Agricultural Micronutrients Market Overview
The global agricultural micronutrients market was valued at $5,848.0 million in 2017 and is projected to reach $9,009.2 million by 2023, witnessing a CAGR of 7.5% during the forecast period. Growing global population will continue to boost the demand for cereals and grains, thereby resulting in increased demand for micronutrients needed for promoting the growth of the crop production.
On the basis of type, the agricultural micronutrients market is categorized into zinc, iron, boron, molybdenum, manganese, and others (copper, nickel, and chlorine). The demand for zinc micronutrients remained the highest in the market, accounting for more than 25.0% share in terms of value in 2017. Zinc, being one of the essential micronutrients, is used by plant in small quantity for its growth. It is a major constituent of many proteins and enzymes in a plant and is extremely crucial for metabolic processes. The rising need for expediting the growth of plant or crop will continue to boost the consumption of zinc micronutrients in the coming years.
Based on form factor, the agricultural micronutrients market is categorized into EDTA, DTPA, EDDHA, HBED, and non-chelated. Non-chelated micronutrients are economical than other types of micronutrients, which results in their higher consumption particularly in major crop producing countries such as China, India, and Indonesia.
On the basis of crop type, the agricultural micronutrients market is categorized into cereals and grains, fruits and vegetables, oilseeds and pulses, and others (sugarcane, cotton, coconut, rubber, and tea and coffee). The demand for micronutrients in cereals and grains category remained the highest during the historical period, accounting for more than 50.0% share in terms of value in 2017. Micronutrients are widely used for proper growth of crops and grains, thereby boosting the overall yield. Growing global population will continue to boost the demand for cereals and grains, thereby boosting the demand for micronutrients used for the promoting the growth of the crops.
Based on application mode, the agricultural micronutrients market is categorized into soil, fertigation, foliar, and others (broadcasting and banding). In 2017, the market for application of micronutrients via soil held a share of more than 45.0% in terms of value. The application of micronutrients to soil are preferred due to relative ease of application, low requirement of advanced machinery (such as sprays and drippers), and easy incorporation with fertilizers.
Geographically, the agricultural micronutrients market is categorized into North America, Europe, APAC, LATAM, and MEA. During the forecast period, the APAC market is expected to witness the fastest growth in terms of both value and volume. With the rising income level and increasing spending power of people in major APAC countries, such as India, China, and Indonesia, the demand for processed and non-processed food is growing considerably, which in turn, is boosting the adoption of micronutrients used in growing different types of crops.
Agricultural Micronutrients Market Dynamics
The global population is increasing at a rapid rate. According to the Population Division of the United Nations Department of Economic and Social Affairs (UNDESA), the global population was 7.6 billion in 2017, and it is expected to reach nearly 9.8 billion by 2050, growing by 30.9% in this period. This additional population, of nearly 2.2 billion individuals, is expected to create fresh demand for food crops, horticulture crops, and cash crops in the coming years.
In order to address the growing need for food, advancements in farm management and technology can be viewed as a key solution. A key area for agricultural growers has been to limit potential barrier for crop growth such as micronutrient deficiencies. The deficiencies can cause plant abnormalities (stunted growth) and reduce crop yield, thereby compromising crop productivity and farm income. This, in turn, is expected to increase the use of micronutrients and will contribute to the growth of the agricultural micronutrients market during the forecast period.
Agricultural Micronutrients Market – Competitive Landscape
In the global agricultural micronutrients market, FMC Corporation, Akzo Nobel N.V., Yara International ASA, BASF SE, Sinochem Group, and SAPEC SA were the leading players in 2017. Among all the players, FMC Corporation was the market leader, owing to large portfolio of micronutrients products of the company. Moreover, the company has a strong distribution network across the globe, which facilitates the sale of micronutrients across different geographical locations. Akzo Nobel N.V. is another major company engaged in the production of agricultural micronutrients. The company also has a strong global presence through its offices in several countries as well as through its partners.
Some of the other major players operating in the agricultural micronutrients market are The Mosaic Company, Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, and Haifa Group.