Albany NY, United States, May 13, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR estimate the agricultural micronutrients market to expand at a CAGR of 8% during the forecast period from 2020 to 2030. Increasing need to use agricultural micronutrients for depleting soil quality to prevent low crop yield or low quality of agricultural yield is fuelling the growth of global market for agricultural micronutrients.
Micronutrient deficiency is a global phenomenon but differs based on soil condition, climate, rainfall, and other environmental conditions. Declining availability of arable land due to overuse of agricultural land has stimulated the demand for agricultural micronutrients. Excess use of fertilizers such as phosphate that obstructs the availability of zinc, iron, and copper from soil for agricultural crop is compelling the use of micronutrients.
Micronutrients play an important role in sustainable crop production. The balanced use of soil treatment products is likely to help increase the availability of agricultural land and serve the growing demand for food. This opens growth prospects for agricultural micronutrients market.
Asia Pacific held the leading share of agricultural micronutrients market in 2019. Increase in demand for food for the exploding population in some countries and increasing prevalence of micronutrient deficiency boosts the agricultural micronutrients market in the region. High prevalence of deficiency of zinc, iron, and boron in developing countries related to erosion of soil nutrients due to drought, flood, and application of fertilizers with lower quantity micronutrients are some key factors driving the use of agricultural micronutrients in the region.
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Agricultural micronutrients Market – Key Findings of the Report
- Biofortification is gaining popularity as a sustainable and economic way to increase mineral concentration in staple crops. For example, iron fortification helps to integrate nutrients in food crops to result into high yields
- Agricultural practice of paddy wheat crop rotation resulting into declined soil quality, reduced underground water table, and new micronutrient deficiencies has led to the adoption of zinc biofortification. Zinc is applied as a foliar, and is added to soil to improve cereal-based nutrition. Companies in the agricultural micronutrients market are promoting biofortification at specific and critical stages of cultivation to improve yield.
- Use of manganese in agricultural crop is gaining popularity to resist diseases in crops. This is encouraging agricultural micronutrients product manufacturers to boost output capacities for manganese compounds. Manganese fertigation enables crop resistance against diseases by triggering the plant’s phytoalexins and molecular compounds, which helps to fight pathogen attack.
- Significance of calcium, copper, and boron to obtain maximum crop yield is leading manufacturers in the agricultural micronutrients market to scale up production of their compounds
- Keen companies in the agricultural micronutrients market are engaging in to develop novel agricultural micronutrient compounds for industrial applications. OEMs are tapping into properties of novel agricultural micronutrients that can replace metal and some standard polymers in transmissions, engines, and other powertrain components and withstand harsh ambient conditions.
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Agricultural micronutrients Market – Growth Drivers
- Increasing concerns of micronutrient deficiency in humans related to lack of adequate micronutrients in soil that impacts quality of yield is opening growth opportunities in agricultural micronutrients market
- Growing knowledge among unorganized famers about the significance of micronutrients for healthy plant growth stimulates the growth of agricultural micronutrients market
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Agricultural micronutrients Market – Key Players
Some of the key players operating in the agricultural micronutrients market are;
- BASF SE
- Nouryon
- Nufarm
- Coromandel International
- Haifa Group
- Deepak Fertilizers and Petrochemicals Ltd
- BMS Micro-nutrients
- The Mosiac Company
- Nutrien Ltd.
- Yara International
- Helena Agri Enterprises LLC
- Compass Minerals
- Valagro S.p.A
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The agricultural micronutrients market is segmented as follows;
Agricultural Micronutrients Market, by Product Type
- Boron
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
- Iron
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
- Manganese
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
- Zinc
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
- Copper
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
- Others
- Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Application
- Soil
- Fertigation
- Foliar
- Seed Treatment
- Others
- Crop Type
Agricultural Micronutrients Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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