Micronutrients such as copper, iron, zinc, boron are considered as essential micronutrients for plants. As the deficiency of micronutrients can lead to various diseases in plants that may reduce quality and quantity of plants. Increasing preference for Genetically Modified (GM) seeds across the globe is also likely to impact the growth of the global market for agriculture micronutrients.
Increasing use of chemical fertilizer is also driving the growth of micronutrients, as it protects crops from insects, UV radiations, and also offer increased yield. The demand for zinc is growing across various regions especially in the Asia Pacific. Owing to the deficiency of zinc in soil, the productivity of agricultural crop is decreasing. Hence, increasing number of companies are focusing on providing zinc as micronutrient for agricultural crops. However, factors such as extensive irrigation facilities, mining of micronutrient reserves and increasing use of high chemical fertilizers are resulting in the global shortage of micronutrients.
Meanwhile, competition among the key players in the global agriculture micronutrients market is also increasing. The key market players are competing on the basis of pricing, technology, and quality of micronutrients. As per the report by Persistence Market Research (PMR), the global market for agriculture micronutrients is anticipated to see a significant growth during the forecast period from 2017 to 2024. The global agriculture micronutrients market is also estimated to reach US$ 13,344.2 Million revenue by 2024 end.
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Key players in the global agriculture micronutrients market include:
- ADAMA Agricultural Solutions Ltd.
- Agrium Inc.
- Akzo Nobel N.V.
- Auriga Industries A/S, BASF SE.
- Bayer Crop.
- Compass Minerals International Inc.
- E. I. DUPONT DE NEMOURS AND COMPANY.
- Land O’Lakes Inc.
- Monsanto Co.
- Nufarm Limited.
- Sumitomo Chemical Co., Ltd.
- Syngenta International AG.
- The Dow Chemical Co.
- The Mosaic Company.
- Yara International ASA.
- ATP Nutrition.
- Baicor, L.C.
- Brandt Consolidated Inc.
- Grow More Inc.
- Micnelf USA Inc.
- Nutra-Flo Company (K- Flo).
- Stoller USA, Inc.
- Verdesian Life Sciences, LLC.
- Merck KGaA.
- Sigma-Aldrich Corporation.
Agriculture Micronutrients to be Used on a Large Scale in Soil
Compared to the various application of agriculture micronutrients in seed treatment, foliar, fertigation, it is expected to find the largest application in soil. Declining nutrients in soil is resulting in the use and growing demand for micronutrients. The soil is an essential part of agriculture, hence, micronutrients are used on a large scale to provide a proper balance of nutrients for yield and normal growth.
Foliar sprays are also used on a large scale to apply micronutrients. It has also been found that the effect of applied nutrients with foliar spray is immediate. Moreover, recommended application rate has also been set for various micronutrients.
Different types of agriculture micronutrients are used for various purpose on crops, vegetables, and fruits. Iron, manganese, and copper have different effects on crop. However, zinc as agriculture micronutrient is expected to gain popularity in the coming years, owing to the increasing number of benefits offered and the rise in deficiency of zinc in soil across various regions and countries. However, the application rate of zinc differs, depending on the requirement of zinc in the soil for agriculture.
Increasing demand and consumption of cereals across the globe is driving the use of micronutrients in cereals. Tests are also being conducted to find various symptoms for deficiency of iron, copper, and zinc in cereals.
Hence, the demand for agriculture micronutrients also depends on the type of deficiency found in the crops, oilseeds, pulses, cereals, etc. Moreover, new methods of applying micronutrients are being adopted to increase the benefits of micronutrients and result in better quality of crops.
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