Global Micronutrients Market to Record CAGR of 8.0% through 2020
Deerfield Beach, FL -- (SBWIRE) -- 09/07/2017 -- Zion Market Research has published a new report titled "Micronutrients (Boron, Copper, Iron, Manganese, Molybdenum, Zinc and Others) Market by Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables and Others) for Fertigation, Foliar, Soil, Seed Treatment and Hydroponics Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020". According to report, the global micronutrient market was valued at approximately USD 4.75 billion in 2014 and is expected to reach approximately USD 7.75 billion by 2020, growing at a CAGR of slightly above 8.0% between 2015 and 2020. In terms of volume, global micronutrient market stood at 1,050.0 kilo tons in 2014.
Micronutrients play an important role in the vigorous and healthy growth of plants. Micronutrients are found in and needy by plants in relatively small amounts to regulate certain physiological activities in crops to enhance their yield and quality. Micronutrients provide the necessary cofactors for metabolism to be carried out. In agriculture, nutrients can be applied to the soil as fertilizers. There are about 20 nutrients required for plant health and better yielding. Three of them, carbon, hydrogen, and oxygen are considered part of the protoplasm and the remainders are considered to be mineral elements.
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The micronutrients market is segmented on the basis of major essential micronutrients such as boron, copper, iron, manganese, molybdenum, zinc and others. Among all micronutrients, zinc dominated micronutrient market by type, accounting for the majority of share in 2014. Other key micronutrients include boron, manganese, and iron is consumed in higher quantities and expected to exhibit the fastest growth during the forecast period. This growth can be attributed to strong demand for micronutrients due to deficiencies of micronutrients in soil.
The micronutrients market is segmented on the basis of different crop types such as cereals, pulses and oilseeds, fruits & vegetables and others. Cereal further segmented into wheat, barley, maize and oats among others. This segment accounted for very large chunk of market share in 2014. Pulses and oilseeds were another leading segment and constitute 29.0% of market share in 2014. Fruits and vegetables are another key outlet for micronutrients and expected to witness rapid growth over the forecast period.
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On the basis of application, the micronutrient market has been segmented into fertigation, foliar, soil, seed treatment and hydroponics are key application segment include in the micronutrients market. Soil segment accounted for largest share of the overall market in 2014. Foliar was a second largest market and accounted for over 23.0% of the micronutrients market in 2014. Furthermore, other applications such as seed treatment and hydroponics are expected to exhibit moderate growth in the micronutrients market over the forecast period.
Asia Pacific was the leading regional market for micro nutrient and accounted for 50.0% market share in 2014. Asia Pacific is followed by North America accounting for 19.0% of the total volume of the micronutrient market in 2014. Asia Pacific is expected to witness potential growth during 2015 to 2020. Europe, Latin America, and Middle East & Africa are also expected to experience moderate growth of micronutrient market in the years to come.
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Some of the key players include in micronutrient market Aries Agro, Arysta LifeScience, Wolf Trax, Inc., Agrium, AkzoNobel, BASF, Mosaic, Yara International, Wilbur-Ellis Company, BMS Micronutrients, Cheminova, Tradecorp International, Haifa Chemicals and BASF.
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