Global Micronutrient Market to grow at 5.5% to 1,236.5 KMT by 2017
Aug. 13, 2013
In 2011, Asia-Pacific was the largest market accounting for 53% of overall agriculture micronutrient market by volume. North America and Asia-Pacific together accounted for 73% of the global market volumes in 2011. North American agriculture micronutrient market is expected to show potential growth in the next five years. The deficiency in micronutrients content results in stunted growth, withering of buds, yellowing of leaves, etc. In 2011, zinc dominated the overall global agriculture micronutrient market and accounted for 35%.
Cereals, fruits, and vegetable crops are the major consumers of agriculture micronutrients. With increased population, demand for cereals has also increased substantially over the past two decades. To meet the global cereals demand, micronutrients are significantly applied to increase the crop productivity. Soil application, foliar, and fertigation are the three application modes of agriculture micronutrients. Soil application has the largest share in the global agriculture micronutrients market. Micronutrients are applied in chelated or non-chelated form. Non-chelated micronutrients form has dominated the global market with 94% usage while chelated form has only 6% share.
The key players in the agriculture micronutrient market are Wolf Trax Inc. (Canada), BASF (Germany), Yara International (Norway), Agrium Inc. (Canada), ATP Nutrition (Canada), Stoller Enterprises Inc. (U.S.), Nulex Inc. (U.S.), Wilbur-Ellis Company (U.S.), etc.
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