Press release
Micronutrients Market Expected to Increase at a CAGR 8.2% through 2020
Soil across various regions can be deficient in a variety of micronutrients such as zinc, iron, and boron, among others, which is driving demand for micronutrients for agriculture. However, high prices of micronutrient supplements and lack of technical know-how regarding dosage and application of micronutrients will slow adoption and hence hamper the micronutrients market. “Training programs led by governments and agricultural agencies for the utilization of micronutrients and increasing demand for hydroponically produced food will offer opportunities for growth of the micronutrients market in the coming years,” said a lead TMR analyst.
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By product, zinc accounted as the most widely used micronutrient, accounting for over one third of the total demand from the micronutrients market in 2013. However, molybdenum, which is needed in small quantities in crop and plants, will exhibit the fastest growth in the micronutrients market for the forecast period. According to the report, soil was registered as the most widely used technique for micronutrients. However, foliar applications constituted the second largest share, of 23.4% of the overall market in 2013. However, other applications such as hydroponics and seed treatment are estimated to offer better prospects for the global micronutrients market in coming years.In the crop type segmentation, cereals accounted for the highest demand for micronutrients in 2013, according to the report. This is because cereals such as wheat, maize, oats, rice, and barley are staple foods for a majority of regions in the world.
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However, fruits and vegetables are expected to register the fastest growth in demand for micronutrients during the forecast period. Pulses and oilseeds held the second largest demand for micronutrients, which was 29.6% of the total market in 2013. Other crop types such as decorative plants and flowers are also likely to offer opportunities for micronutrient manufacturers, as stated in the report. By geography, Asia Pacific led the market in 2013 and held over 50% of the market. North America follows Asia Pacific for the demand for micronutrients, but is expected to exhibit the fastest growth in the coming years.
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