March 20, 2014
 

Global agriculture micronutrient market may rise 6% in four years
 

The world's agriculture micronutrient market is estimated to rise at a compounded annual growth rate (CAGR) of 6% from 2013-18, reaching 1.36 million tonnes by 2018.

This is according to findings in the report "Micronutrient Market by Type, Form, Application Mode, Crop Type & Geography - Global Trends and Forecast to 2018" by Research and Markets.

Agriculture micronutrients are vital plant nutrients required in trace amounts. Micronutrients enhance the quality and productivity of the crops. Application of micronutrients has an added advantage worldwide as the farmers obtain visible and rapid improvement in the quality and productivity of crops.

Increased land degradation, shrinkage in arable land, and intensive agriculture practices have driven the global market. The global agriculture micronutrient manufacturers have focused on research and development in order to produce new formulations and innovative application modes for the delivery of micronutrients. The main micronutrients for crops are zinc, copper, boron, iron, manganese, and molybdenum.

Asia-Pacific (APAC) was the largest market for agriculture micronutrient accounting for 53% of the total agriculture micronutrients value. Countries such as US, 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 Rest of the World (ROW) agriculture micronutrient market and are anticipated to be competent markets for agriculture micronutrients in the coming years. Consumption of agriculture micronutrient in US 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.