Agricultural Micronutrients Market is poised to touch USD 8.81 Billion by 2022
Agricultural Micronutrients Market Size and Growth Rate:
Agricultural Micronutrients Market was going to reach USD 8.81 Billion by 2022 and expected to grow at a CAGR of 8.6% during the forecast period 2017 to 2022.
Micronutrients such as copper, iron, zinc and boron are considered essential micronutrients for plants. Because micronutrient deficiency can lead to a variety of diseases in plants, it can reduce the quality and quantity of plants. The growing preference for genetically modified (GM) seeds throughout the world is also likely to have an impact on the growth of the global market for agricultural micronutrients.
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Agricultural Micronutrients Market Growth Drivers and Restraints:
The world population is growing at a rapid pace. According to the Population Division of the Department of Economic and Social Affairs of the United Nations (UNDESA), the world population is expected to reach almost 9.8 billion in 2050, with 30.9% growth rate. It is expected that this additional population will create new demand for food crops, horticultural crops and cash crops in the coming years. To meet the growing need for food, advances in farm management and technology can be considered a key solution. A key area for agricultural producers has been to limit potential barriers to crop growth, such as micronutrient deficiencies. Deficiencies can cause plant abnormalities and reduce crop yields, compromising crop productivity and farm income. This, in turn, is expected to increase the use of micronutrients and contribute to the growth of the agricultural micronutrient market during the forecast period.
Geographical Analysis of Agricultural Micronutrients Market:
Geographically, the agricultural micronutrient market is classified in North America, Europe, Asia Pacific, Latin America and Middle East and Africa regions. During the forecast period, the APAC market is expected to grow more in value and volume. With rising income levels and increased purchasing power of people in the main APAC countries, such as India, China and Indonesia, the demand for processed and unprocessed foods is increasing dramatically.
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Key Players of Agricultural Micronutrients Market:
Coromandel International Limited, The Mosaic Company, Chambal Fertilisers and Chemicals Limited, and Haifa Group are the major players of Agricultural Micronutrients Market.
Agricultural Micronutrients Market Key Segmentation:
By Type:
- Zinc
- Copper
- Iron
- Manganese
- Boron
- Molybdenum
By Crop Type:
- Cereals
- Oilseeds & Pulses
- Fruits & Vegetables
By Form:
- Chelated
- Ethylenediaminetetraacetic Acid (EDTA)
- Ethylenediamine Di-2-Hydroxyphenyl Acetate (EDDHA)
- Diethylene Triamine Pentaacetic Acid (DTPA)
- Non-Chelated
By Mode of Application:
- Soil
- Foliar
- Fertigation
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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