Global Agricultural Micronutrients Market - 2020-2027

Global Agricultural Micronutrients Market - 2020-2027

Market Overview:
Micronutrients are essential for plant growth and play an essential role in balanced crop nutrition. Lack of any of the micronutrients can limit soil growth even when all other nutrients are present in adequate amounts. Increasing incidences of soil contamination and decreasing arable land is severely hampering the production of good quality crops across the globe. To counter this, farmers across the world are turning towards sustainable farming by adopting specially formulated micronutrients to obtain high-quality products. The global agricultural micronutrients market valued USD XX million in 2019 and is estimated to reach USD XX million by 2027, growing at a CAGR of 9%

Market Dynamics: Increasing agricultural micronutrient deficiencies in soil across the globe
Agricultural micronutrients such as Boron (B), Chlorine (Cl), Copper (Cu), Iron (Fe), Manganese (Mn), Molybdenum (Mo), Nickel (Ni) and Zinc (Zn) are key elements required relatively in small quantities for crop growth. However, agricultural micronutrients directly affect crop growth and development. The deficiency of the nutrients will affect the quality and growth of crop. The deficiency of these nutrients will be varied based on the crop type and soil type. Soils with high quality of clay will mostly provide less available micronutrients, and sandy soils generally have less quantity of micronutrients. Nutrient deficiency in soils is mainly caused due to excessive use of soil and loss of nutrients due to excessive running water. Soil erosion which carry away humus and organic matter that has some agricultural micronutrients are held. Extensive use of phosphate fertilizers can weaken the availability of some agricultural micronutrients, mainly iron and zinc. Deficiency of these nutrients leads to the micronutrient malnutrition especially in children, which is a leading concern at a global level. Micronutrient malnutrition contributes to the wide range of impairments including condensed resistance to infections, learning disabilities and under development of infants and children. According to World Health Report, zinc and iron deficiencies were identified as the most common health risk factors. Micronutrients malnutrition is suspected to impart wide range of risks such as low resistance to infections, stunted growth of infants and learning disabilities. Hence, the use of micronutrients in crops through fortification and other popular methods can help restore the nutrient imbalance in plants and human alike.
Market Segmentation: Zinc is the leading micronutrient applied in farm practices
One of the first micronutrients recognized to be essential for high yields is zinc (ZN). Globally, zinc is reported to deficient in 49% of soils, making it the most prominent micronutrient deficiency in the world. Zinc is essential in protein synthesis as it acts as an activator for enzymes and for the synthesis of chlorophyll and a few carbohydrates. Zn is taken up by the plants as the divalent Zn+2 cation. Zinc fertilizers are mostly used in chelates form within the agricultural industry. Deficiency symptoms are mostly seen in growing stages since Zn is not mobile in plants. The uptake by plants decreases with the increase in pH and the presence of high levels of phosphorous in soils. Zinc also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars which enhance the global zinc consumption in crop micronutrients. All agricultural soils in Mexico are zinc-deficient, though it is widely common in regions of Queretaro, Sonora, and Sinaloa, thus indicating an increased need for zinc micronutrient fertilizers in these regions. In addition, soil deficiencies of zinc are vastly recorded in regions of Asia (Turkey, India, China and Indonesia), sub-Saharan Africa and the northwestern region of South America.
Geographical Penetration: China and India led Asia Pacific to the top of agricultural micronutrients market
Asia Pacific evolved as the largest market for agricultural micronutrients accounting for nearly XX% of the global sales revenue in 2019. The region is witnessing significant demand for zinc, copper, and boron in agricultural applications with primary use in growing rice, wheat and other food grains. China and India are major markets for micronutrients in the region coupled with large agricultural activities and need for nutrients. The large scale agricultural activities in these countries resulted in significant decline of nutrients in soil. China is the second largest market globally, next only to the United States. The increased demand for food and acreage is expected to propel the market growth of micronutrients in Asia-Pacific. The presence of a significant portion of the world’s population in the region drives the demand for a higher production volume of crops, thereby the application of micronutrients is vital to help achieve the requisite productivity yield.

Competitive Landscape: Wide range of testing services made the market competitive
The global agricultural micronutrients market is moderately consolidated with no major players accounting for a very high market share. Thus, companies are on a drive to penetrate new markets with high growth potential. Major players are involved in the R&D process to improve their product specifications, which is also a key factor for market development. Dominant players in the industry such as Haifa Group, Nutrien, Nouryon, The Mosaic Company, and Yara are relying on product development and collaboration strategies to gain the leading position in the global marketplace. For instance, in March 2020, The Mosaic Company entered into an agreement with the Application Research Centre (FTRC) at the University of Adelaide in Australia to focus on enhanced fertilizer efficiency. In June 2020, Cargill, a leading food, agriculture, and industrial products service provider, announced the development of its new Fertilizer Retail and Distribution Centre. The $30 million state-of-the-art Centre is being developed at Camrose and is expected to be the first retail site for Cargill that is located in West Canada. It will offer a four-product liquid coating capability for nutrient and micronutrient stabilizer coatings.
Company Profile: Nutrien Ltd.
Canada based Nutrien Ltd. is one of the leading providers of agricultural micronutrients in the world. The company is incorporated under the laws of Canada on June 2, 2017 pursuant to the merger of equals transaction contemplated by an agreement, dated as of September 11, 2016, between Potash Corporation of Saskatchewan Inc. and Agrium Inc. The company is offering zinc and manganese micronutrients under its NutriSync brand.

Why Purchase the Report??
• Understand the current market scenario and viability of global agricultural micronutrients over the forecast period.
• Visualize the composition of the global agricultural micronutrients market in terms of type, application, form and crop type to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer??
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Excel data sheet with valuable data points of the global agricultural micronutrients market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

Target Audience:
• Agrochemical Manufacturers
• Farming Communities
• Import and Export Companies
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals