Global Agricultural Micronutrients Market is expected to reach USD 8.05 Billion by 2021 owing to increasing demand for standard quality and continuous yield
Hyderabad, India -- (SBWIRE) -- 01/22/2018 -- The report "Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, Iron, cobalt and Others), Mode of Application (Soil, Fertigation, Seed treatment, Foliar and Others), Form (Chelated (EDTA, DTPA, EDDHA, IDHA, HBED), Non-Chelated), Crop Type (Fruits and Vegetables, Cereals, Pulses and oilseeds and others) - Forecast to 2021", The Agricultural Micronutrients market is expected to reach USD 8.05 Billion by 2021 from an estimated USD 5.486 Billion in 2016, at a CAGR of 8.2%. The key factors such as rising demand for food and increasing demand for standard quality and continuous yield because of growing population, depleting arable land, are driving the growth of the global market.
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By type, the zinc segment accounted for the largest share of the market in 2016
On the basis of type, the Agricultural Micronutrients market has been segmented into Zinc, Boron, Copper, Manganese, Molybdenum, Iron, cobalt and others. The zinc segment accounts for the highest share as it is the most necessary micronutrient.
By mode of application, the soil segment accounted for the largest share of the market in 2016
On the basis of mode of application, the Agricultural Micronutrients market has been segmented into Soil, Fertigation, seed treatment, Foliar and Others. Soil segment holds the largest market share as the major application of micronutrients is in this segment in bulk. Based on Form, Market is segmented into Chelated and Non-Chelated Agricultural Micronutrients. Chelated agricultural micronutrients are further segmented into Ethylenediaminetetraacetic Acid (EDTA), Diethylene Triamine Pentaacetic Acid (DTPA), Ethylene diamine Di-2-Hydroxyphenyl Acetate (EDDHA), D,L-Aspartic Acid N-(1,2-Dicarboxyethyl) Tetrasodium Salt (IDHA), Hydroxybenzyl Ethylenediamine Diacetic Acid(HBED)
Based on crop type, the market is segmented into Fruits and Vegetables, Cereals, Pulses and oilseeds and others. Cereals hold the largest market share primarily due to growing demand.
North America dominated the market in 2016
North America accounted for the largest share of the Agricultural Micronutrients market in 2016, followed by Europe. The large share of the Agricultural Micronutrients market in North America can be attributed to the rising awareness and adaptation of the application of micronutrients. Europe holds the second major market for Agricultural Micronutrients. Asia pacific is estimated to represent strong potential market growth in the Agricultural Micronutrients market due to fast technological advancements and adaptation by farmers.
The various players in the Agricultural Micronutrients market include BASF SE, Mosaic and Cheminova, Agrium Inc., Aries Agro Ltd., Coromandel International Ltd., Yara International, Valagro, Gujarat State Fertilizers & Chemicals, Tradecorp International, AkzoNobel.
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