Global Micronutrients Market is Expected to Reach USD 7.59 Billion in 2020: Transparency Market Research
Transparency
Market Research has published a new report titled "Micronutrients
(Boron, Copper, Iron, Manganese, Molybdenum, Zinc and Others) for
Fertigation, Foliar, Soil, Seed Treatment and Other Applications for
Cereals, Pulses & Oilseeds, Fruits & Vegetables and Other
Crop Types in Non-chelated and Chelated Forms - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020"
According to the report, global market for micronutrients was valued
at USD 4.37 billion in 2013 and is anticipated to reach USD 7.59
billion in 2020, expanding at a CAGR of 8.2% between 2014 and 2020.
Browse
the full Micronutrients Market Report with TOC at
The
market for micronutrients is driven by high demand for quality and
uniform yield owing to increasing population and depleting arable
land. Furthermore, the global micronutrients market is driven by
deficiency of micronutrients in soil across various regions. This
affects the yield and growth of plants. One of the major challenges
in the agricultural industry is to meet demand for food globally.
Micronutrients offer the highest potential for improvement in quality
and uniformity in the yield of crops. Depleting arable land is likely
to provide opportunities for hydroponically produced food and seed
treatment applications. However, higher prices of micronutrients and
lack of awareness regarding applications, technological know-how and
dosage of micronutrients is expected to hamper growth of the
micronutrients market. Some government and development organizations
are taking initiatives to create awareness among growers and farmers.
Zinc
was the most widely used micronutrient across various regions. It
accounted for over one third of the total volume demand in 2013.
However, molybdenum, which is required in a small quantity in crops
and plants, is estimated to be the fastest growing product segment in
the micronutrients market in the next few years. Soil is the most
applied technique for micronutrients. Foliar applications constituted
the second-largest share of 23.4% in the micronutrients market in
2013. However, other applications such as seed treatment and
hydroponics are projected to provide better opportunities for the
global micronutrients market in the near future.
Cereals
accounted for the highest demand among crop types for micronutrients
in 2013. Cereals such as wheat, rice, maize, barley and oats
constitute majority of food sources in various regions. Fruits and
vegetables are anticipated to be the fastest growing crop types for
micronutrients during the forecast period. Other types of crops such
as flowers are also likely to provide opportunity for the
micronutrients market in the next few years. Pulses and oilseeds
accounted for the second-largest demand of 29.6% for micronutrients
in 2013
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Asia
Pacific dominated the micronutrients market in 2013 and accounted for
over 50% of the market share in 2013. The region is estimated to
exhibit potential growth for the micronutrients market during the
forecast period. Asia Pacific was followed by North America, which is
projected to be the fastest growing region in the micronutrients
market during the forecast period. Demand for micronutrients is
increasing in North America due to depleting arable land and higher
demand for quality and uniform yield. Europe held the third-largest
demand for micronutrients in 2013. Rest of the World is anticipated
to witness stable demand for micronutrients between 2014 and 2020.
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The
report provides a comprehensive view of the micronutrients market in
terms of volume and revenue. Additionally, the report includes
current demand analysis and forecast for product segments,
applications, crop types and form types in North America, Europe,
Asia Pacific and Rest of the World. The report comprises the
following segments:
Micronutrients
Market - Product Segment Analysis
- Boron
- Copper
- Iron
- Manganese
- Molybdenum
- Zinc
- Others (Including chlorine, nickel, etc.)
Micronutrients
Market - Application Analysis
- Fertigation
- Foliar
- Soil
- Seed treatment
- Others (Including hydroponics, etc.)
Micronutrients
Market - Crop Type Analysis
- Cereals
- Pulses and oilseeds
- Fruits and vegetables
- Others (Including floriculture, etc.)
Micronutrients
Market - Form Type Analysis
- Non-chelated
- Chelated
Micronutrients
Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World
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