Agriculture Micronutrients Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
Market Outline: Agriculture Micronutrients Market
Micronutrients are the essential elements for plants, which are required in very small quantities. Micronutrients are the fundamental input in agriculture to improve the quality and yield of agriculture products. Most commonly used agriculture micronutrients include Boron, Zinc, Copper, Manganese, Iron, Molybdenum, Nickel, and among others. Micronutrients perform a different function for the development and growth of plant and required less than a pound per acre. Due to lack of these micronutrients, critical functions of the plant are limited and result in the plant abnormities, lower yield, and reduced growth of plant.
Market Dynamics: Agriculture Micronutrients Market
Rise in global population and decrease in the arable land, increase in the soil deficiency due to soil and water pollution, rise in demand for biofuels, and growing demand for quality food products with better yields are fuelling the agriculture micronutrients market. Moreover, innovation of newer products, shrinkage in agriculture land due to rise in population, and deficiency of micronutrients in agriculture land due to rise in usage of chemical fertilizers anticipated to propel the agriculture micronutrients market over the forecast period. However, lack of awareness regarding proper application and appropriate dosage of agriculture micronutrients in undeveloped countries and high cost of the products expected to restrain the agriculture micronutrients market over the forecast period.
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Market Scope: Agriculture Micronutrients Market
Agriculture micronutrients market is segmented on the basis of product type, micronutrient type, crop type, and mode of application
Based on the product type, agriculture micronutrients market is segmented into the following:
• Chelated products
• Non-chelated products
Based on the micronutrient type, agriculture micronutrients market is segmented into the following:
• Iron
• Copper
• Zinc
• Magnesium
• Molybdenum
• Manganese
• Boron
• Others
Based on the crop type, agriculture micronutrients market is segmented into the following:
• Cereals
• Oilseeds and pulses
• Vegetables and fruits
• Others
Based on the mode of application, agriculture micronutrients market is segmented into the following:
• Foliar
• Soil
• Fertigation
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Market Summary: Agriculture Micronutrients Market
Agriculture micronutrients market is growing at a significant CAGR due to increase in the population demanding for high-quality food products. Moreover, efficiency of the soil is gradually decreasing due to pollution of water and soil with excessive use of fertilizers. Agriculture scientists are focusing on high product yields in less cultivation area, which is expected to propel the agriculture micronutrients market. Moreover, increase in the R&D activities for the innovation of newer products, acquisition and mergers, product approvals and launchings, patent fillings, and collaborations are the strategies followed by agriculture industries to increase their revenue share in agriculture micronutrients market. For instance, in June 2013, Novozymes acquired TJ Technologies Inc. for strengthening its position in bioagriculture including agriculture micronutrients product portfolio. In addition, Zero Gravity Solutions, Inc. received a U.S. patent for its product BAM-FX an agriculture micronutrient product, which increase the efficiency of fertilizers use.
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Regional Analysis: Agriculture Micronutrients Market
Geographically agriculture micronutrients market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America Micronutrients Market growing at significant rate owing to increase in the demand for quality food products, decrease in the arable land due to rise in population, increase in the use of genetically modified crops, and adoption of newer technologies for improving the yield of products. Europe Micronutrients Market driven by rise in the soil and water pollution due to increase in the number of industries, high awareness in the farmers about the benefits of agriculture micronutrients, and increase in the R&D activities for the innovation of newer products. However, Asia Pacific Micronutrients Market exhibiting significant growth, which is attributed to increase in disposable income, increase in the production of rice, fruits, vegetables, grains and sugar beet majorly in India and China, and growing micronutrient deficiency in soil in the region.
Market Participants: Agriculture Micronutrients Market
Some of the players in agriculture micronutrients market are AkzoNobel N.V. (Netherlands), BASF SE (Germany), Agrium, Inc. (Canada), The Dow Chemical Company (U.S.), The Mosaic Company (U.S.), Novozymes (Denmark), Sumitomo Corporation (Japan), Helena Chemical Company (U.S.), Nufarm Ltd. (Australia), SUL4R-PLUS, LLC (U.S.), Yara International (Norway), and Land O’Lakes, Inc. (U.S.) to name a few.
Notable Market Developments: Agriculture Micronutrients Market
• In June 2017, Sumitomo Corporation collaborated with Roshini Crop Sciences Pvt Ltd. and launched Foliar Blend, which contains complex carbohydrates and other micronutrients in India
• In March 2017, SUL4R-Plus, LLC expands its product line by launching the B+Z Fertilizer, a micronutrient product which contains Boron, Zinc, Calcium, and Sulfur
Key Features of the Report:
• The report provides granular level information about the market size, regional market share, historic market (2012-2016) and forecast (2017-2023)
• The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
• The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
• The report tracks recent innovations, key developments and startup’s details that are actively working in the market
• The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
• The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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