Fact.MR has announced the addition of the “Agricultural Micronutrients Market Forecast, Trend Analysis & Competition Tracking - Global Review 2018 to 2027"report to their offering.
Rockville, MD -- (SBWIRE) -- 12/21/2018 -- Influenced by a multimodal factors, agricultural micronutrients market is projected to witness a steady growth trajectory. Driven by population growth, reducing amount of arable land for agriculture has, in turn, increased the utilization of agricultural micronutrients in the past few decades. Overall growth of the agricultural micronutrients market can be attributed to,
An urgent need to meet the growing demand for food with enhanced crop yield
Dissemination of knowledge regarding the benefits of micronutrients in addressing deficiency issues and increasing agricultural output
Increasing water scarcity concerns in agricultural farming
Adoption of modern agriculture practices to address global food security concerns
With innovation in farming practices, along with conventional farming, agricultural micronutrients find application in new farming practices such as hydroponics and other unconventional methods. Other applications of micronutrients include foliar, fertigation, seed treatment and others.
Commercially, micronutrient formulations such as boron, copper, iron, manganese, molybdenum, zinc and others are available in the agricultural micronutrients market. Used in a variety of combination, micronutrients formulations are designed crop-specific for cereals, pulses, oilseeds, fruits and vegetables.
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An Upward Cereal Production Forecast to Present Lucrative Opportunities for Agricultural Micronutrients Market
According to FAO, by the close seasons in 2018, global cereal production will reach about 2,611 million tonnes. In addition, global stocks are also expected to register an all-time high value this year. In particular, as per new estimates, wheat and harvest are likely to register improved production.
As micronutrient deficiency causes significant loss to the crop yield, micronutrients are highly consumed in the farming of cereals production. Although required in minute concentrations, inadequacy of any of micronutrient can hamper crop quality and reduced crop yield.
Zinc deficiency is one of the widely identified micronutrient problems in cereal crops. While boron deficiency is the second most ubiquitous micronutrient problem, different regions find micronutrient deficiencies such as iron, copper, manganese and molybdenum.
Hydroponics and Vertical Farming: A New Revenue Stream for Agricultural Micronutrients Market
Growing concerns regarding global food security led by deforestation, climate change and water scarcity have resulted in the development of modern agricultural practices that have fundamentally transformed the traditional approaches of the industry.
In a bid to optimize the use of natural resources, the combination of hydroponics and vertical farming is highly embraced by agriculture practitioners. Hydroponics is finding increasing application in commercial greenhouses that cultivate vegetables and fruit crops. As vertical forming is carried out in a soil-free medium and in nutrient solutions, it has generated a new revenue stream for agricultural micronutrient manufacturers.
In particular, the soilless farming technique takes advantage of chelating agents that enhance solubility and absorption of micronutrients. With this, the need for chelated micronutrients is likely to witness an increased adoption in the coming years.
Hydroponics has the potential in making the poor soil suitable for farming, in turn, providing a boost for the food production amid declining arable land area. The lucrative market for hydroponics driven by trends such as profit farming, increased consumption of exotic crops and growing culture of urban agriculture are likely to boost adoption levels of micronutrients in the future.
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Agricultural Micronutrients Market: Competition Landscape
Key players in the agricultural micronutrients market include BASF SE, Agrium Inc, Wolf Trax Inc., Coromandel International Ltd., Yara International and The Mosaic Company. Well aware of the evolving supply-demand scenario, market leaders are actively leveraging expansion and collaboration strategies to increase market revenues.
For instance, Nutrien a subsidiary of Agrium and PotashCorp announced the completion of these two giants' merger in January 2018 and official launch of Nutrien. The company hosts one of the largest crop nutrient portfolio and extensive global retail distribution network.
On 1st August 2018, BASF announced the closure of the acquisition of Bayer's businesses and assets. The acquisition is aimed at strengthening BASF's crop protection, biotech and digital farming activities.
In November 2017, Akzo Nobel Specialty Chemicals business announced the expansion of its chelated micronutrient production capacity at its Kvarntorp plant in Sweden with the investment of over 10 million euro. The expansion is primarily aimed at increasing capacity for high performance iron chelates of which Akzo Nobel is a market leader.
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