The Asia Pacific is a noteworthy provincial market and is portrayed by developing agriculture industry especially in China and India. Growth in interest for high-quality food and rise in awareness and acceptance of micronutrients by farmers in the emerging economies like India and China in the Asia Pacific are some of the major factors driving the Micronutrients Market in this region. Depletion of arable land in the U.S. and Canada are relied upon to be driving components for the North American market over the estimated time frame. Owing to the gradual eradication of arable land and consequent rise food demand, micronutrients are relied upon to enlist popularity in this region. Expanding vegan lover populace in Europe combined with high awareness in regards to supplement rich diet among consumers is relied upon to drive the regional market development over the estimated time frame. The Middle East & Africa is anticipated to observe stable demand in the forthcoming years attributable to expanding agricultural yield and evolving farming technologies in Northern Africa.
Micronutrients Market Outlook:
The major micronutrients include boron (B), copper (Cu), iron (Fe), manganese (Mn), molybdenum (Mo), zinc (Zn), nickel (Ni) and chloride (Cl). Boron is one of the important micronutrients affecting membrane stability. Copper activates enzymes and catalyzes reactions in many plant growth processes. The presence of copper is closely linked to Vitamin A production and it helps in ensuring successful protein synthesis. Iron is essential for crop growth and food production. Iron mainly associated with energy transfer, nitrogen reduction & fixation and lignin formation. Manganese activates several important metabolic reactions and plays a direct role in photosynthesis. It accelerates germination and maturity. Molybdenum is vital for the process of symbiotic nitrogen (N) fixation by Rhizobia bacteria in legume root modules. Zinc is useful in producing a high yield in plants. Nickel is a component of the urease enzyme. Urea conversion in plants is impossible without Nickel.
Micronutrients Market report comprises of pricing analysis for different types of Micronutrients. The price is expected to range from $2500 to $10,000 per one metric ton of micronutrients.
Micronutrients Market Growth Drivers: Micronutrients deficiency results in the withering of buds in crops, yellowing of leaves, health hazards and eventually declining in crop productivity. Global Micronutrients Market is expected to grow over the forecast period due to one of the main drivers like increasing demand from the agriculture industry as they significantly improve uniformity and quality in crop yield.
Micronutrients Market Challenges: One of the major challenges in the global Micronutrients Market is an unawareness of the advantages of micronutrients in the crop production in farmers. Farmers in major developing countries are nowadays learning the usage and advantages of fertilizers and micronutrients in agriculture.
Micronutrients Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Micronutrients market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Micronutrients market and their specific applications in different types of vehicles.
Micronutrients Market Report: Industry Coverage
Types of Micronutrients: Boron (B), Chlorine (Cl), Copper (Cu), Iron (Fe), Manganese (Mn), Molybdenum (Mo), and Zinc (Zn)
Micronutrients by Form: Chelated (Ethylenediaminetetraacetic acid (EDTA), Hydroxyethylethylenediaminetriacetic acid (HEDTA), Ethylenediamine Di-2-hydroxyphenyl acetate (EDDHA), Diethylenetriamine pentaacetic acid (DTPA)), Non- Chelated
Mode of Application of Micronutrients: Foliar Sprays, Soil Application, Fertigation, Seed Treatment and Others
Micronutrients by Crop Type: Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables, Others
Micronutrients market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
The Middle East and Africa: Israel, South Africa, Saudi Arabia
Micronutrients Market Key Players Perspective:
On expansion of value chain of chelating agents in Ludwigshafen, Germany and Theodore, Alabama, USA, Sören Hildebrandt, Senior Vice President, at BASF said, “With this commitment, we support the growth of our customers and further consolidate our position as one of the leading suppliers of chelating agents in Europe. In addition, the further development of our product portfolio helps to meet the rising demand for sustainable and efficient concepts for our customers.”
Some of the key players mentioned in this report are Agrium, Dow Chemical, Land O’Lakes, Akzo Nobel, Yara International, BASF, Bayer CropScience, Helena Chemical Company and The Mosaic Company among others. Government bodies & regulatory associations such as the Food and Drug Administration (FDA), Food Safety Australia and New Zealand (FSANZ) and Food and Agriculture Organization (FAO).
Micronutrients Market Trends:
Researchers from Agriculture and Agri-Food Canada (AAFC), Eastern Cereal and Oilseed Research Center, Canada have developed new Nanotechnologies for increasing the crop use efficiency of fertilizer micronutrients. Micronutrients added in microcapsules, nanocapsules, nanomaterials (NM) and nanoparticles (NP) are taken up and translocated within plants when grown to maturity which will increase crop yield and micronutrients concentration in plants. The success in the use of nanomaterials in drug delivery and food sector indicate promising possibilities for the application of nanobiotechnology in fertilizer micronutrients.
In University of Naples Federico II, Portici, Italy, a research has been done on Biostimulants, an innovative tool for enhancing plant nutrition in organic farming. Several studies have documented the benefits of plant biostimulants on growth, crop productivity, quality and tolerance to chemical soil stresses in conventional farming. As there is no data related to organic farming, more researches are going on to elucidate the mode of action of plant biostimulants in organic farming.
January 8, 2018: The Mosaic Company, one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients has successfully completed the acquisition of Vale Fertilizantes, a Brazilian fertilizer company $2.5 billion. With this acquisition, an additional 4.5 million tonnes of phosphate fertilizer production is increased and pushing Mosaic’s global phosphate fertilizer production capacity to 16.8 million tonnes.
January 2, 2018: Nutrien Ltd., one of the industries with largest crop nutrient production portfolio has successfully announced the merger of equals between Agrium Inc. and Potash Corporation of Saskatchewan Inc. thereby creating the world’s premier provider of crop inputs and services.
November 6, 2017: Yara International, a leading producer dealing in fertilizers, animal nutrition, and other industrial chemicals, has successfully completed the acquisition of Agronomic Technology Corp (ATC), which operates Adapt-N, a leading nitrogen production platform in the US which will improve improves farmer profitability and agricultural sustainability.
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