The growing popularity of micronutrients for increasing crop yield and productivity is driving the market growth. Rising demand of micronutrients for soil enrichment, seed treatment, soil fertilization, foiler, and aquaponics application is also fueling the market growth. Lack of arable land is raising demand for high crop yield in limited farmland. This, in turn, has increased demand for micronutrients. Growing adoption of micronutrients for high-quality agricultural outcome is pushing the market growth uphill.
The latest report by Value Market Research expects the Global Micronutrients Market to reach USD 11.1 billion by 2025. It was valued USD 6.48 billion in 2018. The report foresees an 8% CAGR from 2019 to 2025.
ZINC EMERGED AS THE LEADING PRODUCT SEGMENT
In 2018, zinc dominated the product segment. Zinc accounted for maximum market share as it promotes the growth of a variety of crops such as rice, maize, bean, potato, etc. Also, increasing use in photosynthesis, sugar formation, phytohormone synthesis, protein synthesis and other crucial pathways are again increasing demand for zinc.
SOIL DOMINATED THE APPLICATION SEGMENT
By application, soil has emerged as a leading segment in 2018. Decreasing arability of soil is majorly driving demand for micronutrients for enrichment of soil. Presence of micronutrient enhances soil properties such as organic matter content, clay content and pH balance leading to increases in crop yield is again fueling the segment growth.
ON THE BASIS OF CROP, CEREALS LED THE SEGMENT
In 2018, cereals dominated the segment and has accounted for maximum market share. Rising consumption of cereals such as maize, wheat, oats, etc. is driving the segment growth. Growing demand for cereal bars, biscuits and snacks are contributing the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
In 2018, Asia Pacific emerged as the leading regional market owing to the booming agricultural sector in countries such as India and China. The growing focus on better quality and high yield of the crop to fulfill the regional demand is again contributing the market growth.
MAJOR PLAYERS OF THE MARKET
BASF SE, Coromandel International Ltd., K+S AG, Sociedad Quimica y Minera SA, The Mosaic Company, and Yara International ASA are the key players of the micronutrient market.
As per this study the Global Micronutrients Market was valued USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2028 with a CAGR of X%.
Micronutrients are the most essential elements for healthy plant growth. Some of the major micronutrients required by crops and plants are boron, iron, copper, manganese, molybdenum, zinc and chlorine along with some vitamins which are required in small quantities in phytochemicals and organisms. Basically, they are naturally found in plants & few animal-based foods and can also be synthesized artificially.
The growing need for improving quality and uniformity in crop yield across the agricultural industry along with dearth arable land is likely to drive the growth of the micronutrients market over the forecast period. Expanding hydroponic industry along with the improvement in faring practicing is again expected to fuel the market growth. On the other hand, a lack of awareness regarding the benefits of micronutrients among farmer is likely to hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of micronutrients.
The broad micronutrients market has been sub-grouped into product, application and crop. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Seed treatment
- Pulses and oilseeds
- Fruits and Vegetables
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for micronutrients in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Micronutrients Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the micronutrients market include BASF SE, Coromandel International Ltd., K+S AG, Sociedad Quimica y Minera SA, The Mosaic Company, and Yara International ASA. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.