Agriculture micronutrients have become important in agriculture production. They also play an important role in balancing the crop nutrition. Soil testing carried out in various countries have also found a deficiency of micronutrients in many soils. Factors such as high-yield crop demand, increasing use of chemical fertilizers, advancement in fertilizer technology result in reduction or removal of micronutrients. Different plants require different micronutrients, moreover, increased micronutrient deficiency in soil due to various climatic conditions, use of chemical fertilizers on a large scale is also leading to the growing demand for agriculture micronutrients. Hence, companies are offering micronutrients in the quantity required for crops and plants, because micronutrient in more than required quantity can damage the corp. Some of the most used and essential micronutrients are iron, copper, boron, manganese, and zinc. However, companies are also focusing on providing secondary micronutrients that can help in making other nutrients more effective. Many micronutrients act as the enzyme in order to enable plants to build protein and compounds. According to the report by Persistence Market Research, the global agriculture micronutrients market is likely to witness strong growth during 2017-2024. By the end of the forecast period, the global market for agriculture micronutrients is estimated to exceed US$ 13,000 Million revenue.
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Agriculture Micronutrients to Find Largest Application in Soil during 2017-2024
Based on the application, agriculture micronutrients are expected to find the largest application in soil. Towards 2024 end, the soil is estimated to bring in more than US$ 6,000 Million in terms of value.
On the basis of product type, Zinc in both non-chelated and chelated form is expected to see the highest growth. Zinc in non-chelated form is projected to surpass US$ 4,500 Million revenue, while in the chelated form is estimated to reach close to US$ 600 Million in terms of revenue.
Based on the crop type, cereals are likely to use agriculture micronutrients on a large scale. By 2024 end, cereals are projected to bring in more than US$ 4000 Million revenue. Meanwhile, agriculture micronutrients are also likely to be used in growing fruits, pulses, oilseeds, and vegetables.
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Asia Pacific to Emerge as the Largest Region in the Global Market for Agriculture Micronutrients
Geographically, Asia Pacific is expected to remain dominant in the global agriculture micronutrients market. By the end of 2024, Asia Pacific is projected to reach nearly US$ 5,800 Million revenue. Agricultural activities are carried on a large scale in Asia Pacific. Moreover, governments of different countries are also taking major steps to support farmers to produce better crops. One of the major factor contributing to the growth of micronutrients is that the natural availability of micronutrients in soil is declining, hence, the demand for micronutrients is increasing. In India, the increasing awareness towards the use of micronutrients, especially the deficiency of zinc is fueling the demand for micronutrients in the country.
Leading Companies in the Global Agriculture Micronutrients Market
ADAMA Agricultural Solutions Ltd., Akzo Nobel N.V., Agrium Inc., BASF SE, Compass Minerals International Inc., Auriga Industries A/S, E. I. DUPONT DE NEMOURS AND COMPANY, and Bayer CropScience AG are some of the leading players in the global market for agriculture micronutrients.
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