Europe Micronutrient Fertilizers Market
The Europe micronutrients market value is expected to reach USD 1184.21 million by 2022, from an estimated USD XX million in 2017. Owing to high micronutrient deficiency of the soil in Europe, the market is projected to witness a CAGR of 8.37% over the forecast period. New Product launches and joint ventures are the strategies adopted by major companies in the micronutrient market. This market is highly fragmented, with the presence of a large number of small- and medium-sized companies and a few large companies.
The major factors accelerating the growth of this market are the growing demand for food and shrinking farming land, high micronutrient deficiency in the soil, and increased focus on agricultural productivity. As the natural availability of micronutrients in the soil is decreasing, it is paving the way for a higher growth of the market. Lack of awareness in the farming community about micronutrient products and micronutrient toxicity are hindering the growth of the market. Increased focus on R&D and support from the government and NGO’s would further support the micronutrient market’s growth.
The Europe micronutrient market is segmented based on the type, form, crop type and country. By type, the market is segmented into zinc, manganese, copper, boron, molybdenum, iron, and others. Of these, the zinc micronutrient has the largest market share, accounting for 30% of the market, in 2017, owing to its high deficiency in the soil. The manganese micronutrient is expected to grow at a faster rate, at XX%, during the forecast period.
By form, the micronutrient market is segmented into chelated and non-chelated. The non-chelated micronutrient occupies a major share in the European market, with 80%, owing to cost effectiveness. However, due to the increasing incidence of micronutrient deficiency in Europe, the chelated micronutrient fertilizers, with a market share of 20% will witness the fastest growth over the forecast period, with a CAGR of XX%. By function, the European market is segmented into soil, foliar, fertigation and others. Soil application has the largest market share among foliar, fertigation and other micronutrient fertilizers. Lower application rates, as compared to soil application, uniform application, and immediate response, make the foliar application the fastest-growing segment, amongst others. Owing to high growth in the irrigation systems market and precision agriculture, the fertigation segment is projected to register a CAGR of 8.37%, over the forecasted period.
The micronutrient fertilizer consumption in Europe has remained steady over the past five years. Averaged across the entire continent, the United Kingdom accounts for approximately 23% of the micronutrient fertilizers consumption, followed by Germany and France.
Major Companies in the Sector Include:
Some of the major agricultural micronutrient companies in Europe are -
Key Deliverables in the Study
Market analysis for the Europe micronutrients market, with region-specific assessments and competition analysis on a regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the Europe micronutrients market.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped.
The report holds importance for the following stakeholders -
Producers and manufacturers.
Enterprises operating in the industry.
Traders and stakeholders operating in the sector.
Investors/research institutions interested in the market.
Supply chain analysis