London, May 11, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled “Agricultural Micronutrients Market by Type (Zinc, Boron, Iron, Copper, Manganese), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-Chelated, Chelated), Method of Application (Soil Application, Foliar, Fertigation)– Global Forecast to 2027”, the Agricultural Micronutrients Market is expected to grow at a CAGR of 8.7% from 2020 to 2027 to reach $12.2 billion by 2027. Also, in terms of volume, the Agricultural Micronutrients Market is expected to grow at a CAGR of 5.8% from 2020 to 2027 to reach 2,013.3 KT by 2027.
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Agriculture micronutrients are essential for plant growth and for ensuring balanced crop nutrition. They are as important for plant nutrition as primary nutrients (nitrogen, phosphorus, and potassium) and secondary macronutrients (calcium, magnesium, sulphur), though plants require micronutrients in very small quantities. However, deficiency of any one of the micronutrients (Zn, B, Cu, Fe, Mn, Mo etc.) in the soil limits the plant growth, even though all other nutrients may be present in adequate amounts in the soil. Nowadays, with the increased use of soil testing and plant analysis, the micronutrient deficiencies have been verified in many soils throughout the world. Some major reasons for these soil deficiencies include demand for high-yield crop which remove micronutrients from the soil; increased use of NPK fertilizers which are not fortified with micronutrients; and advances in fertilizer technology which reduces the residual addition of micronutrients. All these factors are contributing towards the growing demand for micronutrients in order to achieve high quality food grains and balanced nutrition.
Impact of COVID-19 on the Agricultural Micronutrients Market
The global Agricultural Micronutrients Market continues to be challenged by the lockdowns, logistical disturbances, reduced productions, and associated economic impacts of COVID-19. The global fertilizer sector has been affected since the outset, primarily in China, the world's largest producer as well as consumer of agriculture micronutrients. The outbreak of a novel coronavirus in China has to date had the most critical impact across the Chinese agriculture micronutrients sector, affecting the movement of both micronutrients products and raw materials in and out of the country. Moreover, this pandemic also expected to hit the agriculture micronutrients industry in the U.S., Brazil, India, and EU-5 countries. In India, the nationwide lockdown has disturbed the raw material movements and caused shutdown of some fertilizer plants and challenged full capacity manufacturing operations of some plants, leading to a substantial loss in domestic agriculture micronutrients production.
Similarly, the Southeast Asia’s fertilizer industry is also facing challenges because of the worsening coronavirus outbreak in the region, which has impacted the fertilizer distribution within and across markets in the Asia-Pacific region. For instance, the fertilizer production facilities have been given clearance to continue operations in Malaysia as they are considered essential to maintain food supply; while, the lockdown has posed logistical challenges for suppliers in distributing fertilizers products in the country and across the border to Thailand. Therefore, owing to the lockdowns in many countries across the globe and a complete halt on the transportation and logistics industry, the global Agricultural Micronutrients Market will be impacted in terms of market volume and revenue during 2020 and 2021.
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The global Agricultural Micronutrients Market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis type (zinc, boron, iron, copper, manganese, molybdenum, and other agriculture micronutrients), form (non-chelated and chelated form), method of application (soil application, foliar, fertigation, seed treatment, and hydroponics), crop type (cereals & grains, fruits & vegetables, oilseeds and pulses, and other crops), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The study also evaluates industry competitors and analyses the market at a country level.
Based on type, in 2020, the zinc segment is estimated to command the largest share of the overall Agricultural Micronutrients Market owing to the increasing awareness of zinc deficiency in soils across the globe and its wide range of functions in the growth of plants. In addition, the growth in zinc Agricultural Micronutrients Market is driven by the factors such as rising need to meet food security challenges and growing demand for zinc nutritious food products considering its health benefits. Moreover, rising government initiatives across the globe towards enhancing zinc concentrate in the soil to enhance quantitative and qualitative crop yield further support the growth of this market.
Based on crop type, the cereals and grains segment is estimated to command the largest share of the overall Agricultural Micronutrients Market in 2020. The higher use for cereals and grains and related products in the daily meals of the population across the globe to ensure daily nutrition; allocation of large arable land for the cultivation of cereals and grains; increasing industrial application of cereal grains; and growing demand for the cereals-based snacks products are the common factors supporting the major share of the cereals and grains segment in the global Agricultural Micronutrients Market. However, the fruits and vegetables segment is expected to grow at the fastest CAGR during the forecast period, mainly due to the growing need to increase fruits and vegetables production and increasing hydroponics cultivation of the same.
Based on the form, in 2020, the non-chelated form segment is estimated to account for the largest share of the overall Agricultural Micronutrients Market. The large share of this segment is mainly due to the increasing application of non-chelated micronutrients because of their low price over chelated form micronutrients. However, the chelated form segment is expected to grow at the fastest CAGR during the forecast period, owing to its high stability over the non-chelated micronutrients and rising inclination towards the development and application of new generation chelates, such as sugar based chelating agents.
Based on method of application, the soil application segment is estimated to command the largest share of the overall Agricultural Micronutrients Market in 2020. The major share and rapid growth of this segment is mainly attributed to its easy and cost-effective application over other methods of application and reasonably better results. Moreover, the higher use of this method of application by the framers from developing economies and low availability of resources for adoption of the advanced fertilizer applications methods further supports the dominance of this segment.
Geographically, the Asia Pacific region is estimated to dominate the global Agricultural Micronutrients Market in 2020 and is also projected to continue its dominance with more distinction during the forecast period. The leading position of the Asia Pacific region is primarily credited to the high demand for micronutrients from the region to enhance the quality of its huge arable land under the crop cultivation and to meet the rising demand for high quality food. In addition, the growing awareness and acceptance of the agriculture micronutrients by farmers from the emerging economies, such as China and India; rising micronutrient deficiency in soil; availability of huge area of infertile soil; and considerable government support for the fertilizer industry are further projected to drive the growth of Agricultural Micronutrients Market in Asia-Pacific region.
The key players operating in the global Agricultural Micronutrients Market are BASF SE (Germany), Coromandel International Limited (India), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), Haifa Group (Israel), Yara International ASA (Norway), Helena Agri-Enterprises LLC (U.S.), Valagro S.p.A (Italy), Sigma AgriScience, LLC (U.S.), Aries Agro Limited (India), Nufarm Limited (Australia), and AgroLiquid (U.S.), among others.
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Scope of the report
Agricultural Micronutrients Market by Type
- Zinc
- Boron
- Iron
- Copper
- Manganese
- Molybdenum
- Others Micronutrients
Agricultural Micronutrients Market by Crop Type
- Cereals and Grains
- Maize
- Wheat
- Rice
- Other Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
- Other Crops
Agricultural Micronutrients Market by Form
- Non-Chelated
- Chelated
Agricultural Micronutrients Market by Method of Application
- Soil Application
- Fertigation
- Foliar
- Seed treatment
- Hydroponics
Agricultural Micronutrients Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- India
- Australia
- Japan
- RoAPAC
- Latin America
- Brazil
- Mexico
- Argentina
- RoLATAM
- Middle East and Africa
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