Crop Micronutrients Market Scope
Consciousness around the quality of crops and soil has increased in recent years, which has brought the nutritional aspect of soil and crop to the center of discussions. Micronutrients are among the most essential components required for the growth, quality, life, and immunity (against crop diseases) of crops and soil. Although micronutrients are required in a very small amount over a large farm area high yield is extremely difficult without it. Modern infrastructure present for rapid soil and crop testing for any deficiencies present has also resulted in the growth of this industry.
The market is very stiff in terms of competition with major players being Yara International, BASF SE., The Mosaic Company, AkzoNobel, Wesfarmers, and Nutrien Ltd. Further expansion of agricultural land especially in Asia and Latin America, Government subsidies and financial aids to farmers, and a rise in the desertification of extensively exploited farmlands is expected to grow the demand for micronutrients over the coming years. The quality of crops are also been closely monitored by govt., food processing industries and farmers which too will positively affect the crop micronutrients manufacturers Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Crop Micronutrients market throughout the predicted period.
Agrium (Canada), Petroleo Brasileiro S.A. Petrobras (Brazil), Wesfarmers (Australia), Akzonobel (Netherlands), CF Industries Holdings (United States), Yara International (Norway), The Mosaic Company (United States), Nutrien Ltd. (Canda), BASF Se. (Germany) and Compass Minerals International (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Corteva (United States), Valagro S.P.A (Italy), Indian Farmers Fertiliser Cooperative Ltd. (India) and Indo Gulf Fertilizers (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Crop Micronutrients market by Type (Copper, Nickel, Zinc, Manganese, Iron, Boron, Chlorine and Molybdenum), by Application (Soil Treatment, Seed Treatment, Fertigation, Foliar Spray and Others) and Region with country level break-up.
On the basis of geography, the market of Crop Micronutrients has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
Market Trend
- Use of Technology, Artificial Intelligence, and Internet of Things to Determine the Right Amount of Micronutrients Needed for Soil or Crop
- Small Farmers are Turning to Multiple Cropping
- Organic Fertilizers are Preferred More than Chemical Fertilizers by the Farmers
- Increase in Zinc Demand Because of Large Amounts of Zinc Deficiency in Crops Around the World as Reported by Various Researches and Govt. Bodies
Market Drivers
- According to UN’s FAO Global Arable Land or Agriculture Land is Increasing at a Rapid Rate
- Awareness About Crop and Soil Health Among Small Farmers in Developing Countries
- Rise of Multiple Cropping in an Annual Agriculture Cycle
- Increasing Desertification and Micronutrients Deficiency in Farm Soils
- Increasing Subsidies and Other Financial Aid by Governments to Farmers
Opportunities
- The rise in Demand of Organic Origin Micronutrients would be Area where Companies can Capitalise on
- Innovation through Intense Research and Development in Micronutrients Promoting Sustainable Farming which is Environment Friendly
Restraints
- Desertification of Farm Lands Due to Excessive Use of Chemical Fertilizers
- Rising Strict Regulations on Fertilizers Impacting the Quality of Crop
- Excessive use of micronutrients using Foliar sprays may result in leaf burns
Challenges
- Guiding Uneducated and Small Farmers on Proper Amount of Micronutrients to be Used
- Availability of Micronutrients at Affordable Rates to Small Farmers
- Reducing the Toxic Residual Content of Micronutrients Inputs
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries