Micronutrient Fertilizers Market Examination and Industry Growth Till 2025 Which is Going to Change Industry Future
Seattle, WA -- (SBWIRE) -- 10/22/2019 -- Micronutrients play a significant role in ensuring balanced nutrition to the plants. The lack of any of the micronutrients may limit plant growth. Many micronutrient fertilizer products are available in the market and due to their low requirement, they are usually applied along with NPK fertilizers. Method of application, cost per unit, and other important factors influence the choice of micronutrient source.
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The increase in soil degradation due to extensive cultivation and shrinking farmland will drive the micronutrient fertilizers market. Additionally, the growing demand for the high-value crops like fruits and vegetable will further entice the demand growth for the micronutrient fertilizers market. Predominantly, limited product availability may hamper the micronutrient fertilizers market. However, increasing investment for agricultural operation in developing countries will create opportunities for micronutrient fertilizers market.
Key Market Trends:
Growing Food Demand and Shrinking Farm Land
Agricultural production across the world will need to be doubled over the next 36 years to meet the demand from 9 billion people. Certainly, technology will continue to play a major role in this progress. Increase in urbanization and lower availability of arable land are motivating farmers to adopt efficient techniques. There are broader acceptance and recognition of the collective benefits of micronutrient fertilizers. The amount of arable land per-person is declining and the population is expanding. Hence, crop-yields must increase to meet food production needs. As a result, the world is witnessing the most dramatic demand increase for micronutrient fertilizers and for agricultural production.
The global Micronutrients Fertilizers market has the following segments based on the type: Boron, Copper, Iron, Manganese, Molybdenum, Zinc, and Others.
Zinc is the most preferred fertilizer especially in the Asia-Pacific region as it improved crop yield and offers economic advantages.
Based on form, the market has two segments namely Chelated and Non-Chelated.
Micronutrient fertilizers in non chelated form are more commonly used due to their high solubility, stability and ease of application.
Based on crop types are Cereals, Oil-seeds & Pulses, Fruits & Vegetables, and others.
Cereals and Oil-seeds and Pulses hold major market share based on this classification.
Based on applications, the different segments are Soil, Foliar, Fertigation, and Others.
The Asia - Pacific micronutrient fertilizers market is the most developed and widespread in the global market. The distribution network of micronutrient fertilizers is well-established in major Asia - Pacific countries. This is further helping deepen the market of various micronutrients fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Government policies and subsidies in most Asia - Pacific countries support their expansion.
Key Players Analysis:
Key companies involved in this market include Agrium Inc., BASF, Aries Agro Ltd, Coromandel International Ltd, Gujarat State Fertilizers & Chemicals, Yara International, Akzonobel, Tradecorp International, Valagro, Chemicnova and Mosaic.
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