Micronutrients Market Size, Industry Outlook, Regional Analysis, Competitive Landscape & Forecast by 2023: Global Market Insights, Inc.

Micronutrients market size was estimated exceeding USD 4.5 billion in 2014 and is likely to surpass USD 8.5 billion by 2023 growing with a CAGR of more 8% from 2016 to 2023. Asia Pacific agriculture micronutrients market accounted for over 50% of the total revenue share and is likely to witness growth rates of more than 8% from 2016 to 2023.

North America micronutrients market size was estimated exceeding USD 950 million in 2014 and is likely to witness significant gains of more than 8.5% from 2016 to 2023. Europe is likely to witness moderate gains of over 5.5% up to 2023.

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Soil applications were the largest consumers and accounted for more than 55% of the total demand in 2014. Foliar applications were the second largest and accounted for more than 22% of the total volume in 2014. Hydroponics applications are likely witness significant gains over the forecast period.

Growing importance for improving quality and uniformity in crop yield from agricultural industry coupled with low arable land is likely to drive chelated micronutrients market over the forecast period.

According to World Health Report, zinc and iron deficiencies were identified as the most common health risk factors. Micronutrients malnutrition is suspected to impart wide range of risks such as low resistance to infections, stunted growth of infants and learning disabilities.

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Decreasing arable land particularly in emerging regions of Asia Pacific and Latin America owing to rapid urbanization is expected to pave way for hydroponics applications. This application is likely to witness sufficient gains over the forecast period.

Hydroponics food production industry is expanding at a very rapid pace and these systems are being deployed to produce key vegetables & fruits at larger scale. This application is expected to benefit of high yields with improved soil and water quality which can provide improved food nutritional levels for consumption.

Asia Pacific has been the major market over the past few years owing to growth witnessed in agricultural industry, which is likely to provide strong platform for micronutrients market in India & China. North America is likely to witness significant gains over the forecast period owing to depletion in arable land in Canada and the U.S.

Europe is likely to witness an increase in micronutrients demand owing to growing awareness for nutrient diet among consumers.
The global micronutrients market share is moderately consolidated and companies are continuously competing against each other to attain industry leadership. Key companies involved in this market include Agrium Inc., BASF, Aries Agro Ltd, Coromandel International Ltd, Gujarat State Fertilizers & Chemicals, Yara International, Akzonobel, Tradecorp International, Valagro, Chemicnova and Mosaic.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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