Global Agricultural Micronutrients Market: Introduction
- The global agricultural micronutrients market is expanding at a rapid pace owing to rising micronutrient deficiency of soil and increasing demand for biofuels. Furthermore, the increasing need for effective fertilizers led by poor soil quality and rising demand for high-quality and uniform yield are expected to drive the global agricultural micronutrients market during the forecast period.
- Asia Pacific accounted for a leading share of the global agricultural micronutrients market in 2018, due to rise in investments in increasing soil efficiency by governments of various countries in the region including Indonesia, India, and Thailand
Key Drivers of Global Agricultural Micronutrients Market
- Micronutrient deficiencies in soil have been increasingly evident worldwide over the last few years, especially the deficiency of zinc and boron. Zinc deficiency is witnessed across the globe; however, it is more common in developing economies such as India, Brazil, and China.
- According to the International Fertilizer Association (IFA), 50% of the world’s cereal crops are deficient in zinc, which is leading to poor crop yields. Decreased uptake of micronutrients due to interaction with other soil components and increased demand for high-yield crops are two major reasons for micronutrient deficiency. In order to maintain the nutrient level in soil as well as crops, micronutrients play an important role. This, in turn, is expected to drive the global agricultural micronutrients market during the forecast period.
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Zinc Segment to Witness Attractive Opportunities
- Among types, the zinc segment constituted a major share of the global agricultural micronutrients market in 2018. The segment is anticipated to expand at a significant pace during the forecast period, as zinc helps improve the crop yield and it is economically beneficial for farmers owing to its low price. The deficiency of zinc in soil reduces the productivity of soil.
Lack of Awareness among Farmers to Hamper Market
- Several farmers are not aware of advantages of micronutrients for crops and plants. Adoption of new agricultural practices by farmers depends on factors such as their practical viability, economic sustainability, and eco-friendliness. Several farmers are not financially stable to adopt new agricultural practices. This factor is likely to hamper the global agricultural micronutrients market during the forecast period.
- In developed countries such as Germany and the U.S., several NGOs are taking initiatives to educate farmers about advantages of micronutrients. A few companies have also taken initiatives to educate farmers regarding benefits of micronutrients. This is likely to drive the global agricultural micronutrients market during the forecast period.
Asia Pacific to Hold a Major Share of Global Agricultural Micronutrients Market
- In terms of value and volume, Asia Pacific dominated the global agricultural micronutrients market in 2018. The region is likely to remain a highly lucrative market for agricultural micronutrients during the forecast period, due to growth of the agriculture sector in the region.
- India is the most rapidly expanding market for agricultural micronutrients in the Asia Pacific region. India is a major producer of agricultural commodities such as spices, pulses, fresh fruits, cashew nuts, coconut, and tea. It is also one of the top producers of cereals such as sorghum and pearl millet.
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Key Players Operating in Global Market
The global agricultural micronutrients market is highly concentrated. Key players have adopted several strategies such as expansions, mergers and acquisitions, new product launches, and joint ventures to explore new markets and develop a new customer base. Key players operating in the global agricultural micronutrients market are:
- BASF SE
- DOW Chemical
- Akzo Nobel N.V.
- Land O’lakes
- Yara International
- The Mosaic Company
- Helena Chemical Company
- Coromandel International
- Haifa Chemicals
- Sapec S.A.
Global Agricultural Micronutrients Market: Research Scope
Global Agricultural Micronutrients Market, by Type
- Others (Including Nickel and Chloride)
Global Agricultural Micronutrients Market, by Crop Type
- Oilseeds & Pulses
- Dry Peas
- Others (Canola and Sunflower)
- Fruits & Vegetables
- Others (Including Floriculture Crops, Permanent Crops, Pastures, and Grasslands)
Global Agricultural Micronutrients Market, by Form
- Ethylene Diamine Tetra-acetic Acid (EDTA)
- Ethylene Diamine Di-2-Hydroxyphenyl Acetate (EDDHA)
- Diethylene Triamine Penta-acetic Acid (DTPA)
Global Agricultural Micronutrients Market, by Application
- Others (Including Seed Treatment and Hydroponics)
Global Agricultural Micronutrients Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.