The global micronutrients market is expected to grow over the forecast period on account of increasing demand from the agriculture industry since they significantly improve uniformity and quality in crop yield. Micronutrients deficiency results in yellowing of leaves, withering of buds in crops, health hazards, and eventually resulting in crop productivity decline. Micronutrients are utilized by humans and other organisms in micro quantities for various physiological functions. As opposed to macronutrients, micronutrients are required in minute quantities in soil and humans, generally less than 100 milligrams per day.
They are naturally found in plants & certain animal-based foods and can also be artificially synthesized. These aforementioned properties are anticipated to be key factors driving the global market growth over the forecast period. Micronutrients are known to have a profound impact on the body’s immune system and further reduce the risk of blindness, dementia, mental retardation, and death during childbirth. Hence, increasing health issues along with a shift in consumer preference toward a nutrient-rich diet is expected to complement the global market growth in the upcoming years.
On the basis of product types, the micronutrients market can be broadly segmented into boron, iron, copper, manganese, molybdenum, zinc, cobalt, and chromium. Micronutrients also include vitamins required in minute quantities in organisms as well as phytochemicals. The zinc micronutrient product segment is expected to witness rapid growth on account of its increasing demand as an antioxidant to prevent cancer and for maintaining ideal hormone levels. Molybdenum, although required in very small quantities for plant nutrition, is also anticipated to witness rapid growth in the upcoming years. Major applications in agriculture include soil fertilization, foiler, hydroponics, and fertigation. Soil is the most important application followed by foiler.
Hydroponics application is anticipated to grow at a rapid rate owing to increasing arable land depletion, particularly in emerging economies with high urban migration. Commercially, these nutrients are available in chelated and non-chelated forms. Based on major end-use agricultural segments, the market can be segmented into cereals, fruits & vegetables, pulses & oilseeds, and floriculture. Cereals accounted for the highest demand owing to increasing wheat, maize, rice, barley, and oats consumption. Fruits & vegetables are projected to be the fastest growing end-use segment owing to their increasing cultivation and requirements for high vegetable yield. The shift in food consumption from meat to a vegetarian diet is likely to further support the aforementioned end-used segment. Hence, increasing micronutrients utility in greater quantities to meet the global cereals and food & vegetables demand is anticipated to drive the micronutrient market growth over the forecast horizon.
However, high cost and lack of awareness among farmers in developing countries regarding micronutrients benefits have limited their application scope. Additionally, farmers are unable to gauge the appropriate quantity to be injected into the soil due to lack of standardized permissible levels established by regulatory agencies. These factors are expected to act as major restraining factors for the global micronutrients industry growth over the next seven years.
The Asia Pacific is a major regional market and is characterized by a growing agriculture industry, particularly in China and India. Depletion of arable land in the U.S. and Canada is expected to be the major driving factor for the North American market over the forecast period. With gradually eroding arable land and consequently rising food demand, micronutrients are expected to register high demand in the region. The increasing vegan population in Europe coupled with high awareness regarding nutrient-rich diet among consumers is expected to drive the regional market growth over the forecast period. Middle East & Africa is predicted to witness stable demand in the upcoming years owing to increasing agricultural yield and evolving farming technology in Northern Africa.
The global micronutrients market is moderately consolidated with no major players accounting for greater market share. Thus, companies are on a drive to penetrate new markets with high growth potential. Major players are involved in R&D to improve their product specifications, which is also a key factor for market development. Key players operating in the global market include BASF SE, Agrium Inc., Coromandel International Ltd., Aries Agro Ltd., Yara International, Gujarat State Fertilizers & Chemicals, Valagro, Tradecorp International, AkzoNobel, Mosaic, and Cheminova.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.