The agricultural micronutrients market is estimated to reach USD 5.83 Billion by 2017, and it is projected to reach USD 8.81 Billion by 2022, at a CAGR of 8.60% from 2017. In terms of volume, the market is projected to reach 1,681.1 KT by 2022. This market is growing in accordance with the increasing soil deficiency and increasing demand for biofuels.
The report "Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type, and Region - Global Forecast to 2022", The market for agricultural micronutrients, in terms of value, is estimated to be USD 5.83 Billion in 2017, and is projected to reach USD 8.81 Billion by 2022, at a CAGR of 8.60% from 2017.
Browse 117 Market Data Tables and 43 Figures spread through 181 Pages and in-depth TOC on "Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type, and Region - Global Forecast to 2022"
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The growing population and decreasing arable land are some of the major factors fueling the demand for agricultural micronutrients. Increasing soil deficiency and increasing demand for biofuels are some of the major factors driving the growth of the market globally.
Furthermore, increasing need for effective fertilizers due to poor soil quality and high demand for quality and uniform yield as a result of the increasing population across the globe are expected to drive the growth of the agricultural micronutrients market.
Significant growth expected in the soil segment
In 2016, the soil segment accounted for the largest share, by mode of application, in the agricultural micronutrients market in terms of value and volume. Soil application is the most widely used owing to its easy application; it also requires less time and labor to apply micronutrients directly in the soil.
As micronutrients come in direct contact with the roots of the crop when applied to the soil, they are more effective and result in high yield and productivity.
Cereals: The fastest growing crop type in the agricultural micronutrients market
In 2016, the cereals segment accounted for the second-largest share of the agricultural micronutrients market in terms of value. This segment is projected to grow at the highest CAGR from 2017 to 2022 as cereals are the most widely consumed crops across the globe.
The cereals segment is further sub-segmented into rice, wheat, corn, and others (barley, sorghum, oats, rye, and other cereal crops), wherein corn is projected to be the fastest-growing segment during the forecast period. Due to the increase in population and rise in the economy in developing countries, the consumption of food is growing.
It is hence important to maintain the nutrient level in cereal crops & soil to enhance the productivity and growth of the cereals, for which micronutrients play an important role.
Solanaceae type is estimated to dominate the fruits & vegetables segment in the agricultural micronutrients market in 2017
The demand for fruits & vegetables is continuously increasing around the globe, especially in developing countries such as China, India, and Brazil. In this report, the fruits & vegetables segment is further sub-segmented into brassica, cucurbit, leafy, root-bulb, Solanaceae, and others (beans, pumpkins gourds, peas, and other regional fruits & vegetables).
Solanaceae is estimated to dominate the market for agricultural micronutrients in the fruits & vegetables segment in 2017.
Asia Pacific is projected to be the fastest-growing regional market for agricultural micronutrients
The Asia Pacific region is projected to be the fastest-growing market for agricultural micronutrients, owing to its growing economy with a large population base willing to spend on fruits & vegetables and the rapidly growing consumer markets of China, India, Australia, and New Zealand.
Increasing demand for high-quality food and rise in awareness and acceptance of micronutrients by farmers in the emerging economies of the Asia Pacific region are some of the major factors driving the agricultural micronutrients market in this region. The increasing agricultural practices and requirement of high-quality agricultural produce are also expected to drive the micronutrients market in this region.
The major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains. Zinc deficiency is extensively prevalent in the soil of many countries in the Asia Pacific region.
This report studies marketing and development strategies, along with the product portfolios of leading companies such as BASF (Germany), Dow Chemical (US), AkzoNobel (Netherlands), and Agrium (Canada). Other significant players include Yara International (Norway), The Mosaic Company (US), Land O’Lakes (US), Helena Chemical Company (US), and Nufarm (Australia).
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