Press release
Global Agricultural Micronutrients Market is projected to growing at a CAGR of 8.2%.
Micronutrients are supplements required by organisms throughout the life in little amounts to coordinate a range of physiological functions. Micronutrients are essential for the growth of the plants and plays an important role in balanced crop protection. Deficiency of Micronutrients results in withering of buds in crops, yellowing of leaves, health hazards and eventually results in the decline of crop productivity.
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Rising demand for food and increasing demand for standard quality and continuous yield because of growing population, depleting arable land are the major factors driving the market. Lack of awareness among farmers in developing regions, high cost, lack of awareness about an appropriate quantity to be injected into the soil due to lack of standardized levels established by regulatory agencies are the major restraints of the markets.
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Agricultural Micronutrients Market is segmented based on Type, Mode of Application, Form and Crop type. Based on Type, Market is segmented into Zinc, Boron, Copper, Manganese, Molybdenum, Iron, cobalt and others. Based on Mode of Application, Market is segmented into Soil, Fertigation, seed treatment, Foliar and Others. Based on Form, Market is segmented into Chelated and Non-Chelated Agricultural Micronutrients. Chelated agricultural micronutrients are further segmented into Ethylenediaminetetraacetic Acid (EDTA), Diethylene Triamine Pentaacetic Acid (DTPA), Ethylenediamine Di-2-Hydroxyphenyl Acetate (EDDHA), D,L-Aspartic Acid N-(1,2-Dicarboxyethyl) Tetrasodium Salt (IDHA), Hydroxybenzyl Ethylenediamine Diacetic Acid(HBED). Based on crop type, the market is segmented into Fruits and Vegetables, Cereals, Pulses and oilseeds and others. Zinc segment is expected to grow at highest CAGR because of growing demand for zinc in the food. Cereals is the highest growing segment around the world owing to continuous technological advancements and growing demand for cereals.
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Geographically, this market is further segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific is the largest market globally and continues to dominate the world throughout the forecast period owing to high demand for nutritious food, increasing investment in agricultural sector and management of crop production costs.
Some of the key players operating in global market are BASF SE, Mosaic and Cheminova, Agrium Inc., Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, Tradecorp International, AkzoNobel.
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