Dublin, March 11, 2021 (GLOBE NEWSWIRE) -- The "Zinc Manganese Foliar Fertilizers Market - Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Zinc and Manganese foliar fertilizer market is forecast to reach $204.3 million by 2025, after growing at a CAGR of 6.7% during 2020-2025. With the rise in the agricultural sector and growing demand for food around the world, the Zinc and Manganese foliar market is witnessing an increase in demand. The growing population in countries around the globe, will further enhance the overall market demand for Zinc and Manganese foliar fertilizer during the forecast period.
Key Takeaways
- Asia-Pacific dominates the Zinc and Manganese foliar fertilizer market owing to increasing from larger population.
- The growing agricultural sector with increasing demand for food around the world, is likely to aid in the market growth of Zinc and Manganese foliar fertilizer market.
- The COVID-19 pandemic will create hurdles for the Zinc and Manganese foliar fertilizer market.
Zinc and Manganese foliar fertilizer Market Drivers
Growing need to increase crop yields
Micronutrients, such as zinc and manganese, promote the strong, steady growth of crops that produce higher yields and increase harvest quality - maximizing a plant's genetic potential. Micronutrient deficiency or toxicity can result in stunted growth, low yields, dieback and even plant death. Some crops and soil types are more prone to certain types of micronutrient deficiency than others. Zinc and manganese deficiencies frequently occur on calcareous, high-pH, sandy texture, high phosphorus, and eroded soils. Zinc and manganese foliar fertilizer helps farmers reduce soil applications and optimize plant nutrition.
Emergence of organic farming
In the last few years, organics farming has emerged as a major trend in the agricultural sector. Various governments have taken initiatives to promote organic farming in their respective countries. For instance, in 2019, the Canadian Government announced an C$992,131 to the Canada Organic Trade Association to develop market opportunities for organic products, and build on the Canada Organic Brand. In organic farming, foliar feeding is a widely used technique to supply plants with required crop nutrients. In foliar nutrition, effective concentrations of the deficient nutrients are sprayed, which are absorbed directly by the plant tissue.
Zinc and Manganese foliar fertilizer Market Challenges
Dependence on Governments Subsidiary
Farmers in various parts of the world have been dependent on government subsidies for caring out agricultural activities. In various countries, government subsidy constitutes a large portion of farmers income. For instance, in the UK, the EU's Common Agricultural Policy (CAP) subsidy account for 50%-80% of a UK farmer's income. Further, the cost of fertilizer also accounts for a significant portion of crop cultivation cost. According to USDA, in 2017, fertilizer cost constituted around 18% of corn production cost. So, irregularities, delay and reduction in farmers' subsidy could act as a bottleneck in the long-term prospects of zinc and manganese foliar fertilizer.
Impact of COVID-19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. Whereas except countries like India, almost every country has suffered in their agriculture sector, because of less availability of seeds, fertilizers and other yielding things. One of the major difficulties, the market had faced was shutdown transportation facilities.
Key Topics Covered:
1. Zinc and Manganese Foliar Fertilizer Market- Market Overview
2. Zinc and Manganese Foliar Fertilizer Market- Executive Summary
3. Zinc and Manganese Foliar Fertilizer Market- Landscape
4. Zinc and Manganese Foliar Fertilizer Market- Market Forces
5. Zinc and Manganese Foliar Fertilizer Market -Strategic analysis
6. Zinc and Manganese Foliar Fertilizer Market- By Nutrient Type (Market Size -$Million)
7. Zinc and Manganese Foliar Fertilizer Market- By Crop (Market Size -$Million)
8. Zinc and Manganese Foliar Fertilizer Market- By Form (Market Size -$Million)
9. Zinc and Manganese Foliar Fertilizer Market - By Geography (Market Size -$Million)
10. Zinc and Manganese Foliar Fertilizer Market- Entropy
11. Market Share Analysis Premium
12. Zinc and Manganese Foliar Fertilizer Market Company Analysis
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