Agricultural micronutrients are essential nutrients that regulate certain physiological activities in crops to enhance their quality and yield. Micronutrient deficiency results in decline in the growth rate, yellowing of leaves, and withering of buds in crops. Major agricultural micronutrients include zinc, manganese, boron, copper, molybdenum, and iron.
Cereals, pulses, oilseeds, fruits, and vegetables are major end-use agricultural segments of micronutrients. The demand for cereals has been steadily increasing on account of the growing global population. Moreover, the soil is losing its nutrient richness owing to increasing pollution, which is consequently leading to decreased productivity and barrenness. Additionally, the available area of agricultural land is shrinking globally with industries and buildings occupying more of it. This has increased the pressure of production on the agricultural sector. In order to meet the global cereals demand, micronutrients are being used in greater quantities to enhance crop productivity, boosting their demand.
Agriculture micronutrients can be applied on crops in three different ways, namely soil application, foliar, and fertigation. Soil application dominated the global agriculture micronutrient sales in 2013. Micronutrients are available in chelated and non-chelated forms. The global agriculture micronutrients market is dominated by non-chelated micronutrients. By type, zinc dominated the global agriculture micronutrients market in 2013, followed by copper and iron.
A major restraint for the agriculture micronutrients market is the lack of awareness among farmers about the benefits micronutrients. Most farmers in developing and underdeveloped countries rely solely on the existing production capacity of their land due to either lack of awareness or lack of money to invest in buying agriculture micronutrients for farming. Critical application dosage is another restraint for the agriculture micronutrients market wherein farmers are unable to gauge the appropriate quantity of micronutrients to be infused into the soil.
Certain opportunities lie for the agricultural micronutrients market in the form of technological development and increase in contract farming. The more established players in the agriculture micronutrients market are engaging in research and development to improve their products, even the successful ones. This has increased the scope for agriculture micronutrients in the long term. Increasing contract farming is changing the general approach to farming globally, wherein the contract farmers are in a position to adopt result-oriented agricultural practices. With declining productivity levels, contract farming is expected to witness greater adoption rates in the long run, leading to growth in demand for products boosting crop productivity, including agriculture micronutrients.
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Geographically, Asia Pacific was the largest market for agriculture micronutrients, followed by North America. North America is expected to grow at a faster rate during the forecast period due to agricultural developments taking place in the region, especially in the U.S.
The agriculture micronutrients market is fragmented in nature due to the presence of a large number of players. There are also a large number of regional players who dominate the domestic markets. The major players in the agriculture micronutrients market include Agrium, AkzoNobel, BASF, Mosaic, Yara International, Aries Agro, Arysta LifeScience, Wolf Trax, Inc., Wilbur-Ellis Company, BMS Micronutrients, Cheminova, Valagro, Tradecorp International, Gujarat State Fertilizers and Chemicals, and Haifa Chemicals.
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Key geographies evaluated in this report are:
- North America
- France, Germany, Italy, Spain, and the UK
- Eastern Europe
- Latin America
Key features of this report
- Drivers, restraints, and challenges shaping the Agriculture Micronutrients market dynamics
- Latest innovations and key events in the industry
- Analysis of business strategies of the top players
- Agriculture Micronutrients market estimates and forecasts(2015 -2021)
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