Agriculture
Micronutrients Market 2022 – Segments Analysis, Industry Trends, Manufacturers
Analysis, Opportunities and Market Size & Forecast 2030
Page: 386 | Report Code: MC22130606 | Research Suite: Report (PDF) & Market Data (Excel)
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Plants use micronutrients to balance hormones, increase auxin activity, improve flowering blooms, and establish a consistent ripening process. One of the primary aspects driving market expansion is the growing emphasis on plant nutrients for successful growth and maximum yields. They also promote sugar translocation and root strength, which aids in the development of big roots and overall plant immunity. Moreover, they are regarded a crucial mineral element for nourishing horticultural crops since they work as enzyme co-factors and building blocks that allow plants to form entire proteins and compounds.
As a result, their overall sales are increasing over the world. Lockdown was established once COVID-19 spread over the world, and this imposed lockdown had a significant influence on the fertilizer industry's supply chain, notably micronutrient fertilizers. However, government support and various techniques used by micronutrient manufacturers during the pandemic increased the global sales of agricultural micronutrients over the previous year. The product's demand will be boosted by government agencies' increased usage of technology and the incorporation of supportive policies to assist farmers.
During the
shutdown, the Indian government, for example, revealed a plan to deploy
technology on a massive scale to track production and monitor crucial agricultural
data points. Similarly, the World Health Organization (WHO) promotes the use of
fruits, vegetables, pulses, cereals, and grains as a source of a well-balanced
diet, which encourages the use of micronutrients in these crops. As a result,
this factor increases the need of agricultural micronutrients in addition to
main nutrients.
GROWTH DRIVERS
Various
nutrients, as well as improved fertilizer efficiency, stimulate plant output
and keep people nourished and healthy all across the world. Micronutrients are
the third type of essential crop nutrient. Micronutrients aid in the general
health and development of plants. Micronutrients help plants grow and function
properly, resulting in nutrient-dense food for animals and humans. The
availability of micronutrients in the soil is reduced as the pH of the soil is
raised.
To alleviate
the shortages, governmental and non-governmental organizations are emphasizing
mineral fertilization measures. According to the FAO, countries like China, the
United States, and India consume roughly half of all mineral fertilizer
nutrients. The consumption of these nitrogen fertilizers is expected to rise to
219.30 million tonnes by 2030, according to the same source. Many countries
have achieved national food sufficiency today; nonetheless, there is always a
need to feed people with nutrient-rich food by improving agriculture practices.
Countries are increasingly relying on "Integrated Nutrient Practices."
The global
market is growing due to dwindling arable land in major agricultural producing
countries and rising soil contamination. Furthermore, leading market players
would positively affect the market throughout the forecast years by increasing
their investment in R&D for the creation of affordable and efficient
micronutrient fertilizers. The diminishing amount of micronutrients in soils is
linked to the contemporary concerns of human malnutrition. These can, however,
be balanced using a variety of solutions on the market, such as straight,
chelated, micronutrient combinations that aid in the restoration of soil
balance.
Agriculture is
a priority for governments all across the world. Government laws, such as the
Indian government's Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), would help
the agriculture sector expand. All farmer households across the country will
receive an income support of Rs.6000/- per year in three equal instalments of
Rs.2000/- every four months under the Scheme, which will financially assist the
farmers and allow them to focus more on farming. And as the agricultural
industry expands, so will the market for agricultural micronutrients.
Organic
fertilizers enhance soil by stimulating microbial activity, assuring a
season-long supply of nutrients via a slow release of nutrients, and enhancing
the water-holding capacity of soil through the addition of organic matter.
Furthermore, using organic fertilizers decreases the environmental impact of
farming and protects ecosystems by reducing leaching. Organic and conventional
farming fertilizers, on the other hand, benefit farmers, consumers, and the
environment in a variety of ways.
Nitrogen,
phosphorus, potassium, and sulphur, are common fertilizers commonly available
in concentrated form. As a result, farmers in both developed and developing
countries prefer conventional fertilizers to organic fertilizers. Overuse of
traditional fertilizers in combination with chemical pesticides, on the other
hand, has resulted in soil degradation. As a result, farmers all over the world
are turning to natural or organic fertilizers including animal dung, crop
wastes, and compost.
AGRICULTURAL MICRONUTRIENTS MARKET SEGMENTATION
By Type
·
Zinc
·
Boron
·
Iron
·
Molybdenum
·
Manganese
·
Other types (Chlorine and Nickel)
By End Use
·
Non-agricultural cereals & grains
·
Corn
·
Wheat
·
Rice
·
Other cereals & grains
·
Fruits & vegetables
·
Oilseeds & pulses
·
Soybean
·
Canola
·
Others
·
Other crop types (Turfs, ornamentals, plantation crops,
forages, and fiber crops)
By Form
·
Chelated
·
Non-Chelated
By Mode of Application
·
Foliar
·
Fertigation
·
Soil
·
Seed treatment
·
Trunk injection and implantation
·
Hydroponics
By Region
·
North America
·
Europe
·
Asia Pacific (APAC)
·
Latin America
·
Middle East & Africa
REGIONAL OUTLOOK
The Agricultural Micronutrients market of Asia-Pacific and
its dominance can be ascribed to excessive primary nutrient intake and
increased occurrences of micronutrient deficiencies in the soil. The region's
use of micronutrient fertilizers will increase as the population grows and the
demand for nutrient-dense foods rises. In terms of volume and value, Asia
Pacific accounted for the greatest share over the projection period. Rising
growth of high-value crops and increased awareness of micronutrients among farmers
are likely to expand market opportunities.
North America is predicted to grow at the quickest rate
in the next years. The significant growth of the region can be linked to the
progressive loss of arable land in nations like the United States and Mexico,
which increases demand for specialized products such micronutrient fertilizer
blends. The market in the region is expected to benefit from increased
awareness and acceptance of crop nutrition products by growers in the region in
order to produce high-quality crops.
The market in Europe is primarily driven by cereal
crops' extensive use of micronutrient fertilizers in countries such as Germany,
France, and the United Kingdom. The expanding health consciousness in the
region, as well as the increased intake of foods derived from plants,
contribute to the region's micronutrient consumption.
Brazil leads the way in South America, owing to rising
planted acreage and a flourishing agro-sector. Argentina, Chile, Colombia,
Peru, and Paraguay are among the other significant countries that use
micronutrients as a fertilizer.
KEY COMPANIES IN AGRICULTURAL MICRONUTRIENTS MARKET
The research
report offers a competitive analysis of prominent companies operating in the
global agricultural micronutrients market. Some of the leading players profiled
in the market research report include:
·
BASF SE
·
The Mosaic Company
·
Nouryon
·
Nutrien Ltd.
·
Nufarm
·
Yara International
·
AkzoNobel
·
Coromandel International
·
Helena Agri-Enterprises, LLC
·
Haifa Group
·
Compass Minerals
·
Deepak Fertilizers
·
Petrochemicals Ltd
·
Valagro S.p.A.
·
BMS Micro-Nutrients
·
The Mosaic Company
·
Indian Farmers Fertilizer Cooperative Limited
· SAPEC S.A.