Growing Awareness of the Benefits of Crop Micronutrients to Fuel the Crop Micronutrients Market
PORTLAND, Oregon, August 28, 2018 /PRNewswire/ --
Growing inclination toward high-quality food and increasing awareness & acceptance for micronutrients among farmers in the Asia-Pacific region coupled with improving agricultural practices and burgeoning demand for high-quality agricultural yield are some of the major factors driving the crop micronutrients market in this region
The new report published by Allied Market Research, titled, Crop Micronutrients Market by Product Type (Zinc, Iron, Boron, Molybdenum, Manganese, and Others) and Mode of Application (Soil, Fertigation, Foliar, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023, presents a comprehensive analysis of the global market by assessing the market dynamics, top lucrative investment areas, growth prospects, and competitive market landscape. According to the report, the global crop micronutrients market garnered $6.85 billion in 2017 and is expected to reach $15.64 billion by 2025, registering a CAGR of 10.7% from 2018 to 2025.
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Rise in awareness about the benefits of using crop micronutrients among growers coupled with increase in farm expenditure, ease of application, effectiveness of micronutrients for crop yield & productivity, and surge in demand for biofuels are the key factors aiding the swift expansion of the global crop micronutrients industry. However, the market growth is hampered by factors such as cumbersome mining process of micronutrient reserves, availability of cheap alternatives, and presence of counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients. On the other hand, investments initiatives by government and private manufacturers facilitate development activities, which are in turn expected to create opportunities for the market growth.
Zinc segment projected to hold the highest market share through 2025
The report assesses the product type segment into boron, copper, iron, manganese, molybdenum, zinc, and others. The zinc segment currently holds the highest market share i.e. about 23% of the total market share. The segment would continue to be at the forefront throughout the forecast period, registering a CAGR of 9.1% through 2025.
Soil segment to maintain its lion's share through 2025
In this report, based on the mode of application, the crop micronutrients market is classified into fertigation, soil, foliar, seed treatment, and others. The soil segment contributed the highest revenue in 2017, holding half of the total market share. It is reckoned to maintain its lion's share through 2025, contributing a revenue of $6.089 billion to the global market.
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Asia-Pacific's revenue to supersede North America's by 2025
The report offers in-depth insights on the global crop micronutrients market based on region, which include North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The Asia-Pacific region accounted for the highest market share, contributing about 5% of the total market share in 2017. It would maintain its lead position through 2025, growing by a CAGR of 8.9%.
Torchbearers of the industry
The leading market players in the global crop micronutrients industry include Akzo Nobel, BASF SE, Dow Chemical, Bayer AG, Dupont, FMC Corporation, Growmark, Inc., J.R. Simplot Company, Kronos Micronutrients, LP, and The Mosaic Company. They have implemented various strategies to expand their base and establish a strong footprint in the market.
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