"Yield Higher Revenue with our Exclusive Insights "

Agricultural Micronutrients Market Size, Share & Industry Analysis, By Type (Zinc, Boron, Iron, Molybdenum, Manganese, and Others), Application Mode (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecasts, 2019 - 2026

Region : Global | Published Date: Feb, 2020 | Report ID: FBI101607

 

KEY MARKET INSIGHTS

Play Audio Listen to this report overview

To know the impact of COVID-19 ON Agricultural Micronutrients Market

Request Now

Micronutrients are essential substances that are required for healthy plant growth. There are certain biochemical functions performed by micronutrients that are directly associated with plant growth and their metabolism. Earlier, the focus of farmers and agriculturists was mainly based on nutrients such as nitrogen, potash, and phosphate. However, with the change in time, and the rising prevalence of crop diseases, the adoption of micronutrients for crop production and growth has increased.


Get comprehensive study about this report by, request a free sample copy


The agricultural micronutrients market is driven by the intensifying demand for high-efficiency crop nutrition products that can fulfill all the nutritional requirements of growing plants. Increasing utilization of micronutrients such as Zinc, Boron, and others in combination with NPK fertilizers is becoming a significant trend in the global agriculture industry.


MARKET DRIVERS


“Rapid Decline in Arable Land and Mounting Pressure to Increase the Crop Productivity is Expected to Drive the Growth of Agricultural Micronutrients Market”


The global market for agricultural micronutrients is fueled by decreasing arable land in major crop-producing countries and increasing soil contamination across the globe. Deficiency of essential micronutrients such as zinc, boron, iron, manganese in soil due to excess exposure to synthetic chemical fertilizers is leading to increased demand for specially formulated micronutrients for agricultural purposes. Moreover, an increase in research activities on the development of low-cost or affordable micronutrient fertilizers by major market players will contribute to shaping the market positively during the forecast years.


Adoption of backward integration strategy by key global food processing companies to get high-quality products and rapid acceptance of contract farming, where companies provide significant agricultural inputs, are expected to act as major growth-promoting factors for the agricultural micronutrients market. However, lack of awareness about the positive aspects associated with the adoption of agricultural micronutrients among farmers based in some developing or under-developed economies is obstructing the growth of the market.


SEGMENTATION


Type Analysis


“Zinc Segment is Expected to Witness the Fastest Growth in the Global Marketplace.”


The demand for zinc as an agricultural micronutrient is expected to remain high throughout the forecast period, attributed to the high deficiency of the aforementioned micronutrient in the soil across the globe. Zinc performs a wide range of functions within the growing plants, such as regulating metabolic reactions within the plants, increasing the utilization of P and N within plants, and supporting plants in the production of crucial plant proteins and growth hormones. Boron is expected to be another significant micronutrient which will have a strong demand in the market as it is crucial for proper pollination within plants, and helps in protein synthesis within the plants.


Application Mode Analysis


“The Adoption of Fertigation Method is Expected to Grow Significantly in the Upcoming Years.”


At present, the application of agricultural micronutrients through soil is the most preferred way as it is easy and affordable. In developing economies, the availability of limited resources and lower adoption of unique and advanced fertilizer application techniques among farmers leads to a high preference for soil for the application of micronutrients in plants. Advancements in fertigation technology and drip irrigation are expected to influence the growth of the fertigation segment positively during the foreseeable years.


Form Analysis


“Chelated Segment is Projected to Witness Rapid Growth.”


The non-chelated segment is expected to hold the major market share due to its affordable pricing structure as compared to chelated micronutrients. Moreover, the high availability of non-chelated micronutrients in the market is another major reason for their dominance in the global market. In the future years, the demand for chelated micronutrients is projected to increase as major market players such as Akzo Nobel and BASF are inclined towards manufacturing innovative chelated agricultural micronutrients and the required innovative additives.


Crop Type Analysis


To get details on market share, speak to analyst


“Cereals Segment is Expected to Dominate the Global Market”


The growing world population is driving the demand for crops, especially cereals as they are consumed as staples across various parts of the world. Increasing nutrient loss incidences in significant cereal crops such as rice, wheat, and others are indicating an increased demand for micronutrient fertilizers for these cereal varieties. In the upcoming years, rising demand for high-value crops such as fruits and vegetables due to their high nutrition profile is expected to aid the demand for crops promoting micronutrients for the production of these crops.


REGIONAL ANALYSIS


“Asia Pacific is leading the Global Agricultural Micronutrients Market.”


The Asia Pacific agricultural micronutrients market will register a significant compound annual growth rate of 9.22% during 2019-2026. This can be attributed to rising agriculture industry across major food-producing countries, coupled with rapidly rising incidences of micronutrient deficiency in the soil of the region. Growing population across the region and rapidly rising demand for nutrient-rich food products is anticipated to boost the utilization of micronutrients fertilizers products in the region. Furthermore, the adoption of innovative marketing approaches by key players of the region and the launch of programs to educate farmers about the benefits of using micronutrients to stimulate crop growth will help in expanding the market size of the region.


