Latin America Agricultural Micronutrients Market worth USD 1.48 billion by 2021

Latin America Agricultural Micronutrients Market was worth USD 0.99 billion in 2016 and is expected to reach USD 1.48 billion by 2021 with a CAGR of 8.5 %. Latin America is expected to increase during the forecast period.

A fertilizer that contains commercially valuable concentrations of micronutrients but does not contain commercially valuable concentrations of phosphoric acid, nitrogen, available phosphorus, potash, calcium, magnesium, or sulfur. Micronutrients include chlorine, boron, cobalt, iron, copper, manganese, sodium molybdenum, and zinc. These elements are essential for the growth and plays an important role in crop protection.
Factors such as increasing demand for food and increasing demand for standard quality and continuous yield because of growing population, depleting arable land are the strengthening 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 limiting the growth of the markets.

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Latin America 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 in to Brazil, Argentina and Mexico. Brazil recorded the highest utilization of Agricultural micronutrients in the Latin American area, because of economic improvement taking place in the country. It is expected that Brazil will continue to showcase huge potential for use of Agricultural micronutrients in coming years too.
This report also provides detailed marketing and development strategies used by major players such as 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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