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Micronutrient Fertilizers Market to reach $5374.4 million by 2020 with CAGR 8.2%
micronutrient fertilizers market, micronutrient fertilizer market in india, micronutrient fertilizers market analysis, micronutrie
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Global market for micronutrient fertilizers is expected to reach a market value of $5374.4 million by 2020 from an estimated $3625 million in 2015 with an annual compound growth rate of 8.2% during 2015-2020. Micronutrient fertilizers are fertilizers that contain various micronutrients at commercially valuable concentration. These fertilizers contain trace elements which are required for holistic growth of plants but are applied in small quantities.
Presence of micronutrients in optimum concentration is necessary for the plant to complete its life cycle. While these are applied in small quantities, the scarcity of the same can lead to stunted growth, deficiency and negative impact on plant reproduction. Further, micronutrient fertilizers address specific issues of the plants as every micronutrient has specific effect on plant growth.
The global micronutrient fertilizer market is growing at an encouraging rate given the increasing occurrence of soil and micronutrient depletions across the regions. As the natural availability of micronutrients is declining, it is paving the way for greater market growth of micronutrient based fertilizers. The issue of food security along with shrinking farm lands further necessitate the usage and application of micronutrient fertilizers in fields. Low acceptance and lack of product knowledge among the farming community are the major hindrance in further growth in demand. Product and application innovation pertaining to region specific needs and growing awareness for upgraded agricultural practices involving environment friendly intensive farming would help the industry to penetrate further into developing regions.
Global micronutrient fertilizer market is segmented on the basis of nutrient type, form, function and crop type in order to provide a better understanding of the regional market and trends. Market segmentation by type of micronutrient includes copper, zinc, Manganese, Boron, Molybdenum, Iron and other micronutrient such as chlorine, Nickel and cobalt. These fertilizers are available in two forms chelated and non-chelated. Non-chelated form are more common as these are more stable and easily soluble. In case of product application, grains and cereal crops amount to most of the demands globally.
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Micronutrient fertilizer requirement varies from region to region according to the soil structure, climate and plant types. These nutrients are naturally present in soil in abundant and are sometimes derived as the impurities in fertilizers and pesticides. However, the depletion of nutrients in the soil due to adoption of modern crop production technologies like multiple cropping, intercropping and use of high yielding crop varieties has led to a greater demand for micronutrient based fertilizers in agriculture. North America and Asia Pacific together account for more than 70% of the World’s micronutrient fertilizer demand. Largest market growth will be seen from Asia-Pacific led by countries like China and India.
The global market place for micronutrient fertilizers is seen concentrated within major agricultural growth regions. The increasing incidences of soil and micronutrient depletion is generating high demand for these agriculture based countries. The Mosaic Company, Cheminova A/S, Yara International, BASF Agricultural Solutions, Agrium Inc., Haifa Chemicals Ltd. are some of the big players active in the industry. Research and development pertaining to region and area specific requirements is being religiously adopted by industry players here.
In this report we offer,
Market analysis for the Global Micronutrient Fertilizers Market, with region specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global Micronutrient Fertilizers Market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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