Global Agricultural Micronutrients Market is Expected To Grow At 7.4% Compound Annual Growth Rate (CAGR), by Revenue, and 5.7% CAGR, by Volume, from 2017 – 2025: Factor & Equilibrium
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Market Size Overview
The agricultural micronutrients market size is expected to grow at a healthy rate during 2017 to 2025. Boron (B), Iron (Fe), Copper (Cu), Zinc (Zn), Molybdenum (Mo), Manganese (Mn), Nickel (Ni) and others are considered micronutrients for fruits, vegetables, crops and other plants. Micronutrients offer several benefits to plants such as activation of dehydro-genases and carbonic anhydrase production, bio-synthesis of chlorophyll, production of cytochromes, and others. Plants face several problems such as lack of growth, yellowing of leaves, lack of green coloring, dwarfism, and others owing to deficiency of micronutrients. In such context, rising demand for improving nutritional values in food items and addressing aforementioned health problems in plants are driving the usage of agricultural micronutrients among producers.
Rising demand for micronutrients to address nutritional deficiencies in plants has been boosting the growth of the agricultural micronutrients market.
Market Segmentation Overview
Based on type, the global agricultural micronutrients market has been segmented into Zinc, Iron, Boron, Molybdenum, Manganese and others. On the basis of both value and volume, Zinc contributed for the largest share in the agricultural micronutrients market size, in 2016. Growing demand for Zinc micronutrients to address plant dwarfism and fortification of food items are factors contributed large share of this category.
In terms of both revenue and volume, Zinc was the largest category for agricultural micronutrients market in 2016.
Based on form factor, the market has been segmented into IDHA, EDTA, DTPA, EDDHA, HBED and non-chelated. On the basis of volume, non-chelated contributed more than 80% share in the market, in 2016. Low cost and convenience in application are the factors contributed to the dominance of non-chelated micronutrients in the market.
In terms of both revenue and volume, non-chelated was the largest form factor segment for agricultural micronutrients market in 2016.
In terms of crop type, the global market has been segmented into fruits & vegetables, cereals & grains, oilseeds & pulses, floriculture and others. On the basis of both value and volume, cereals & grains contributed largest share in the agricultural micronutrients market size, in 2016. As compared to other crop type, cereals & grains are more exposed to micronutrient deficiencies and owing to this factor; demand for agricultural micronutrients is highest for this category.
In terms of both revenue and volume, cereals & grains were the largest crop type segment for agricultural micronutrients market in 2016.
In terms of application mode, the agricultural micronutrients market has been segmented into soil, fertigation, foliar and others. On the basis of volume, soil contributed more than 40% share in the market, in 2016. Suitability of soil application mode for most of the agricultural micronutrients is driving the growth of this category.
In terms of both revenue and volume, soil was the largest application mode for agricultural micronutrients market in 2016.
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By region, the global agricultural micronutrients market has been segmented into five regions; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. In 2016, Asia Pacific occupied the largest revenue and volume share, accounting for more than 40% of the agricultural micronutrients market size. The large market share can be attributed to growing demand for agricultural micronutrients in South Asian countries and improving agricultural production output in most of the countries in this region.
Asia Pacific occupied the largest revenue and volume share of the agricultural micronutrients market.
Leading Player Mapping
Some major players in the agricultural micronutrients industry are: FMC Corporation (U.S.), BASF SE (Germany), Akzo Nobel N.V. (Netherlands), Yara International ASA (Norway), Sinochem Group (China), SAPEC SA (Belgium), Mosaic Company (U.S.), Haifa Chemicals Ltd (Israel), Chambal Fertilizers and Chemicals Limited (India) and Coromandel International Limited (India) among others.
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The market has been segmented as follows:
Agricultural Micronutrients Market, by Type
Agricultural Micronutrients Market, by Form Factor
Agricultural Micronutrients Market, by Crop Type
• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
Agricultural Micronutrients Market, by Application Mode
Agricultural Micronutrients Market, by Region
• North America (The U.S., Canada and Mexico)
• Europe (Germany, The U.K, Netherlands, France and Rest of the Europe)
• Asia Pacific (China, India, Australia, New Zealand, Bangladesh and Rest of the Asia-Pacific)
• Middle East and Africa (South Africa, Ethiopia, and Rest of the MEA)
• South America (Brazil, Argentina, and Rest of the South America)
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