The market for agricultural micronutrients in Latin America is expected to witness high growth during the forecast period. As such, the manufacturers of agricultural micronutrients are focusing on research & development activities to produce new formulations of agricultural micronutrients, along with the development of innovative application methods for efficient delivery of agricultural micronutrients. Increased deficiency of micronutrients in soil and shrinking of agricultural land in Latin America are the factors leading towards adoption of new methods of agriculture by farmers to increase their crop yields so as to meet the growing demand for nutritional food. Growing awareness among farmers about benefits of agricultural micronutrients is also one of the major reasons for the increasing demand for agricultural micronutrients.
The crop types include fruits & vegetables, cereals, oilseeds & pulses, and others. Molybdenum dominates the type segment of Latin America agricultural micronutrients market. Soil application mode is a key application mode along with fertigation and others. Brazil, Argentina, and Colombia are the three largest markets for agricultural micronutrients in Latin America. In 2014, Brazil recorded the highest consumption of agricultural micronutrients in the Latin American region, due to economic development taking place in the country. It is expected that Brazil will continue to showcase immense potential for usage of agricultural micronutrients in coming years as well.
This market research study provides a detailed qualitative and quantitative analysis of the Latin America agricultural micronutrients market. Various secondary sources, such as encyclopedia, directories, industry journals, and databases are used to identify and collect information useful for this extensive commercial study of the agricultural micronutrients market. The primary sources include experts from related industries and suppliers who have been interviewed to obtain and verify critical information as well as to assess the future prospects of the market.
Competitive scenarios of the players in the Latin America agricultural micronutrients market have been discussed in detail. Key players of this industry with their recent developments and other strategic industry activities are also covered in the report. BASF SE (Germany), AkzoNobel N.V. (Netherlands), Yara International ASA (Norway), and The Mosaic Company (U.S.) are some of the important players of this market.