DUBLIN--(BUSINESS WIRE)--The "Agricultural Micronutrients Market by Type, by Form Factor, by Crop Type, by Application Mode, by Geography - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
The global agricultural micronutrients market is projected to reach $9,009.2 million by 2023, 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.
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% 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% 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.
APAC accounted for the largest revenue share in terms of value in the agricultural micronutrients market, accounting for more than 55% 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 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.
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.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Form Factor
1.3.3 Market Segmentation by Crop Type
1.3.4 Market Segmentation by Application Mode
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
220.127.116.11 by Region
18.104.22.168 by Industry Participant
22.214.171.124 by Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.2 By Form Factor
4.1.3 By Crop Type
126.96.36.199 Cereals and grains
188.8.131.52 Fruits and vegetables
184.108.40.206 Oilseeds and pulses
4.1.4 By Application Mode
4.2 Value Chain Analysis
4.4 Market Dynamics
220.127.116.11 Increase in horticulture, consolidation of farmlands, and intensification of agricultural crops
18.104.22.168 Population growth, increasing food demand, and requirement of supplements to maximize crop yield and productivity
22.214.171.124 Deficiency of micronutrients in soil and its after-effects on crop yield
126.96.36.199 Increasing investments in the agricultural sector
188.8.131.52 Impact analysis of drivers on market forecast
184.108.40.206 Lack of awareness regarding importance of micronutrients in soil in farmers
220.127.116.11 Impact analysis of restraints on market forecast
18.104.22.168 Increasing practice of contract farming
4.5 Price Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Form Factor
5.3 By Crop Type
5.4 By Application Mode
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Global Strategic Developments of Key Players
11.3.1 Mergers and Acquisitions
11.3.2 Product Launches
11.3.3 Facility Expansions
Chapter 12. Company Profiles
12.1 The Mosaic Company
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.2 Yara International ASA
12.3 BASF SE
12.4 Akzo Nobel N.V.
12.5 SAPEC S.A.
12.6 Coromandel International Limited
12.7 Chambal Fertilisers & Chemicals Limited
12.8 Sinochem Group Co. Ltd.
12.9 Haifa Group
12.10 FMC Corporation
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