According to this report analysis, agriculture micronutrients are gaining popularity globally for obtaining better yield output. Increasing need for effective fertilizers due to poor soil quality and high demand for quality and uniform yield in view of the increasing population across the globe are factors anticipated to drive the growth of the agriculture micronutrients market over the forecast period. Demand for agriculture micronutrients across the globe is growing steadily and can be attributed to the various benefits associated with them.The major benefits that they offer include the fact that they help to improve a quality of soil used for agriculture and to increase the production of bio-fuel crops. Growing contribution of agriculture in GDP is further fueling the growth of the agriculture micronutrients market currently.
One of the major restraints for a growth of the agriculture micronutrients market is the lack of awareness among farmers in developing countries regarding appropriate dosage and proper application of micronutrients, thereby limiting its demand. This factor is anticipated to restrain the growth of the agriculture micronutrients market over the forecast period.
In terms of volume, the Asia Pacific agriculture micronutrients market dominated the overall market in 2015, and it is expected to continue to dominate the market over the forecast period between 2016 and 2024 as well, as compared to other regions. In terms of value, the Asia Pacific agriculture micronutrients market is anticipated to expand at a CAGR of 9.0% during 2016 to 2024.
The price of agriculture micronutrients is forecast on the basis of the historic price trend and several other factors, including production, demand, import & export, and end-stock of agriculture micronutrients.
Key players in the global agriculture micronutrients market include ADAMA Agricultural Solutions Ltd., Agrium Inc., Akzo Nobel N.V., Auriga Industries A/S, BASF SE, Bayer Crop, Compass Minerals International Inc., E. I. DUPONT DE NEMOURS AND COMPANY, Land O’Lakes Inc. Monsanto Co., Nufarm Limited, Sumitomo Chemical Co., Ltd., Syngenta International AG, The Dow Chemical Co., The Mosaic Company, Yara International ASA, ATP Nutrition, Baicor, L.C., Brandt Consolidated Inc., Grow More Inc., Kay-Flo, Micnelf USA Inc., Nutra-Flo Company (K- Flo), Stoller USA, Inc., Verdesian Life Sciences, LLC, Merck KGaA, and Sigma-Aldrich Corporation.
The global agriculture micronutrients market is segmented as follows:
- By product type
- By application
- By crop type
- By region
On the basis of product type, the market is segmented into:
The zinc product type segment accounted for the highest revenue share of 38.1% of the overall agriculture micronutrients market in 2015 in terms of revenue, followed by the boron product type segment.
The segment that follows analyzes the market on the basis of application and presents the market size in terms of value and volume for the forecast period.
On the basis of the application, the market is segmented into:
- Seed treatment
The soil segment is expected to expand at the highest CAGR of 8.6% in terms of value during the forecast period. In terms of market share, the soil segment accounted for 47.6% revenue share of the overall market in 2015 and is expected to dominate the overall market during the forecast years.
The segment that follows analyzes the market on the basis of crop type and presents the market size in terms of value and volume for the forecast period.
On the basis of the crop type, the market is segmented into:
- Pulses and oilseeds
- Fruits and vegetables
The cereals segment is expected to expand at the highest CAGR of 8.5% in terms of value during the forecast period. In terms of market share, the cereals segment accounted for 34.5% revenue share of the overall market in 2015 and is expected to dominate the overall market during the forecast years.
The section that follows analyzes the market on the basis of region and presents the market size in terms of value and volume over the forecast period.
Regions covered in the report are as follows:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa