Global Agricultural Micronutrients Market 2017-2021
About Agricultural Micronutrients
Agricultural micronutrients are elements that control certain activities in crops to increase the yield and improve their quality. These agricultural micronutrients help in protecting crops from insects and infections, ensuring the proper growth of crops and good health of supply chain and consumers.
Micronutrients are essential for the maintenance of a standard quality of crops and are easy and safe to use. The demand for food, depletion of arable land, and the demand for standard quality and continuous yield of crops are the key factors that are driving the growth of the market.
Technavio’s analysts forecast the global agricultural micronutrients market to grow at a CAGR of 8.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global agricultural micronutrients market for 2017-2021. To calculate the market size, the report considers the revenue generated from the different types of crop.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Agricultural Micronutrients 2017-2021
Technavio recognizes the following companies as the key players in the global agricultural micronutrients market: Agrium, Akzo Nobel, BASF, FMC, and Yara
Other Prominent Vendors in the market are: agspec, Baicor, Coromandel, Haifa Chemicals, sapec, SINOCHEM, The Dow Chemical, The Mosaic, and Valagro.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Genetically modified crops. Crops in which the DNA has been altered using genetic engineering methods to introduce a new trait are called genetically modified crops. The process involves the appropriate use of agricultural nutrients to ensure the healthy growth and good quality of crops.”
According to the report, one of the major drivers for this market is Poor quality of soil. The agricultural micronutrients market has witnessed a steady growth because of the deficiency in the soil and depletion of agricultural lands. The quality of the soil is degrading due to various factors, such as intensive cropping, extensive use of chemical fertilizers, extensive irrigation facilities, and mining of micronutrient reserves. These factors are leading to the depletion of arable lands. Moreover, not all types of soil are suitable for agriculture and are depleted from many nutrients that are required to grow healthy crops.
Further, the report states that one of the major factors hindering the growth of this market is Seasonal fluctuations and climate changes. The change in weather conditions and the delayed seasons hinder the use of agricultural micronutrients, thereby affecting the revenue. Countries located in the tropics are extremely sensitive to seasonal fluctuations and lack adequate seasonal facilities.
Agrium, Akzo Nobel, BASF, FMC, and Yara, agspec, Baicor, Coromandel, Haifa Chemicals, sapec, SINOCHEM, The Dow Chemical, The Mosaic, and Valagro.
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