Attractive Opportunities in the Agricultural Micronutrients Market

Northbrook, IL, USA, 2019-Nov-2 — /EPR Network/ —

The agricultural micronutrients market is estimated to reach USD 5.83 Billion by 2017, and it is projected to reach USD 8.81 Billion by 2022, at a CAGR of 8.60% from 2017. In terms of volume, the market is projected to reach 1,681.1 KT by 2022. This market is growing in accordance with the increasing soil deficiency and increasing demand for biofuels.

How is the increase in contract farming in various countries presenting growth opportunities for manufacturers in the agricultural micronutrients market?

Major food processing players have adopted the strategy of backward integration to gain raw materials of assured quality, quantity, and price benefits. In contract farming, companies provide the requisite agricultural inputs. Companies carry extension programs to educate farmers. They also perform land preparation in which soil testing is conducted. Farmers are provided with micronutrients to enhance the quality and productivity of output. Integrated nutrition is an important part of contract farming across the world. The major market participants in contract farming are PepsiCo, Punjab Agro Industries Corporation in India, Indu-Farm (EPZ) Limited in Kenya, Coffee Board of Zambia, and Coffee Growers Association in Zambia. The increase in contract farming is expected to further drive the usage of agricultural micronutrients.

Why is the need for sustainable approaches to source raw materials posing challenges for manufacturers in the agricultural micronutrients market?

Currently, there is a need to introduce a sustainable approach for sourcing of raw materials for the production of agricultural micronutrients. The growth of sourcing of raw materials globally is leading to an increased carbon footprint of the companies. This poses a challenge for the different operators of the supply chains as sourcing from local suppliers providing quality raw materials is essential to maintain sustainability and the quality of the end product. Identification and grading suppliers, based on the quality of raw material provided, allow manufacturers to maintain quality throughout the value chain of the product.

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The agricultural micronutrients market is concentrated, with leading companies driving market growth. The report provides qualitative analysis of the prominent market players and their preferred development strategies. Key players such as BASF (Germany), Dow Chemical (US), AkzoNobel (Netherlands), Agrium (Canada), Yara International (Norway), The Mosaic Company (US), Land O’Lakes (US), Helena Chemical Company (US), and Nufarm (Australia) have been profiled in the report. These leading players have adopted various strategies such as expansions, mergers & acquisitions, new product launches, and joint ventures/agreements to explore new and untapped markets, expanding in local areas of emerging markets, and developing a new customer base for long-term client relationships. This has not only enabled the key players to expand their geographical reach but has also reinforced their market position by gaining a larger share in terms of revenue and product portfolios.

On the basis of form, the agricultural micronutrients market is segmented into chelated and non-chelated. The chelated micronutrients segment is projected to grow at a higher CAGR during the forecast period. This is attributed to the increase in awareness about their advantages such as stability and enhanced efficiency for better absorption by crops, and are also required in lower amounts.

In the Asia Pacific region, the demand for agricultural micronutrients is high; the market in this region is projected to grow at the highest CAGR during the forecast period. More than half the population in this region is engaged in agricultural practices; a majority of the farms are fragmented and not suitable for mechanized agriculture. The soil in this region is significantly deficient in micronutrients such as zinc and boron which drive the demand for agricultural micronutrients. Furthermore, rising middle-class population with high disposable incomes and changing lifestyles demand more fruits & vegetables and cereals.

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