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(Medical-NewsWire.com, December 23, 2019 ) Market Overview
Soil fertility and presence of nutrients are important factors to facilitate growth of plants.
However, presence of micronutrients in soil is now declining at a faster pace and hence paves way for artificially adding them to the soil.
This is where the market for micronutrient fertilizers has a great opportunity to grow.
Global Micronutrient Fertilizers market is expected to grow at a CAGR of 8.25 % during the forecasting period (2019-2026).
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Drivers and Restraints
Several factors such as micronutrient deficiency, shrinking farmland (reduce in portion of agricultural land) and focus on agricultural productivity drive the markets growth.
Growing population and their incomes is leading to more agricultural consumption prompting more production.
This drives the need for high productivity which again is an advantage for Micronutrient Fertilizers market.
However, factors such as lack of awareness, diagnosis issues, and micronutrient toxicity nullify the positive effect of the growth factors to some extent.
Lack of acceptance and knowledge of developed products from people in the agricultural sector is also a restraint.
Market Segmentation
The global Micronutrients Fertilizers market has the following segments based on the type: Boron, Copper, Iron, Manganese, Molybdenum, Zinc, and Others.
Zinc is the most preferred fertilizer especially in the Asia-Pacific region as it improved crop yield and offers economic advantages.
Based on form, the market has two segments namely Chelated and Non-Chelated.
Micronutrient fertilizers in non-chelated form are more commonly used due to their high solubility, stability and ease of application.
Based on crop types are Cereals, Oil-seeds & Pulses, Fruits & Vegetables, and others.
Cereals and Oil-seeds and Pulses hold major market share based on this classification.
Based on applications, the different segments are Soil, Foliar, Fertigation, and Others.
This report segments the geographies by region, which include North America, South America, Europe, Asia Pacific and RoW.
Asia-Pacific dominated the market in 2017 followed by North America.
India in the Asia-Pacific region is the fastest growing market thanks to awareness of the benefits of micronutrients and fertilizers in farmers.
Also, due to huge agricultural production (India is one of the largest agricultural production markets), the demand for fertilizers is always high.
However, in the following years, North America is also estimated to have a high growth rate.
By function, the global market for micronutrient fertilizers has the following segments based on function: soil, foliar, fertigation and others.
Soil application has the largest market share.
Micronutrients are accordingly applied for enhanced plant growth after deciding on the nutrient levels in the soil.
It is the most economical way of application of nutrients.
Foliar feeding involves the spraying of micronutrients on the crop, which will thereby translocate in the plant.
The fertigation of micronutrients occupies a small market share, but it is the fastest growing segment in the forecast period.
Innovation and development in agricultural farming technologies are the main reasons behind this growth.
The Foliar Segment of the Micronutrient Fertilizers Market
The market valuation for foliar sprays was USD XX million in the year 2016.
The expected valuation of the market is USD XX million by 2026. The expected CAGR is 8.37 in the forecast period.
Application of micronutrients to the crops is done using foliar sprays in majority of cases.
Iron and manganese are the most frequently sprayed minerals using foliar sprays for various crops.
Due to lower cost and increased solubility of inorganic salts, farmers use them more often as foliar sprays when compared to synthetic chelates.
Any suspected deficiency of micronutrients can be diagnosed with this mode of application with one or more micronutrients.
Experts usually suggest Sticker spreader agents to improve the adherence of micronutrients.
Advantages and disadvantages of Foliar sprays
There are many advantages of foliar sprays such as lower application rates compared to soil application, uniform application, and immediate response.
However, some disadvantages limit the market growth of foliar spray applications. They are
Leaf burn due to high salt concentration,
Inability to meet high nutrient demand due to the small surface area of leaf and
Higher application costs.
Bill and Melinda Gates Foundation funded a research conducted in Harvest Plus Program.
It concluded that foliar application of Zn resulted in an increase in Zn concentration in wheat by almost 85% to 100%.
The market launched the findings of Harvest Zinc in 2008. It is now in its third phase.
Researchers are testing the newly developed zinc- and iodine-containing fertilizers in China, India, Thailand, Pakistan, South Africa and Brazil. They are testing the products on wheat, rice, and corn.
Key Highlights of the report
The report covers factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
It profiles major companies in Micronutrient Fertilizers market. Some of them are: Agrium Inc., AkzoNobel N.V., Auriga Industries A/S, BASF SE, Coromandel International Ltd., Haifa Chemicals Ltd., Sapec SA, The Mosaic Company, Valagro, Yara International ASA, Nufarm, Land Olakes, BMS Micro-Nutrients N.V., ATP Nutrition and Wilbur-Ellis Corporate.
These companies take part in various mergers, acquisitions and invest in continuous research and product development to sustain and enhance their position in the market.
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