Global Agricultural Micronutrients Market: Introduction
- The global agricultural micronutrients market is expanding at a rapid pace owing to rising micronutrient deficiency of soil and increasing demand for biofuels. Furthermore, the increasing need for effective fertilizers led by poor soil quality and rising demand for high-quality and uniform yield are expected to drive the global agricultural micronutrients market during the forecast period.
- Asia Pacific accounted for a leading share of the global agricultural micronutrients market in 2018, due to rise in investments in increasing soil efficiency by governments of various countries in the region including Indonesia, India, and Thailand
Key Drivers of Global Agricultural Micronutrients Market
- Micronutrient deficiencies in soil have been increasingly evident worldwide over the last few years, especially the deficiency of zinc and boron. Zinc deficiency is witnessed across the globe; however, it is more common in developing economies such as India, Brazil, and China.
- According to the International Fertilizer Association (IFA), 50% of the world’s cereal crops are deficient in zinc, which is leading to poor crop yields. Decreased uptake of micronutrients due to interaction with other soil components and increased demand for high-yield crops are two major reasons for micronutrient deficiency. In order to maintain the nutrient level in soil as well as crops, micronutrients play an important role. This, in turn, is expected to drive the global agricultural micronutrients market during the forecast period.
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Zinc Segment to Witness Attractive Opportunities
- Among types, the zinc segment constituted a major share of the global agricultural micronutrients market in 2018. The segment is anticipated to expand at a significant pace during the forecast period, as zinc helps improve the crop yield and it is economically beneficial for farmers owing to its low price. The deficiency of zinc in soil reduces the productivity of soil.
Lack of Awareness among Farmers to Hamper Market
- Several farmers are not aware of advantages of micronutrients for crops and plants. Adoption of new agricultural practices by farmers depends on factors such as their practical viability, economic sustainability, and eco-friendliness. Several farmers are not financially stable to adopt new agricultural practices. This factor is likely to hamper the global agricultural micronutrients market during the forecast period.
- In developed countries such as Germany and the U.S., several NGOs are taking initiatives to educate farmers about advantages of micronutrients. A few companies have also taken initiatives to educate farmers regarding benefits of micronutrients. This is likely to drive the global agricultural micronutrients market during the forecast period.
Asia Pacific to Hold a Major Share of Global Agricultural Micronutrients Market
- In terms of value and volume, Asia Pacific dominated the global agricultural micronutrients market in 2018. The region is likely to remain a highly lucrative market for agricultural micronutrients during the forecast period, due to growth of the agriculture sector in the region.
- India is the most rapidly expanding market for agricultural micronutrients in the Asia Pacific region. India is a major producer of agricultural commodities such as spices, pulses, fresh fruits, cashew nuts, coconut, and tea. It is also one of the top producers of cereals such as sorghum and pearl millet.
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Key Players Operating in Global Market
The global agricultural micronutrients market is highly concentrated. Key players have adopted several strategies such as expansions, mergers and acquisitions, new product launches, and joint ventures to explore new markets and develop a new customer base. Key players operating in the global agricultural micronutrients market are:
- BASF SE
- DOW Chemical
- Akzo Nobel N.V.
- Land O’lakes
- Yara International
- The Mosaic Company
- Helena Chemical Company
- Coromandel International
- Haifa Chemicals
- Sapec S.A.