In a recent research report from Transparency Market Research (TMR),
the global micronutrients market is estimated to reach US$7.59
billion in 2020. TMR states that the market, with a valuation of
US$4.37 billion in 2013 is expected to expand at a CAGR of 8.2% from
2014 to 2020. The report, titled “Micronutrients Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 -
2020”, is available for sale on the company website.The report
states that high demand for uniform and standard-quality crop yield
for an increasing global population and depleting cultivable land are
the major factors driving the micronutrients market. Meeting the
surging demand for high crop yield to fulfill the rising need for
food globally is one of the major challenges of the agricultural
industry. To overcome such challenges and to replenish micronutrient
content in arable land, micronutrient supplements are added to the
soil to alleviate soil deficiencies and enhance crop quality.
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Soil across various regions can be deficient in a variety of
micronutrients such as zinc, iron, and boron, among others, which is
driving demand for micronutrients for agriculture. However, high
prices of micronutrient supplements and lack of technical know-how
regarding dosage and application of micronutrients will slow adoption
and hence hamper the micronutrients market. “Training programs led
by governments and agricultural agencies for the utilization of
micronutrients and increasing demand for hydroponically produced food
will offer opportunities for growth of the micronutrients market in
the coming years,” said a lead TMR analyst.
By product, zinc accounted as the most widely used micronutrient,
accounting for over one third of the total demand from the
micronutrients market in 2013. However, molybdenum, which is needed
in small quantities in crop and plants, will exhibit the fastest
growth in the micronutrients market for the forecast period.
According to the report, soil was registered as the most widely used
technique for micronutrients.
However, foliar applications constituted the second largest share, of
23.4% of the overall market in 2013. However, other applications such
as hydroponics and seed treatment are estimated to offer better
prospects for the global micronutrients market in coming years.In the
crop type segmentation, cereals accounted for the highest demand for
micronutrients in 2013, according to the report. This is because
cereals such as wheat, maize, oats, rice, and barley are staple foods
for a majority of regions in the world.
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However, fruits and vegetables are expected to register the fastest
growth in demand for micronutrients during the forecast period.
Pulses and oilseeds held the second largest demand for
micronutrients, which was 29.6% of the total market in 2013. Other
crop types such as decorative plants and flowers are also likely to
offer opportunities for micronutrient manufacturers, as stated in the
report. By geography, Asia Pacific led the market in 2013 and held
over 50% of the market. North America follows Asia Pacific for the
demand for micronutrients, but is expected to exhibit the fastest
growth in the coming years.
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.)
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