DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Micronutrient Market - Europe Industry Analyses, Growth, Trends, Forecasts (2017-2022)" report to their offering.
The Europe micronutrients market value is expected to reach USD 1184.21 million by 2022
Owing to high micronutrient deficiency of the soil in Europe, the market is projected to witness a CAGR of 8.37% over the forecast period. New Product launches and joint ventures are the strategies adopted by major companies in the micronutrient market. This market is highly fragmented, with the presence of a large number of small- and medium-sized companies and a few large companies.
The major factors accelerating the growth of this market are the growing demand for food and shrinking farming land, high micronutrient deficiency in the soil, and increased focus on agricultural productivity. As the natural availability of micronutrients in the soil is decreasing, it is paving the way for a higher growth of the market. Lack of awareness in the farming community about micronutrient products and micronutrient toxicity are hindering the growth of the market. Increased focus on R&D and support from the government and NGO's would further support the micronutrient market's growth.
The Europe micronutrient market is segmented based on the type, form, crop type and country. By type, the market is segmented into zinc, manganese, copper, boron, molybdenum, iron, and others. Of these, the zinc micronutrient has the largest market share, accounting for 30% of the market, in 2017, owing to its high deficiency in the soil.
By form, the micronutrient market is segmented into chelated and non-chelated. The non-chelated micronutrient occupies a major share in the European market, with 80%, owing to cost effectiveness. Lower application rates, as compared to soil application, uniform application, and immediate response, make the foliar application the fastest-growing segment, amongst others. Owing to high growth in the irrigation systems market and precision agriculture, the fertigation segment is projected to register a CAGR of 8.37%, over the forecasted period.
The micronutrient fertilizer consumption in Europe has remained steady over the past five years. Averaged across the entire continent, the United Kingdom accounts for approximately 23% of the micronutrient fertilizers consumption, followed by Germany and France.
- Micronutrient Deficiency in the Soil
- Growing Food Demand and Shrinking Farm Land
- Increased Focus on Agricultural Productivity
- Lack of Awareness About Micronutrient Products
- Diagnosis Issues and Micronutrient Toxicity
- Increased Focus on Research and Product Innovation
- Government and Non-Government Organizations Encouraging Micronutrient Use
Major Companies in the Sector Include:
Key Topics Covered:
2. Research Approach & Methodology
3. Key Findings Of The Study
4. Market Overview
5. Market Segmentation
6. Competitive Landscape
7. Company Profiles
- BASF SE
- Yara International
- BMS Micro Nutrients N.V
- Haifa Chemicals Ltd
- PPC ADOB
- Hellagrolip S.A.
- Akzo Nobel Nutrients
For more information about this report visit http://www.researchandmarkets.com/research/vns234/micronutrient