Global Micronutrients Market is Expected to Reach USD 7.59 Billion in 2020: Transparency Market Research

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

Boron

Copper

Iron

Manganese

Molybdenum

Zinc

Others (Including chlorine, nickel, etc.)

Fertigation

Foliar

Soil

Seed treatment

Others (Including hydroponics, etc.)

Cereals

Pulses and oilseeds

Fruits and vegetables

Others (Including floriculture, etc.)

Non-chelated

Chelated

Rest of the World

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SOURCE Transparency Market Research