DUBLIN--(BUSINESS WIRE)--The "Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Manganese, Molybdenum, and Copper), By Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated micronutrients), Crop Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global agricultural micronutrients market is projected to be valued at USD 5,489.5 million by 2025.
The Asia Pacific region accounted for the largest share in 2019 and is also projected to grow at the highest CAGR of 9.5% during the forecast period. Growth in the market can be attributed to the increasing micronutrient deficiencies in soil, rising focus on crop productivity and quality, favorable government regulations, increasing demand for high-value crops, and a rise in the number of investments from key players in this market.
The zinc segment is projected to be the largest segment, by type, in the agricultural micronutrients market during the forecast period.
Zinc is one of the essential micronutrients required by plants in small quantities. Sandy, highly leached acid soil and soils having poor organic content, show lower zinc contents. The symptoms of zinc deficiency include reduced height, interveinal chlorosis, and brown spots on upper leaves. Zinc deficiency is the most common problem witnessed around the globe, particularly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market.
The fruits & vegetables segment is projected to account for the largest market during the forecast period.
By crop type, the agricultural micronutrients market is segmented into cereals & grains, oilseeds& pulses, fruits & vegetables, and other segments. The dominance of the fruits & vegetables segment is attributed to the increasing consumption of micronutrients for these crops, particularly in the Asian and North American countries. The high export potential of fruits & vegetables has led to an increase in production levels. This has propelled the requirement of micronutrient products for efficient usage of agricultural inputs to meet export quality standards. According to FAO, China is the largest producer of fresh fruits & vegetables, surpassing the US and India in 2018. Micronutrients are gaining importance among the fruit growers because of their beneficial nutritional support and at the same time, ensure better harvest and returns.
By mode of application, the foliar application segment is projected to be the largest segment in the agricultural micronutrients market during the forecast period.
Foliar mode of application is widely used to apply micronutrients, particularly iron and manganese, for many crops. It is mostly used for many fruits, vegetable and flower crops. Foliar spray is advantageous to meet the internal demand of micronutrients during flowering in spring when soil moisture and temperature is not favorable for root growth. Although the cost of foliar application is high due to the technology that is used, it requires lower rates of application as compared to soil application. This mode of application is considered to be the most effective as it ensures that the response to the applied nutrient is immediate and the deficiencies can be sustained within the growing season. All of these reasons make it the largest segment in the market.
The Asia Pacific market is estimated to account for the largest market share due to the widespread micronutrient deficiencies in the soil and huge demand for improving crop productivity in the region.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world. Hence, the increase in food demand from this region has led to a surge in the use of agricultural micronutrients. Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils.
- Increasing Micronutrient Deficiency in Soil
- Rising Focus on Crop Production and Quality
- Supporting Policies From the Government
- Booming Organic Fertilizer Industry
- Bio-Accumulation of Non-Biodegradable Chelates
- Development of Biodegradable Chelates
- Poor Awareness Among the Developing Regions Regarding the Benefits of Micronutrients
- Need for Sustainable Sourcing of Raw Materials
- BASF SE
- Akzonobel (Nouryon)
- Nutrien Ltd.
- Yara International Asa
- Coromandel International Ltd
- Land O' Lakes
- Helena Chemical Company
- The Mosaic Company
- Haifa Group
- Sapec S.A.
- Compass Minerals International
- Zuari Agrochemicals Ltd
- Stoller Enterprises Inc
- ATP Nutrition
- Baicor Lc
- Corteva Inc
- BMS Micro-Nutrients NV
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