies from the government. However, growth in the organic fertilizer industry and bio-accumulation of non-biodegradable chelates may impact the market. Moreover, growth in contract farming provides considerable opportunities for manufacturers in the agriculture micronutrients market.
Based on geography, the Asian-Pacific is a prevalent region in the global agricultural micronutrient market owing to high soil micronutrient deficiency coupled with low crop bio-fortification caused by continuous cycles of sowing & reaping in the region. Due to the direct utilize of micronutrients to treat plant deficiencies, there is a massive demand for agricultural micronutrients in the Asian-Pacific region and they are generally sprayed in combination or as additives to NPK products. Additionally, measures are being followed by the government of numerous regional countries to educate farmers on the addition of micronutrients to the soil. The North-American and European regions are estimated to exhibit substantial growth rates due to a rise in demand for high-quality & uniform yield over the forecast period. It is anticipated that the future of the global market will be optimistic because of the rising shift of consumer preference towards nutrient-rich foods caused by an increase in health concerns during the forecast period. It is also anticipated that the global agricultural micronutrient market will be reached at US $11,002 million by 2030, at a CAGR of 7.12% during the forecast period 2019-30.
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Ankur Gupta, Head Marketing & Communications