Agricultural micronutrients are useful for the growth of plants and a play significant role in balanced crop nutrition. These include zinc, manganese, nickel, boron, copper, molybdenum, and chloride. Lack of any one of these micronutrients in the soil can hamper plant growth, despite sufficient nutrients are present in sufficient amounts.
Soil application dominated the global agricultural micronutrients market, owing to their most common use, requires less labor, and time. Moreover, micronutrients directly come in contact with the roots when applied to soil, thus they are highly effective, resulting in high productivity and yield. Foliar is expected to boost growth of the global agricultural micronutrients market over the forecast period, owing to various advantages offered by foliar sprays, such as easy and uniform application, low cost of application as compared to soil application, and immediate response to nutrient applied, thus correcting the deficiencies during the growing season.
Among product types, the zinc segment is projected to demonstrate significant growth in the global agricultural micronutrients market. This is owing to various advantages offered by zinc fertilizers, such as higher crop yield and economical costs. Zinc deficiency in the soil reduces the growth and productivity of crops, thus making up for a useful component.
Among crop types, the cereal segment witnessed highest growth, owing to the rise in consumption and demand for cereals, globally. According to Food and Agriculture Organization (FAO), the production of cereals is estimated to grow by 12% by 2025 from 2015, which is majorly augmented by yield improvements, with limited area expansion. Moreover, the consumption of cereal is estimated to increase by 14% by 2025, from 340 million tons in 2015 to 2818 million tons in 2025.
The augmenting demand for biofuels and rising soil deficiency is one of the major factors propelling growth of the global agricultural micronutrients market. The U.S. Energy Independence and Security Act (EISA) expanded the renewable fuel standard to increase biofuel production to 36 billion gallons by 2022.
Moreover, the rising urge for effective fertilizers owing to imperfect soil quality and burgeoning demand for uniform and quality yield backed by rising population is expected to drive the agricultural micronutrients market at a global level. However, lack of awareness of agricultural micronutrients among farmers, especially in the emerging economies and critical application doses of these micronutrients are key factors restraining factors for this market.
Agricultural Micronutrients Market Outlook
Key players operating in the global agricultural micronutrients market include The Dow Chemical Company, BASF SE, The Mosaic Company, Akzo Nobel N.V., Yara International ASA, The Potash Corporation, Land O'Lakes, Inc., Marubeni Corporation, and Nufarm Limited
Key players operating in global agricultural micronutrients are focused on organic and inorganic growth strategies such as mergers and acquisitions in order to enhance their global presence. For instance,
Global Agricultural Micronutrients Market is segmented into:
By Crop Type
By Product Type
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