Global Crop Micronutrients Market: By Type (Boron, Molybdenum, Manganese, Zinc, Iron, Others), By Function (Fertigation, Foliar, Soil, Others), By Form (Chelated, Non-chelated,) By Crop (Fruits & Vegetables, Oil Seeds & Pulses, Grains & Cereals, Others), and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Micronutrients are comprised of vitamins and minerals which are required in small quantities to ensure normal metabolism, growth and physical well-being. The essential micronutrients for field crops are B, Cu, Fe, Mn, Mo, and Zn. Other mineral nutrients at low concentrations considered essential to growth of some plants are Ni and Co. The incidence of micronutrient deficiencies in crops has increased markedly in recent years.
Increase in the population is the key factor anticipating the growth of the crop micronutrients market. The loss of top soil by erosion, losses of micronutrients through leaching, liming of acid soils, decreased proportions of farmyard manure compared to chemical fertilizers, increased purity of chemical fertilizers are some of the factors influencing the growth of the market. Increasing health issues along with shift in consumer preference towards nutritious food is expected to drive the growth of the crop micronutrients market. However, the stringent government regulations are likely to hinder the growth of the market. The limited awareness among the farmers regarding the micronutrient products are hampering the growth of the market. The high cost of the micronutrients is limiting the growth of the market.
Crop micronutrients market is segmented based on the type, function, and form
Based on the type, the market is segmented into the following:
Based on the function, the market is segmented into the following:
Based on the Crop, the market is segmented into the following:
- Fruits & Vegetables
- Oil Seeds & Pulses
- Grains & Cereals
Based on the form, the market is segmented into the following:
Geographically, global crop micronutrients market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific crop micronutrients market is the major market in the global crop micronutrients market. The Asia Pacific crop micronutrients market is growing at a faster pace owing to its developing economy. The rising population is another factor enhancing the growth of the market in this region. The growing agriculture industry in countries such as China and India are adding fuel for the growth of the market in this region. The North America and Europe crop micronutrients market is expected to grow over the forecasted period. The increasing vegan population in Europe is likely to attribute the growth of the crop micronutrients market in this region.
Some of the players in the global crop micronutrients market include:
- Dow Chemical (US)
- AkzoNobel (Netherlands)
- Agrium (Canada)
- BASF (Germany)
- Yara International (Norway)
- The Mosaic Company (US)
- Land O’Lakes (US)
- Helena Chemical Company (US)
- Nufarm (Australia)
- In November 2017, Verdesian has launched MicroSync Granular Micronutrient Products