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Global Agricultural Micronutrients Market was valued US$ X.XX Bn in 2019 and is expected to reach US$ 12.50 Bn by 2027, at a CAGR of 8.86 % during a forecast period.
Agricultural Micronutrients Market Definition:
Micronutrients play a vital role in agriculture for sustainable crop production. It is used in very small quantities for the overall growth of plants. It is naturally found in plants & certain animal-based foods, which are artificially synthesized. The rise in demand for crop intensification is one of the most powerful forces, which are driving the growth in the global Agricultural Micronutrients Market. According to the estimation of the FAO, nearly about 80% crop production is expected to grow by 2027 from higher yields. With the presence of the 13 billion hectares of total land, only 1.6 Bn is under farmland production, which is categorised regionally as 36% of the Europe, the Middle East, and Africa, 39% of the Asia Pacific, 15% of North America and the 10% in Latin America. Rapid urbanization is motivating farmers to adopt efficient crop protection techniques like application of micronutrients across the globe.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Micronutrients Market Dynamics:
The population across the globe is expected to increase to 8 billion people by 2020, which is expected to increase the demand for food. An increase in awareness among farmers about the benefits of micronutrients and the effectiveness of micronutrients for crop yield and productivity are some of the prominent factors behind the growth of the global agricultural micronutrients market. Additionally, the government of the developing countries is also taking the initiative to provide policy support for correcting micronutrient deficiencies through the Soil Health Card Scheme, National Food Security Mission, and Nutrient Based Subsidy, which is expected to boost the market growth. For instance, In India, state governments also assist in the form of subsidies to farmers to restore the micronutrient balance.
However, reduction in the size of agricultural landholdings, dependence on the monsoon, insufficient access to irrigation, unsuitable usage of soil nutrients, low penetration of formal agricultural credit and lack of adequate market linkages are some of the factors, which are limiting the growth in the global agricultural micronutrients market. Additionally, the high cost and lack of awareness among farmers in developing countries concerning micronutrient benefits have limited the application scope of the agricultural micronutrients. At the same time, farmers are incapable to gauge the appropriate quantity to be injected into the soil because of the lack of standardized permissible levels, which are established by regulatory agencies. These factors are act as major restraining factors for the global micronutrients market.
Micronutrients Market Segment Analysis:
The micronutrient has a specific role to play in the plant, which is classified as essential. Some of the micronutrients includes zinc, copper, iron, manganese, boron, molybdenum and others (nickel and chloride). They create in total less than 1% of the dry weight of most plants. Zinc is essential to prevent leakage of essential elements from plant surfaces and it also helps to maintain the integrity and stability of plant membranes. The micronutrient deficiencies in the soil have increased because of the deficiency of zinc and boron. The Zinc micronutrient deficiencies are witnessing across the globe and more commonly in developing economies like India, Brazil, and China. Extensive usage of fertilizers, chemicals, and farm irrigation are some of the factors responsible for reducing the level of micronutrients in the soil. The reduction of the supply of micronutrient to crops is decreasing productivity and damages the quality of crops. The demand for the micronutrient is increasing to maintain the nutrient level in crops and soil.
By crop type, the fruits and vegetable segment is expected to contribute US$ XXMn share in the global agricultural micronutrients market. The micronutrients are used to protect the soil from contamination and ensure a healthy and fresh fruits and vegetable production. Additionally, the rise in demand for fruits and vegetables is increasing the adoption of agricultural micronutrients. Zinc, iron, and molybdenum are widely used agriculture micronutrients in fruits and vegetables.
Region-wise, the Asia Pacific region is projected to be a leading region in the global agricultural micronutrients market. An increase in demand for high-quality food and wide acceptance of micronutrients by farmers in developing economies like India, Japan, and China are contributing a significant share in the global agricultural micronutrients market.
India is expected to contribute the US$ XX Mn share in the global agricultural micronutrients market. The rise in awareness about the benefits of micronutrient is expected to drive the market growth. The country is a leading producer of the several agricultural products like cashew nuts, fresh fruits. Furthermore, some of the prominent key players are also focusing on R&D to produce new formulations and innovative modes of application for micronutrient deployment, which is expected to boost market growth.
The objective of the report is to present a comprehensive analysis of Global Agricultural Micronutrients Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Agricultural Micronutrients Market dynamics, structure by analysing the market segments and project the Global Agricultural Micronutrients Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Agricultural Micronutrients Market make the report investor’s guide.
The Scope of the Report for Global Agricultural Micronutrients Market
Global Agricultural Micronutrients Market, By Type
• Others (nickel and chloride)
Global Agricultural Micronutrients Market, By Crop Type
• Oilseeds & pulses
• Fruits & vegetables
• Others (floriculture crops, permanent crops, pastures, grasslands, and other cultivations)
Global Agricultural Micronutrients Market, By Application
• Others (seed treatment and hydroponics)
Global Agricultural Micronutrients Market, By Form
Global Agricultural Micronutrients Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Agricultural Micronutrients Market
• Yara International
• The Mosaic Company
• Helena Chemical Company
• Coromandel International
• DOW Chemical
• Land O’lakes
• Haifa Chemicals
• Sapec S.A.
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