Agricultural micronutrients market projected to reach USD 8.81 billion by 2022
Date:10-05-2017
The agricultural micronutrients market has grown rapidly in the last few years and is estimated to reach USD 5.83 billionby 2017. It is projected to reach USD 8.81 billion by 2022 at a CAGR of 8.60% from 2017, in terms of value.
The agricultural micronutrients market is driven by increased awareness among growers about the benefits of micronutrients, shrinkage of agricultural land, and effectiveness of micronutrients for crop yield and productivity. The lack of awareness among farmers and critical application doses of micronutrients are the restraining factors for the agricultural micronutrients market.
In 2016, the zinc segment accounted for the largest share of the agricultural micronutrients market in terms of value. Zinc plays an important role in the growth of plants as it regulates auxin, a vital growth hormone in pollen formation. It also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars which enhance the global zinc consumption in agricultural micronutrients.
The North American region is estimated to account for the second-largest market share in 2017, in terms of value. The demand for micronutrients is expected to increase in the future with the shrinking arable land in North America.
North America is a key market for agricultural micronutrient manufacturers. The use of micronutrients depends on a number of factors such as soil type, crop system, local environmental conditions, and economic factors. The major companies operating in North America include Helena Chemical Company (US), The Mosaic Company (US), Agrium (Canada), and The Andersons, Inc. (US).
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