“Agricultural micronutrients Market projected to grow at a CAGR of 8.60%.”
The agricultural micronutrients market has grown rapidly in the last few years and is estimated to reach USD 5.83 billion by 2017. It is projected to reach USD 8.81 billion by 2022 at a CAGR of 8.60% from 2017, in terms of value. The agricultural micronutrients market is driven by increased awareness among growers about the benefits of micronutrients, shrinkage of agricultural land, and effectiveness of micronutrients for crop yield and productivity. The lack of awareness among farmers and critical application doses of micronutrients are the restraining factors for the agricultural micronutrients market.
“The zinc segment to dominate the agricultural micronutrients market through 2022.”
In 2016, the zinc segment accounted for the largest share of the agricultural micronutrients market in terms of value. Zinc plays an important role in the growth of plants as it regulates auxin, a vital growth hormone in pollen formation. It also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars which enhance the global zinc consumption in agricultural micronutrients.
“North America is estimated to be the second-largest region in the agricultural micronutrients market in 2017.”
The North American region is estimated to account for the second-largest market share in 2017, in terms of value. The demand for micronutrients is expected to increase in the future with the shrinking arable land in North America.
North America is a key market for agricultural micronutrient manufacturers. The use of micronutrients depends on a number of factors such as soil type, crop system, local environmental conditions, and economic factors. The major companies operating in North America include Helena Chemical Company (US), The Mosaic Company (US), Agrium (Canada), and The Andersons, Inc. (US).
Break-up of Primaries:
- By Company Type: Tier 1 – 28%, Tier 2 – 39%, and Tier 3 – 33%
- By Designation: C - level – 34%, D - Level –19%, and Others* – 47%
- By Region: North America – 25%, Europe – 21%, Asia Pacific – 32%, South America – 13%, and RoW** - 9%.
*Others include sales managers, marketing managers, and product managers.
**RoW includes Africa and the Middle East.
The leading players in the agricultural micronutrients market are BASF (Germany), Dow Chemical (US), AkzoNobel (Netherlands), Agrium (Canada), Yara International (Norway), The Mosaic Company (US), Land O’Lakes (US), Helena Chemical Company (US), and Nufarm (Australia).
The agricultural micronutrients market is segmented on the basis of type, crop type, mode of application, form, and key regions. On the basis of type, the market is segmented into zinc, copper, boron, manganese, molybdenum, and others (nickel and chloride). The crop type segment comprises cereals, oilseeds & pulses, fruits & vegetables, and others (floriculture crops, permanent crops, pastures, grasslands, and other cultivations). The form segment is further segmented into chelated and non-chelated. The mode of application segment is divided into soil, foliar, fertigation, and others (seed treatment and hydroponics). On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World (RoW). The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, competitive leadership mapping, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- To get a comprehensive overview of the agricultural micronutrients market with specific reference to agricultural markets
- To gain a wide range of information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights of the major regions/countries in which the agricultural micronutrients industry is flourishing