Agricultural micronutrients market is projected to reach $9,009.2 million by 2023, according to P&S Intelligence.
The market growth is driven by the fact that 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.
Insights into market segments
On the basis of type, the agricultural micronutrients market is categorized into zinc, iron, boron, molybdenum, manganese, and others (copper, nickel, and chlorine). Of these, zinc micronutrients contributed the largest revenue to the market in 2017, accounting for more than 25.0% share. The demand for zinc micronutrients is majorly driven by its potential value that helps in increasing crop yield in a wide array of agronomic crops such as rice, bean, maize, potato, sorghum, and soybean. Additionally, research indicates that the rate of protein synthesis and protein content of zinc-deficient plants are lower than zinc-neutral counterparts.
Based on form factor, the agricultural micronutrients market is categorized into EDTA, DTPA, EDDHA, HBED, and non-chelated. In 2017, non-chelated micronutrients accounted for the largest share in net sales volume and constituted a share of more than 70.0% in the market, owing to increasing application rates of non-chelated micronutrients due to low price over chelated counterparts, thereby boosting of the demand for non-chelated agricultural micronutrients.
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). In 2017, cereals and grains were the largest category in the market. The high demand for cereals and grains is driven by increasing population and an ever-diversifying nutritional behavior of population, which is likely to propel the adoption rates of micronutrients and thus boost the growth of the market during the forthcoming period.
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 significant share, owing to host of factors such as relative ease of application, low requirement of advanced machinery (such as sprays and drippers), and easy incorporation with fertilizers.
Browse report overview with 443 tables and 134 figures spread through 414 pages and detailed TOC on "Agricultural Micronutrients Market by Type (Zinc, Iron, Boron, Molybdenum, Manganese), by Form Factor (EDTA, DTPA, EDDHA, HBED, Non-Chelated), by Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses), by Application Mode (Soil, Fertigation, Foliar), by Geography (U.S., Canada, Germany, U.K., France, Italy, China, India, Australia, New Zealand, Brazil, Argentina, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/agricultural-micronutrients-market
APAC was the largest regional market for agricultural micronutrients in 2017
APAC accounted for the largest revenue share in terms of value in the agricultural micronutrients market, accounting for more than 55.0% in 2017. The high demand for the product is driven by increasing demand for processed and non-processed food, which in turn, is boosting the adoption of micronutrients used in growing different types of crops.
Increasing practice of contract farming is the major opportunity area
Increasing practice of contract farming is the major opportunity area identified in the agricultural micronutrients market. The emerging economies including China, India, and Brazil, are expected to witness a high population growth, thereby, creating an ever-increasing pressure on scarce farmlands. This creates pressure on farmers to maximize crop production. In order to deal with such issues in India, one of the initiatives launched and supported by the government of India is contract farming. Additionally, the agreement involves the buyers to provide a degree of production support such as supply of raw materials or technical expertise to farmers.
In May 2018, in India, the Ministry of Agriculture and Farmers Welfare unveiled the Model Contract Act 2018, aimed to offer support to the contract farming ecosystem by introduction of crop/livestock insurance and registration of contractual obligations and commitments. This is earmarked to offer awareness and technology, which were previously unknown to farmers. Consequently, this is likely to open new avenues of maximizing yield and production using application technology and chemicals such as micronutrients, thereby boosting the agricultural micronutrients market in the coming years.
Agricultural Micronutrients Market – Competitive Landscape
The agricultural micronutrients market is characterized by presence of large number of multinational corporations as majority of the major players operating in the market are present in more than three countries. FMC Corporation, Akzo Nobel N.V., Yara International ASA, BASF SE, Sinochem Group, and SAPEC SA were the leading players in 2017. Companies such as FMC Corporation and Akzo Nobel N.V. have wide range of agricultural micronutrients products. Apart from significant global presence, majority of the leading players also have a strong distribution network in the different countries across the world.
Some of the other major players operating in the global agricultural micronutrients market are The Mosaic Company, Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, and Haifa Group.
GLOBAL AGRICULTURAL MICRONUTRIENTS MARKET SEGMENTATION
By Form Factor
By Crop Type
By Application Mode