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The global micronutrient fertilizers market was estimated at USD 4169 million in 2017, and is expected to exhibit a CAGR of 8.2% during the forecast period 2018 2023. Grains and cereal crops account for the most of the demand globally. With respect to the forms of the micronutrients, nonchelated forms are more common, as these are more stable, and easily soluble.
Increasing Micronutrient Deficiency in Soil Driving Demand
The global micronutrient fertilizer market is growing at an encouraging rate given the increasing occurrence of soil and micronutrient depletions across the regions. As the natural availability of micronutrients is declining, it is paving the way for greater market growth of micronutrient based fertilizers. The issue of food security along with shrinking farm lands further necessitate the usage and application of micronutrient fertilizers in fields. Low acceptance and lack of product knowledge among the farming community are the major hindrance in further growth in demand. Product and application innovation pertaining to region specific needs and growing awareness for upgraded agricultural practices involving environment friendly intensive farming would help the industry to penetrate further into developing regions.
Growing Food Demand and Shrinking Farm Land Leveraging the Market
The growing population, and the increase in the disposable income of the population in developing countries has increased the consumption of agricultural products, leading to an increase in the demand for agricultural micronutrients, like zinc, and manganese, to meet the increasing demand for food.
However, fruits vegetables are expected to register the fastest growth in demand for micronutrients, during the forecast period, exhibiting a CAGR of 8.6%. Oil seeds, and pulses held the third position, in terms of market revenue in 2017. Other crop types such as decorative plants and flowers are also likely to offer opportunities for micronutrient manufacturers, as stated in the report. By geography, AsiaPacific led the market in 2017, and held over 42% of the market. North America followed AsiaPacific for the demand for micronutrients, but is expected to exhibit the fastest growth in the coming years.
Different Agencies Encouraging Micronutrient Use
Many national and international public health organizations, like UNICEF, and FAO, recommend achieving nutrient adequacy through consumption of a wide variety of nutritious foods, eventually, which is driving the demand of the micronutrient fertilizers throughout the world. The concerned international organizations, and NGOs are providing assistance in combating all aspects of micronutrient deficiency problems, through monitoring and surveillance, research and production, and consumption of micronutrient rich foods.
Key Developments in the Market
With the growing demand from the burgeoning population, the global micronutrient fertilizers market is experiencing a number of new product launches, mergers acquisitions, and partnership between the global players.
January 2018: Yara International, a Norwegian chemical company announced the completion of its acquisition of TATA Chemicals Ltd.'s 1.2 million metric ton per annum production capacity urea plant, located at Babrala, in Uttar Pradesh.
November 2017: Verdesian Life Sciences introduced 3 MicroSync Specialty Granular Micronutrient products. The formulations, free flowing, low dust, and uniform, are designed to be blended with NPK granular fertilizers, and are formulated for broad care crops.
Key Players: THE MOSAIC COMPANY, FMC CORPORATION, AKZONOBEL N.V., YARA INTERNATIONAL, BASF SE, AGRIUM INC., VALAGRO SPA, COROMANDEL INTERNATIONAL LIMITED, WOLF TRAX, SAPEC GROUP, AURIGA GROUP, ATP NUTRITION LTD., WILBURELLIS COMPANY US, THE ANDERSONS PLANT NUTRITION NULEX INC., STOLLER ENTERPRISES INC., ZUARI AGRO CHEMICALS LTD., BMS MICRONUTRIENTS NV, BAICOR L.C., ARYSTA LIFESCIENCE CORPORATION, ARIES AGRO LTD., DREXEL CHEMICAL, OLD BRIDGE CHEMICALS INC.
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Global, regional and countrylevel analysis, along with forecasts of the studied market.
Study of the effect of exogenous endogenous factors, viz. demographic, economics, and political factors, among others, which affect the global market.
Porter's five forces framework incorporating the factors influencing each force to determine the intensity of competition.
Segment and subsegment level analysis of the market over the review and forecast period.
Identification of key factors instrumental in changing the market scenario, exploiting new opportunities and gaining a competitive edge.
SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
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Original Article: Global Micronutrient Fertilizers Market Segmented by Product Type, Form, Application, and Geography Growth, Trends, and Forecast 2018 2023 [Report Updated: 08022018] Prices from USD $1923NEXT ARTICLE
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