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Transparency Market Research: Global Micronutrients Market is Expected to Reach $7.59 Billion in 2020
Jul. 24, 2014
According to a report by Transparency Market Research, global market for micronutrients was valued at USD 4.37 billion in 2013, and is anticipated to reach USD 7.59 billion in 2020, expanding at a CAGR of 8.2% between 2014 and 2020.
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
Asia Pacific dominated the micronutrients market in 2013 and accounted for over 50% of the market share in 2013. The region is estimated to exhibit potential growth for the micronutrients market during the forecast period. Asia Pacific was followed by North America, which is projected to be the fastest growing region in the micronutrients market during the forecast period. Demand for micronutrients is increasing in North America due to depleting arable land and higher demand for quality and uniform yield. Europeheld the third-largest demand for micronutrients in 2013. Rest of the World is anticipated to witness stable demand for micronutrients between 2014 and 2020.
Companies such as Agrium Inc., BASF SE, Coromandel International Ltd., The Mosaic Company, Wolf Trax Inc., and Yara International are the major manufacturers in the micronutrients market.
Source: Transparency Market Research
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