Meticulous Research® – leading global market research company is researching on agricultural micronutrients market titled “Agriculture Micronutrients Market by Product Type (Zinc, Copper, Iron, Manganese, Boron, Molybdenum, Others), Form (Chelated, Non Chelated), by Application (Soil, Foliar, Fertigation, Hydroponics, Others), Crop Type (Cereal, Oil Seed & Pulse, Fruit & Vegetables, Others), End-User (Agriculture, Horticulture, Floriculture)- Global Forecast to 2024”.
Growing population Spur the Demand for Agricultural Micronutrients
Nowadays, the global population is increasing at a rapid rate. According to the Population Division of the United Nations Department of Economic and Social Affairs (UNDESA), the global population was 7.6 billion in 2017, and it is further expected to reach around 9.8 billion by 2050. This additional population, of nearly 2.2 billion individuals, is expected to create vast demand for food crops, horticulture crops, and cash crops in the upcoming years.
In order to address the growing need of food demand, it has become essential to rise agricultural production by eliminating nutrient deficiencies. In addition, the micronutrient deficiencies can cause plant abnormalities and reduce crop yield, compromising crop productivity and farm income. Therefore, to overcome this, the use of agriculture micronutrients is expected to increase in the future, ultimately driving the growth of the agricultural micronutrients market across the globe.
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Zinc Dominated the Agricultural Micronutrients Market in 2018
Based on product type, the agricultural micronutrients market is segmented into zinc, copper, iron, manganese, boron, molybdenum, and others. Zinc commanded the largest share of global agricultural micronutrients market in 2018, owing to its increasing demand in plant growth as it regulates auxin, a vital growth hormone in pollen formation. In addition, it also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars, and this ultimately augments the growth of the zinc market across the globe.
Cereals and Grains Spur the Demand for Agricultural Micronutrients
Cereals commanded the largest share of agricultural micronutrients market in 2018. With increasing global population and shrinking arable land, there is an increased pressure to maximize crop yield from existing farmlands and agricultural installations. Moreover, the factors such as growing demand for food grains and rising need to maintain the nutrient level in cereal crops are expected to support the growth of the agricultural micronutrients market for cereals during the forecast period.
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Asia-Pacific Dominates the Agricultural Micronutrients Market
Asia-Pacific accounted for the largest share of the global agricultural micronutrients market in 2018. With the rising income level and increasing spending power of people in major APAC countries such as India, China, and Indonesia, the demand for processed and non-processed food is growing considerably, which is sequentially boosting the adoption of micronutrients used for growing various types of crops.
Key Players in the Agricultural Micronutrients Market
The key players operating in the global agricultural micronutrients market are BASF SE, Akzo Nobel N.V., Dow DuPont Inc., Agrium Inc., Nufarm Limited, Coromandel International Limited, Haifa Group, Sapec Agro S.A., Yara International ASA, The Mosaic Company, Helena Agri-Enterprises, LLC, Trade Corporation International, Valagro SpA, and Aries Agro Limited.
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