Global Micronutrients Market to Exhibit 8.2% CAGR 2014-20 as Demand for Improving Crop Yields Gains Strength
A detailed overview of the global micronutrients market has been given in a recent market research report published by Transparency Market Research. The report states that the demand to improve food production volumes so as to sustain the exponentially rising global population is a key driving force for the market. The market is projected to expand at a healthy 8.2% CAGR from 2014 through 2020. If the prediction holds true, the market will rise to a valuation of US$7.6 bn by 2020, from US$4.4 bn in 2013.The report is titled “Micronutrients Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”
Micronutrients are essential nutrients required in small proportions for the proper growth of plants. Even though they are required in much smaller amounts than macronutrients, deficiency of micronutrients can lead to stunted growth and diseases/conditions such as yellowing leaves, gummosis, and necrosis. As many of the crucial micronutrients needed for plants are either deficient or are not proportionately spread in soils around the world, supplements of the necessary micronutrients are commonly added.
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For giving the reader a more comprehensive and clear overview of the global micronutrients market, the market has been examined from the perspective of five criteria: Product type, application, crop type, form type, and geography.
On the basis of product type, the market has been segmented into manganese, boron, copper, iron, molybdenum, iron, zinc, and other elements such as nickel and chromium. On the basis of applications of micronutrients, the market has been segmented into foliar, fertigation, seed treatment, soil, and other applications such as hydroponics. On the basis of crop type, the market has been examined for pulses and oilseeds, cereals, fruits and vegetables, and other segments such as floriculture. On the basis of form, the market has been segmented into chelated and non-chelated micronutrients. On the basis of geography, the market has been segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW).
Of the key product types analyzed, zinc is the most widely used micronutrient, accounting for over one third of the total global micronutrients market in 2013. However, the segment of molybdenum is expected to witness growth at the fastest pace over the forecast period.
Of the key applications studied, the segment of soil dominated the market in 2013. The foliar applications segment acquired the second position, accounting for a share of 23.4% in the market. On the basis of crop type, the global micronutrients market earned a major share of its global demand from the cereal segment. This is mainly because cereals such as wheat, rice, maize, and barley are staple in many world cuisines.
From a geographical standpoint, the global micronutrients market had the best run in Asia Pacific in 2013, with the region accounting for over 50% in the global market. North America followed Asia Pacific in 2013, but is expected to grow at the fastest pace over the forecast period.
Some of the most influential companies operating in the global micronutrients market are Aries Agro Limited, Coromandel International Ltd., Agrium Inc., BASF SE, H.J. Baker & Bro., Inc., Haifa Chemicals Ltd., Sociedad Quimica y Minera S.A. (SQM), K+S AG, Wolf Trax, Inc., The Mosaic Company, and Yara International ASA.
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