The Micronutrients are indispensable elements that are utilized by plants in small magnitudes. Such involve zinc, boron, copper, manganese, and iron. The ingestion of agricultural micronutrients is increasing at a tremendous rate due to the growing pervasiveness of micronutrient insufficiency in the soil, followed by the increasing uses for food to fulfill the requirement of the growing population. Over-fertilization due to limited land accessibility for farming is leading to micronutrient insufficiency in the soil. This insufficiency is continuously growing the requirement for agricultural micronutrients at farms to augment crop yields.
According to the report analysis, ‘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’ states that the Global Agricultural Micronutrients Market to exceed USD 11,002million by 2030 from USD 5,848 million during 2018 at a CAGR of 7.12% throughout the review period, i.e., 2019-30. The growing populace and growing concerns regarding food security are propelling the growth of the agricultural micronutrients market. Also, there has been an improvement in requirement for agricultural micronutrients owing to the growing awareness amongst the farmers regarding soil nutrients discrepancy. The growing implementation of contract farming, where corporates provide momentous agricultural inputs, has led to an augment in product awareness, assisting the product growth. The requirement for high-yield crops has resulted in the elimination of micronutrients from the soil in great quantities. The modification of consumer predilection towards nutrient-rich foods due to growing health concerns is probable to propel the market. In addition, the prominent augment in the contract farming deliver the significant opportunities for producers in the agriculture micronutrients market.
Although, the worldwide Agricultural Micronutrients market, which is extremely competitive, comprises of several foremost players such FMC Corporation, Akzo Nobel N.V., BASF SE, Sinochem Group, and SAPEC SA control a substantial market share in the worldwide Agricultural Micronutrients market. Other players analyzed in this report are Haifa Group, Chambal Fertilisers and Chemicals Limited, Coromandel International Limited, and The Mosaic Company amongst others. During the recent era, several improvements have been taking place in the market. For instance, during March 2020, The Mosaic corporate entered into an agreement with the Technology Research Centre (FTRC) at the University of Adelaide across Australia to focus on improved the fertilizer efficiency.
The effective growth in the agricultural practices and the requirement for the high-quality agricultural introduce are aspects propelling the growth of the Asia Pacific micronutrient fertilizer market. Owing to the direct usage of micronutrients to cure the plant deficiencies, there is a huge requirement for agricultural micronutrients across the Asia Pacific market and they are mostly scattered in combination or as additives to NPK products. In addition, measures are being shadowed by the government of numerous regional regions to educate farmers on the addition of micronutrients to the soil. Therefore, in the near years, it is anticipated that the market of agriculture micronutrients will increase around the globe more effectively over the upcoming years.
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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