Agricultural micronutrients: Key market research findings
- Growing adoption of soil fertility management practices
- Significant demand for biofuels
Technavio has released a new market research report on the global agricultural micronutrients market, which is expected to grow at a CAGR of 8% between 2016 and 2020. The demand for agricultural micronutrients is growing due to the increasing nutrient deficiencies of crops globally. Agricultural micronutrients enhances the yield and quality of crops. Non-chelated micronutrients hold a majority share in the micronutrients market. Molybdenum, manganese, boron, zinc, copper, and iron are the most commonly used agricultural micronutrients. APAC dominates the global market for agricultural micronutrients, accounting for 52% of the total market share. Much of this region’s growth comes from the low-cost benefits of micronutrients and emerging applications of rare micronutrients such as selenium.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, soil fertility management practices have gained prominence. This is primarily owing to the rising loss of arable land and an increase in the demand for food. Soil fertility management involves practices such as conservation tillage, crop rotation and optimal use of agrochemicals. These practices have necessitated the use of agrochemicals. Farmers worldwide are continuously adopting soil management practices to improve the quality and quantity of agricultural production,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
Farmers have increased their production of biofuel crops and have turned to nutrients to maximize yields. Therefore, the rise in the demand for biofuels is propelling the production of bio-crops such as sugarcane and is boosting the demand for agricultural micronutrients globally. An increase in the production of biofuels has led to the demand for food grains and crops, which are produced using agricultural micronutrients APAC, Central and South America, and the Middle East and Africa (MEA) are expected to drive the demand for biofuels as they direct efforts to reduce dependence on conventional fuels and their imports.
The key trends in the global agricultural micronutrients market are Agrium, AkzoNobel, BASF, Mosaic, Yara International, Bayer Cropscience, and FMC. This market is fragmented due to the presence of many vendors. Intense competition prevails in this market among regional and international vendors, in terms of technology, quality, and pricing. Leading vendors in the market are employing strategic initiatives to increase their customer base. They are exploring untapped markets, especially in developing regions to expand their regional presence and to enhance their market position by gaining a larger share in terms of revenues and product portfolios.
A more detailed analysis is available in the Technavio report, Global Agricultural Micronutrients Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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