Global Micronutrients Market: Soil Deficiency in Asia Pacific Driving Growth : Transparency Market Research
The proper growth of plants depends on 17 essential nutrients, both micro as well as macro. While most macro nutrients are naturally available to plants from the soil and the air, many micronutrients need to be administered in order to maintain the quality of the crop and provide resistance against diseases.The global micronutrients market can be broken down into several categories based on parameters such as product, application, crop type, form type, and region. Here’s a look at the scope and dynamics of each of these categories.
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On the basis of product, micronutrients can be segmented into zinc, boron, manganese, molybdenum, copper, iron, and others including nickel and chlorine. Zinc held the largest share of the overall micronutrients market, accounting for more than one third of the total demand in 2013. However, molybdenum – used in small quantities in plants and crops – is projected to be the most rapidly developing product segment of the micronutrients market over the next five years. On the basis of application, the market for micronutrients can be segmented into foliar, fertigation, seed treatment, soil, and others such as hydroponics. Soil dominated the overall micronutrients market in 2013. Use of micronutrients in foliar feeding held the second spot in 2013, accounting for a 23.4% share of the overall market. However, given the potential that other application segments such as hydroponics and seed treatment possess, market analysts predict higher growth for them in the coming few years.
On the basis of crop type, the micronutrients market is segmented into pulses and oilseeds, cereals, fruits and vegetables, and others including floriculture. Cereals such as rice, wheat, barley, maize, and oats held the largest share of the micronutrients market based on type of crop mainly because these cereals form an important part of the daily diet across many regions of the globe. Pulses and oilseeds held the second largest share of the micronutrients market, accounting for 29.6% of total demand in 2013. Fruits and vegetables, on the other hand, are expected to be the most rapidly developing crop types by 2020.On the basis of form type, the market for micronutrients is bifurcated into chelated and non-chelated. The demand for chelated micronutrients is anticipated to surpass that of non-chelated ones owing to the rising demand for direct and efficient micronutrients.
On the basis of geography, the global micronutrients market is divided into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific emerged as the leader of the worldwide market in 2013, with a share of more than 50% in total demand that year. The growth of the market in this region can be attributed to the rising soil deficiency in regions such as Coastal Australia, the Indian Subcontinent, parts of Southeast Asia, and Eastern China. North America is projected to be the fastest growing regional segment of the global micronutrients market owing to high demand for uniform and superior quality yield and depleting arable land. The Europe and Rest of the World markets for micronutrients are likely to witness stable demand.
There are many players operating in the global micronutrients market. These include The Mosaic Company, K+S AG, Sociedad Quimica y Minera S.A. (SQM), H.J. Baker & Bro., Inc., Yara International ASA, Wolf Trax, Inc., Haifa Chemicals Ltd., Agrium Inc., Coromandel International Ltd., Aries Agro Limited, and BASF SE.
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