Published On : 13 Jul 2018
Micronutrients are a variety of nutrients critically needed in small quantities for ensuring the proper growth of plants. Even as micronutrients are needed in relatively minute quantities as compared to macronutrients such as nitrogen, calcium, potassium, and phosphorous, the deficiency of micronutrients can result in a variety of negative impacts on the growth of plant as well as an increased vulnerability to attacks from insects and increased prevalence of conditions such as necrosis, yellowing leaves, and gummosis.
Commonly, a number of micronutrients crucial for the healthy growth of plants are either not proportionately distributed or are deficient in soils across the globe. As a result supplements of necessary micronutrients are often required, making up for a promising growth opportunity for companies operating in the global agricultural micronutrients market.
Rising Demand for Improving Production from Agriculture Sector to Drive Market
The agricultural micronutrients market has received a steady fillip over the years on account of the rapid rise in population in regions with emerging economies such as Asia Pacific and Latin America, which has led to a spike in demand for food. To match supply with demand, the agriculture sector is witnessing increased focus from government bodies through encouraging regulations and policies aimed at the enhancement of production capacity as well as the quality of cash crops cultivated. These efforts are expected to work in favor of the global agricultural micronutrients market over the years.
Asia Pacific to Present Impressive Growth Opportunities
Based on the key micronutrients required in the agriculture sector, the market for agricultural micronutrients can be segmented into boron, iron, zinc, manganese, copper, and molybdenum. Of these, the demand for zinc and zinc-based supplements is presently the highest, accounting for a large chunk in the revenue pie of the overall market presently. The segment is also expected to witness expansion at a promising pace in the next few years. However, the demand for molybdenum is expected to remain the highest over the next few years.
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Geographically, the market is expected to witness steady expansion in developed regional markets but exponential growth opportunities in a number of regions with emerging economies. This will be especially true for Asia Pacific, which has witnessed a massive rise in population in emerging economies such as China and India and the demand for food crops is higher than ever. This scenario has compelled governments in the region to pay more focus on the improvement of the agriculture sector, thus driving the demand for micronutrients as well.
Foray of New Vendors Makes Vendor Landscape more Competitive
The competitive landscape of the global agricultural nutrients market has witnessed the entry of a number of new players owing to rise in encouraging regulations and policies across a number of emerging economies. This has intensified the competition but has also enabled the steady influx of new and more effective product varieties as companies put more emphasis on R&D activities to stay ahead of their peers. Some of the leading companies in the market are Dow Chemical, Akzonobel, BASF, Yara International, Land Olakes, The Mosaic Company, Nufarm, Helena Chemical Company, Agrium, Sapec S.A., Coromandel International, and Haifa Chemicals.
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