Micronutrients market size was estimated exceeding USD 4.5 billion in 2014 and is likely to surpass USD 8.5 billion by 2023 growing with a CAGR of more 8% from 2016 to 2023. Asia Pacific agriculture micronutrients market accounted for over 50% of the total revenue share and is likely to witness growth rates of more than 8% from 2016 to 2023.
Soil applications were the largest consumers and accounted for more than 55% of the total demand in 2014. Foliar applications were the second largest and accounted for more than 22% of the total volume in 2014. Hydroponics applications are likely witness significant gains over the forecast period.
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Growing importance for improving quality and uniformity in crop yield from agricultural industry coupled with low arable land is likely to drive chelated micronutrients market over the forecast period. Increasing evidences shows that crops grown with deficient micronutrients may not benefit human dietary levels even though there are no visual signs of deficiency in crops.
According to World Health Report, zinc and iron deficiencies were identified as the most common health risk factors. Micronutrients malnutrition is suspected to impart wide range of risks such as low resistance to infections, stunted growth of infants and learning disabilities.
Shift of consumer preference towards nutrient rich foods owing to increasing health concerns is likely to drive market. Micronutrients are required in small quantities in humans and soil which is generally lower than 100 mg per day.
Iron, boron, copper, zinc, molybdenum, chromium, cobalt and manganese are the common micronutrients, along with vitamins which are required in minute quantities in phytochemicals and organisms. Zinc micronutrients occupied more than 30% of the total volume and are likely to witness significant gains over the forecast period.
Zinc based products are used as antioxidants for maintaining proper hormone levels and for cancer prevention. Molybdenum is required in small quantities but form an essential requirement in agricultural industry. This factor is likely to witness sufficient gains for molybdenum based products over the forecast period.
Decreasing arable land particularly in emerging regions of Asia Pacific and Latin America owing to rapid urbanization is expected to pave way for hydroponics applications. This application is likely to witness sufficient gains over the forecast period. Hydroponics food production industry is expanding at a very rapid pace and these systems are being deployed to produce key vegetables & fruits at larger scale. This application is expected to benefit of high yields with improved soil and water quality which can provide improved food nutritional levels for consumption.
Based in agricultural end-use segments, the market can be divided into cereals, pulses & oilseeds, floriculture and fruits & vegetables. Cereals witnessed highest amount of micronutrient consumption in 2014 owing to growth in production of maize, wheat, barley, oats and rice. Fruits & vegetable segment are likely to witness highest gains over the forecast period as consumers prefer to shift to vegetarian diet over meat.
Farmers in emerging regions such as Asia Pacific and Latin America lack awareness about micronutrient benefits which is anticipated to limit application scope. Also, these products are associated with high price tags. These farmers find it difficult to gauge appropriate quantities to inject into the soil owing to lack of standard permissible levels. These aforementioned factors are likely to challenge industry growth.
Asia Pacific has been the major market over the past few years owing to growth witnessed in agricultural industry, which is likely to provide strong platform for micronutrients market in India & China. North America is likely to witness significant gains over the forecast period owing to depletion in arable land in Canada and the U.S.
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Europe is likely to witness an increase in micronutrients demand owing to growing awareness for nutrient diet among consumers. MEA is likely to witness steady gains over the forecast as North Africa is witnessing technological advancements in farming.
The global micronutrients market share is moderately consolidated and companies are continuously competing against each other to attain industry leadership. 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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