Micronutrient market to grow at 6% to 1,335.4 thousand MT by 2018

The report” Micronutrient Market” shows that the agriculture micronutrient market is estimated to grow at a CAGR of 6% from 2013 to 2018, reaching 1,335.4 thousand MT by 2018.

APAC was the largest market for agriculture micronutrient accounting for 53% of the total agriculture micronutrients value. Countries such as U.S., Brazil, China, and Poland are the major consumers of agriculture micronutrients. North America is the second-largest market for agriculture micronutrient which is estimated to grow progressively in the next five years. In the European region, Western European countries are anticipated to show potential growth in terms of consumption and value by 2018. In 2012, Brazil and Argentina led the ROW agriculture micronutrient market and are anticipated to be competent markets for agriculture micronutrients in the coming years. Consumption of agriculture micronutrient in U.S. and Canada is anticipated to increase in the near future.

The most widely used form of micronutrient is the inorganic form which includes oxides and carbonates, and metallic salts such as sulfates, chlorides, and nitrates. Chelated and non-chelated are the forms of micronutrients that are sold worldwide. Non-chelated micronutrients are available in three forms, namely, metal salts, inorganic, and organic. Soil (direct), foliar, and fertigation are the major modes of application. The application methods change according to the crop type. Soil (direct) application of micronutrients was used predominantly in 2012.

Zinc has the largest consumption volume accounting for 36% of the total market volume. Zinc, boron, and manganese are reported as the most deficient micronutrients across the world. Major zinc deficiency has been reported in the Asia-Pacific region.

Boron deficiency is projected to be the next biggest deficiency worldwide. Iron and manganese markets have the capability to nearly counterpart the value market of zinc in the coming five years.

The key players in the agriculture micronutrient market are BASF SE, Yara International (Norway), Agrium Inc. (Canada), Haifa (Israel), Tradecorp (Spain), etc.