Crop Micronutrients Market: Overview
Crop micronutrients are important elements required by plants in small quantities. They help enhance plant growth and other metabolic activities. Crop micronutrients are naturally found and can also be artificially synthesized. They consist of copper, iron, manganese, zinc, boron, chlorine, molybdenum, etc. These nutrients play an important role in the growth of crop by improving its properties such as color, quality, taste, water use, and resistance to disease. They improve the response of crops to fertilizers. Deficiencies of crop micronutrients can be detected through various symptoms in plants and testing the soil and plant tissues. Micronutrient deficiency results in the yellowing of leaves, falling of buds from plants, and lower yields. Intensive cropping patterns, excessive usage of chemical fertilizers, and water scarcity lead to deficiencies in micronutrients among crops. This is anticipated to drive demand for crop micronutrients market during the forecast period.
Crop Micronutrients Market: Segmentation
The crop micronutrients market can be segmented based on product, crop, application, form, and geography. Based on product, the crop micronutrients market can be classified into boron, iron, copper, manganese, molybdenum, zinc, and chromium. Zinc is an important element required by plants in very small amounts and is very crucial for plant development. It plays an important role in a wide range of processes such as growth hormone production and internode elongation. The zinc segment is expected to expand at a rapid growth rate during the forecast period. In terms of crop, the crop micronutrients market can be categorized into cereals & grains, fruits & vegetables, oilseeds, and pulses. The cereals & grains segment is anticipated to dominate the crop micronutrients market during the forecast period. Cereals & grains are major staple foods among people across the world. This is estimated to augment demand for cereals & grains, and, in turn, for crop micronutrients in the next few years. Based on application, the crop micronutrients market can be segmented into soil fertilization, hydroponics, and fertigation. In terms of form, the crop micronutrients market can be segmented into chelated and non-chelated. Chelated compounds are more stable as compared to non-chelated compounds. Therefore, they are significantly used in agriculture fertilizers for supplying iron, zinc, manganese, and copper to plants. The chelated micronutrients segment is likely to expand between 2018 and 2026.
Crop Micronutrients Market: Region Wise Outlook
Based on region, the crop micronutrients market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. In Asia Pacific, governments of popular countries such as India and China are focusing on increasing efficiency in agriculture. This is expected to lead to higher demand for crop micronutrients market. Asia Pacific was a major region of the crop micronutrients market in 2017. It is likely to remain dominant during forecast period. Agriculture is the backbone of India’s economy and a vital industry in China. This is estimated to drive the crop micronutrients market in these countries. The crop micronutrients market North America and Europe is anticipated to exhibit moderate growth in the next few years. North Africa and Middle East are coming up with evolving technologies in farming. This is estimated to augment the use of micronutrients. This is projected to drive the crop micronutrients market in Middle East & Africa in the near future. The crop micronutrients market in Latin America is likely to be fuelled by an increase in demand for food, rise in the standard quality of yield, and increase in demand for continuous yield because of a growing population.
Crop Micronutrients Market: Key Players
The crop micronutrients market is highly fragmented as a large number of players operate in the market. Many major players are focusing on R&D for crop micronutrients market development. Some of the major players operating in the crop micronutrients market are Nutrien ltd, AkzoNobel, BASF SE, Yara International ASA, Cheminova Asia, Aries agro Ltd, Valagro, Tradecorp International, Coromandel International ltd, Baicor L.C., Haifa Chemicals ltd, Sinochem Corporation, The Dow Chemical, and FMC.
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