The agricultural micronutrients market isprojected to grow at a CAGR of8.7% from 2019 to 2025.
The agricultural micronutrients marketis estimated to be valued at USD3.6 billion in 2020 andis projected to reach USD 5.4billion by 2025, recording a CAGR of 8.7%. Factors such as an increase in micronutrient deficiency in soils, demand for high crop production and quality, increasing food security concern, and supporting government policiesare projected to drive the growth of this market.
The zincsegment isprojected to be the largest segment,by type,in the agricultural micronutrients market during the forecast period.
Zinc is one of the essential micronutrients required by plants in small quantities. Sandy, highly leached acid soil and soils having poor organic content, show lower zinc contents. The symptoms of zinc deficiency includereduced height, interveinal chlorosis, and brown spots on upper leaves. Zinc deficiency is the most common problem witnessed around the globe, particularly for cereals and grains, hence the demand for zinc as a micronutrient is high in the agricultural micronutrients market.
The fruits & vegetables segmentis projected to account for the largest marketduring the forecast period.
By crop type, the agricultural micronutrients market is segmented into cereals & grains, oilseeds& pulses, fruits & vegetables,and other segments.The dominance of the fruits & vegetables segment is attributed to the increasing consumption of micronutrients for these crops, particularly in the Asian and North American countries.The high export potential of fruits & vegetables has led to an increase in production levels. This has propelled the requirement of micronutrient products for efficient usage of agricultural inputs to meet export quality standards. According to FAO, China is the largest producer of fresh fruits & vegetables, surpassing the US and India in 2018. Micronutrients are gaining importance among the fruit growers because of their beneficial nutritional support and at the same time, ensure better harvest and returns. Zinc deficiency commonly affects banana, custard apple and mangoes. In citrus production, molybdenum deficiency called as yellow spot is commonly observed. Hence proper plant nutrition is essential for the proper growth of fruits & vegetables.
By mode of application, the foliar application segment is projected to be the largest segment in the agricultural micronutrients market during the forecast period.
Foliar mode of application is widely used to apply micronutrients, particularly iron and manganese, for many crops. It is mostly used for many fruit, vegetable and flower crops. Foliar spray is advantageous to meet the internal demand of micronutrients during flowering in spring when soil moisture and temperature is not favorable for root growth. Although the cost of foliar application is high due to the technology that is used, but it requires lower rates of application as compared to soil application. This mode of application is considered to be the most effective as it ensures that the response to the applied nutrient is immediate and the deficiencies can be sustained within the growing season. All of these reasons make it the largest segment in the market.
The Asia Pacific marketis estimated to account for the largest market share due to thewidespread micronutrient deficiencies in the soil and huge demand for improving crop productivity in the region.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world. Hence, the increase in food demand from this region has led to a surge in the use of agricultural micronutrients.Zinc is the most prevalent micronutrient deficiency in Asia as the crops are grown on highly weathered and leached soils such as tropical red soils.There are more global players in the market that are focusing on entering the Asia Pacific region through the adoption of strategies, such as mergers & acquisitions or partnerships. The Asia Pacific market is projected to grow at the highest rate due to the increase in demand from countries, such as India and China. The high cost of these micronutrients is a key factor inhibiting the growth of the Asia Pacific market.
Break-up of Primaries
- By Company Type: Tier 1- 70%, Tier 2 - 11%,and Tier 3 -19%
- By Designation:C-level -35%,Director level - 40%, and Others*-25%
- By Region:Asia Pacific -35%, South America - 15%, North America -20%, Europe -15%, Rest of the World (RoW)**-15%
*Others include sales managers, marketing managers, and product managers.
**RoW includes South Africa, Turkey and others in RoW.
Leading players profiled in this report
- BASF SE (Germany)
- Nutrien, Ltd. (Canada)
- Yara International ASA (Norway)
- AkzoNobel (Netherlands)
- The Mosaic Company(US)
- Nufarm (Australia)
- Corteva Inc. (US)
- Balchem (US)
- Sapec S.A. (Belgium)
- Coromandel International Ltd (India)
- Land O’ Lakes (US)
- Compass Minerals International (US)
- Haifa Group (Israel)
- Helena Chemical Company (US)
- ATP Nutrition (Canada)
- Stoller Enterprises (US)
- Baicor LC (US)
- Valagro (Italy)
- Zuari Agrochemicals Ltd. (India)
- BMS-Micro-Nutrient NV (Belgium)
This report segmentstheagricultural micronutrients marketonthe basis ofcrop type, type, form, mode of application,and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the agricultural micronutrients market,the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
Reasons To Buy this report
- To get a comprehensive overview of the agricultural micronutrients market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions, in which the agricultural micronutrients marketis flourishing