North America Market Size (by Value), 2018

To get geographical overview of this market, request a free sample copy


In the Asia Pacific, China and India are the two major markets of agricultural micronutrients where their production, as well as consumption, is high. Growth of the product in India can be attributed to growing awareness about the significance of micronutrients in crop production among farmers and the presence of significant market players such as Coromandel International, Zuari Agro Chemicals, and others in the country. Additionally, the presence of encouraging policies and subsidy offerings associated with the fertilizer industry of the country will support the agricultural micronutrient market in the country.


The market in North America is anticipated to witness the fastest growth during the foreseeable years. This can be attributed to gradually declining arable land within countries such as the U.S. and Mexico, which is further generating the demand for specialized products such as micronutrient fertilizer mixes. Rising awareness and adoption of crop nutrition products by farmers or growers within the region to produce quality crops are predicted to aid the growth of the North America agricultural micronutrients market. The presence of market players such as Nutrien, Israel Chemicals Ltd., and Yara International will positively influence the growth of the micronutrient fertilizer market within the region. Moreover, increasing efforts by these market players to develop affordable micronutrients containing fertilizer mixes and solutions will increase product acceptance among farmers.


KEY INDUSTRY PLAYERS


“Increasing Consolidation in the Global Agricultural Micronutrients Industry”


Dominant market players in the industry such as Haifa Group, Nutrien, AkzoNobel, The Mosaic Company, and Yara are relying on product development and collaboration strategies to gain the leading position in the global marketplace. Moreover, expanding research & development capacities is becoming a priority for global key players to address the increasing demand coming from crop micronutrients market. Market players are focusing on innovating easy and quick micronutrients fertilizers manufacturing processes and reducing the production cost of the product to make the product affordable to a wider group of consumers.


Key fertilizer giants in the U.S., China, India, and European countries are increasing their willingness to expand production capacities due to the high growth potential of the product. For instance, in June 2017, AkzoNobel invested USD 10.86 million to expand the production capacity of chelated micronutrients in its Sweden facility. Leading companies are also inclining towards joining forces with niche or small country market players to understand the country or region’s market and expand their distribution networks.  


LIST OF KEY COMPANIES PROFILED:



Report Coverage 


To get information on various segments, share your queries with us


There has been an appreciable increase in the sales of agricultural micronutrients in recent years. The swiftly declining arable land and growing population across the world is indicating an increased demand for crop health-promoting products such as agricultural micronutrients. Furthermore, advancements in agricultural technologies and the production of cost-effective micronutrients for the agriculture industry will support the growth of the micronutrient fertilizers market in the future years. The report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the agricultural micronutrients market size and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.


Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Million)



Segmentation



By Type



  • Zinc

  • Boron

  • Iron

  • Molybdenum

  • Manganese

  • Others



By Application Mode



  • Soil

  • Foliar

  • Fertigation



By Form



  • Chelated

  • Non-Chelated



By Crop Type



  • Cereals

  • Pulses & Oilseeds

  • Fruits & Vegetables

  • Others



By Region



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., France, Italy, Spain, Germany, and the Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, and the Rest of Asia Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • The Middle East & Africa (South Africa, UAE, and the Rest of the MEA)



INDUSTRY DEVELOPMENTS:



  • In August 2016, Dow India launched NUTRIBUILD, a chelated fertilizer mix in the country. The product was one of the first to offer all crucial micronutrients required by plants and crops under one umbrella.

  • In August 2018, Mosaic India, a leading crop nutrition management company launched K Mag, its naturally occurring fertilizer. The aim behind the launch of this product was to promote balanced crop nutrition.

  • In January 2019, AgXplore (a manufacturer of nitrogen management products, specialty fertilizers, adjuvants, and micronutrients) introduced Microcoat fertilizer blend product having five essential micro and secondary nutrients.


Frequently Asked Questions

Fortune Business Insights says that the global consumption of agricultural micronutrients was USD 3.50 billion in 2018.

Growing at a CAGR of 8.92%, the market will exhibit considerable growth in the forecast period (2019-2026)

The zinc segment is expected to be the leading segment based on type, in this market during the forecast period.

Rising deficiency of essential micronutrients in the soil and declining arable land across major food-producing countries are driving the growth of the market.

BASF SE, Nutrien, The Mosaic Company, are few of the key players in the agricultural micronutrients market.

Asia Pacific is expected to hold the highest market share in the agricultural micronutrients market during the forecast years.

Cereals segment is expected to hold the major market share throughout the forecast period.

The increasing focus on the R&D process for the improvement of agricultural micronutrients quality and innovation in the crop nutrition industry are the key market trends that are driving the growth of the market.

Agricultural Micronutrients Market Size, Share and Global Industry Trend Forecast till 2026
  • PDF
  • 2018
  • 2015-2017
  • 170

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X