Global Micronutrient Market to grow at 5.5% to 1,236.5 KMT by 2017

The report “Global Micronutrient Market”shows that the agriculture micronutrients market is estimated to grow at a CAGR of 5.5% from 2012 to 2017, reaching 1,236.5 KMT by 2017.Agriculture micronutrients are essential plant nutrients required in trace amounts. Micronutrients enhance the overall quality and productivity of crops. Increased land degradation, shrinkage in arable land, and intensive agriculture practices have driven the demand for global agriculture micronutrients. The main micronutrients for crops are zinc, copper, boron, iron, manganese, and molybdenum. Application of micronutrients has an added advantage worldwide as the farmers obtain visible and rapid improvement in the quality and productivity of crops. Global agriculture micronutrient manufacturers are focusing on extensive research and development activities in order to produce new formulations and innovative application modes for micronutrient delivery.

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.