The global agricultural micronutrients market is highly fragmented in nature owing to the presence of several regional as well as global players. The regional and international players are locking horns against each other without losing grip over the market. The intense competition against each other is likely to have a positive impact on the market, as this is likely to make manufacturers to focus on innovation and adopt technological advancement. Some of the major vendors in the market are The Mosaic Company, Yara International, Coromandel International Ltd., BASF SE, Agrium Inc., and Wolf Trax Inc.,
According to Transparency Market Research, the global crop micronutrients market is predicted to expand at a steady CAGR of 8.2% during the forecast period, 2014-2020. The analysts of TMR, states that the market which was valued at US$4.37 bn in 2013, is anticipated to rise and touch US$7.59 bn by the end of the assessed period. On the basis of the product the global crop micronutrients market is segregated into zinc, iron, copper, boron, molybdenum, manganese, and others. Amongst the pack, Zinc held the major share concluding to a whooping one third of the total demand from the market. However, molybdenum is likely to grow at a faster during the assessed period. On the basis of geography, Asia Pacific held 50% of the total market share. North America is on its way to become the fastest growing crop micronutrients market during the assessed period, due to espouse of advanced technology.
Intensive Farming to Suffice Rising Demand Favors the Market Growth
Analysts from TMR have identified that the poor quality of soil all across the world is one of the major driver driving the global agricultural micronutrients market. Rise in dumping of toxic waste on soil accompanied with increasing incidence of acid rains is deteriorating the quality of the soil, which in turn is favoring the growth of the market. Besides this, surging demand from the agricultural industry due to incessant rise in population accompanied with growing preference over healthy food, rather than processed foods has pressurized the farmers to tune up their production level which has made them to practice intensive farming accompanied with heavy use of chemical fertilizers. These have taken a toll on the quality of the soil, thus raising the demand for crop micronutrients. Installation of wide irrigation facilities along with, mining of micronutrient reserve is degrading the quality of the market.
Lack of Knowledge among Farmers to Build Road Block in Market Growth
Rising awareness regarding the symptoms of poor quality of soil is triggering the rise in demand for micronutrients. The micronutrients not only enhances the quality of the soil, but also rises the production quantity of a crop, thus helping the farmers to meet the growing demand of crops. This has gained huge popularity among the farmers, thus helping the market to grow. However, it has been noticed that lack of awareness among farmers who are in developing countries is likely to cause a major threat to the growth of the market. Apart from these, high cost needed to purchase micronutrient is likely to deter the growth of the market. It has been found that farmers are unable to calculate the appropriate quantity required to inject micronutrient in the soil due to complicated scale which the regulatory agencies provide.
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The information in this review is based on the findings of a report by Transparency Market Research, titled, “Micronutrients Market ( Product – Boron, Copper, Iron, Manganes, Molybdenum, Zinc, Chlorine, Nickel; Application- Fetigation, Foliar, Soil, Seed Treatment; Type – Cereals, Pulses and Oilseeds, Fruits, and Vegetables; Form – Non-chelated, Chelated) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
The report segments the Global Micronutrients Market into the following:
Micronutrients Market – Product Segment Analysis
- Others (Including chlorine, nickel, etc.)
Micronutrients Market – Application Analysis
- Seed treatment
- Others (Including hydroponics, etc.)
Micronutrients Market – Crop Type Analysis
- Pulses and oilseeds
- Fruits and vegetables
- Others (Including floriculture, etc.)
Micronutrients Market – Form Type Analysis
Micronutrients Market – Regional Analysis
- North America
- Asia Pacific
- Rest of the World
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