Agricultural Micronutrients Market Survey and In-depth Analysis on Industry Growth Factors, Trends, and Forecasts

CITY, Country, 2019-Jul-24 — /EPR Network/ —The global agricultural micronutrients market is expected to value $9,009.2 million in 2023. The growth of the market is being driven by the increasing global population, which is raising the demand for grains and cereals. This, in turn, is boosting the demand and market for micronutrients that aid in the proper growth of crops. In 2017, APAC led the agricultural micronutrients market globally, with over 45.0% revenue share. The growing demand for non-processed and processed food is driving the sale of micronutrients for the growth of different kinds of crops in the region.

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On the basis of form factor, the agricultural micronutrients market is categorized into DTPA, EDTA, HBED, EDDHA, and non-chelated micronutrients. Among these, non-chelated micronutrients accounted for over 70.0% market share in terms of sales volume in 2017. The dominance of non-chelated micronutrients can be attributed to their cost-effectiveness as compared to chelated micronutrients, which continues to drive their demand across the globe.

The growing practice of contract farming has been identified as a major growth opportunity for the players in the agricultural micronutrients market. The population is expected to grow considerably in developing countries, such as India, China, and Brazil, which, in turn, will increase the pressure on scarce farmlands. This will subsequently increase the pressure on farmers to maximize crop production. To deal with such issues, contract farming has been one of the initiatives launched and supported by the Government of India. The agreement requires produce buyers to extend production support (in the form of raw materials or technical expertise) to the farmers.

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The agricultural micronutrients market is characterized by the presence of a large number of multinational corporations. Further, the majority of key players operating in the market are active in over three countries. In 2017, the market was dominated by Akzo Nobel N.V., Yara International ASA, FMC Corporation, Sinochem Group, BASF SE, and SAPEC SA. These companies offer a plethora of agricultural micronutrient products in the market. Moreover, many of these players have a strong distribution network to offer products in several countries around the world.

Some of the other major players in the global agricultural micronutrients market are Coromandel International Limited, Chambal Fertilisers and Chemicals Limited, The Mosaic Company, and the Haifa Group.