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Micronutrient Market Worth $6,474.6 Million by 2018 - A Report by MarketsandMarkets
Date:7/13/2014

obal demand for agriculture micronutrients has increased due to increased deficiency of micronutrients in soil and shrinkage in agricultural land. Micronutrients’ application in crops improves the crop quality and productivity. The micronutrient deficiency in plants cannot be identified easily and results in stunted growth or low productivity of crops. Micronutrient deficiency in soil has increased due to intensive agricultural practices, land degradation, and extensive use of macronutrient-based fertilizers. The global agriculture micronutrients market has shown tremendous growth over the last five years. Zinc, boron, and manganese held maximum share of the global agriculture micronutrients market in 2012.

The global agriculture micronutrients market in 2012 was led by APAC. Different modes of micronutrient applications are used by farmers, namely, soil application, foliar application, fertigation, seed treatment, and hydroponics. Soil application has the largest market share of 56% of the total application mode in the agriculture micronutrients market. Micronutrient availability in soil changes with the soil type, climate, cropping pattern, and agriculture techniques. The requirement of micronutrients depends on the type of soil and crop. Seed treatment and hydroponics are relatively new methodologies for farmers across the globe. The micronutrients can be applied in a chelated or non-chelated form. Non-chelated micronutrient form dominated the global market in 2012. Cereals, fruit, and vegetables consume the largest share of the agriculture micronutrients market.

The market was led by APAC in 2012, which was estimated to be $2,170.7 million in 2012 and is forecasted to grow at a CAGR of 8.3% from 2013 to 2018. North America is estimated to grow at a CAGR of 8.9% to reach $1,366.1 million by 2018. Europe is predicted to grow at a CAGR of 5.5% from 2013 to 2018 to reach $822.3 million by 2018. ROW is anticipated to grow at a CAGR of 8.2% from 2013 t
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