Agricultural Micronutrients Market Forecasted to Reach $9,009.2 Million by 2023: P&S Intelligence

Agricultural Micronutrients Market by Type (Zinc, Iron, Boron, Molybdenum, Manganese), by Form Factor (EDTA, DTPA, EDDHA, HBED, Non-Chelated), by Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses), by Application Mode (Soil, Fertigation, Foliar), by Geography (U.S., Canada, Germany, U.K., France, Italy, China, India, Australia, New Zealand, Brazil, Argentina, Mexico, South Africa, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

NEW YORK, Dec. 03, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Agricultural micronutrients market is projected to reach $9,009.2 million by 2023. The market growth is driven by the fact that growing global population will continue to boost the demand for cereals and grains, thereby boosting the demand for micronutrients used for the promoting the growth of the crops.

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On the basis of type, the agricultural micronutrients market is categorized into zinc, iron, boron, molybdenum, manganese, and others (copper, nickel, and chlorine). Of these, zinc micronutrients contributed the largest revenue to the market in 2017, accounting for more than 25.0% share. The demand for zinc micronutrients is majorly driven by its potential value that helps in increasing crop yield in a wide array of agronomic crops such as rice, bean, maize, potato, sorghum, and soybean.

Based on form factor, the agricultural micronutrients market is categorized into EDTA, DTPA, EDDHA, HBED, and non-chelated. In 2017, non-chelated micronutrients accounted for the largest share in net sales volume and constituted a share of more than 70.0% in the market, owing to increasing application rates of non-chelated micronutrients due to low price over chelated counterparts, thereby boosting of the demand for non-chelated agricultural micronutrients.

Based on application mode, the agricultural micronutrients market is categorized into soil, fertigation, foliar, and others (broadcasting and banding). In 2017, the market for application of micronutrients via soil held a significant share, owing to host of factors such as relative ease of application, low requirement of advanced machinery (such as sprays and drippers), and easy incorporation with fertilizers.

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APAC accounted for the largest revenue share in terms of value in the agricultural micronutrients market, accounting for more than 55.0% in 2017. The high demand for the product is driven by increasing demand for processed and non-processed food, which in turn, is boosting the adoption of micronutrients used in growing different types of crops.

Increasing practice of contract farming is the major opportunity area identified in the agricultural micronutrients market. The emerging economies including China, India, and Brazil, are expected to witness a high population growth, thereby, creating an ever-increasing pressure on scarce farmlands. This creates pressure on farmers to maximize crop production. 

In May 2018, in India, the Ministry of Agriculture and Farmers Welfare unveiled the Model Contract Act 2018, aimed to offer support to the contract farming ecosystem by introduction of crop/livestock insurance and registration of contractual obligations and commitments. This is earmarked to offer awareness and technology, which were previously unknown to farmers.

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The agricultural micronutrients market is characterized by presence of large number of multinational corporations as majority of the major players operating in the market are present in more than three countries. FMC Corporation, Akzo Nobel N.V., Yara International ASA, BASF SE, Sinochem Group, and SAPEC SA were the leading players in 2017. Companies such as FMC Corporation and Akzo Nobel N.V. have wide range of agricultural micronutrients products. Apart from significant global presence, majority of the leading players also have a strong distribution network in the different countries across the world.

Some of the other major players operating in the global agricultural micronutrients market are The Mosaic Company, Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, and Haifa Group.

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