Global Micronutrient Market To Grow Significantly During The Forecast Period
Micronutrients are essential for plants as they help the plants grow. Copper, iron, zinc, and boron are some of the examples of micronutrients. It helps to improve fertility, uniformity, and quality in crop yield. However, the deficiency of micronutrients in plants can lead to various diseases such as diminishing quality of plants. Micronutrients are used in small amounts to modulate certain activities in crops to enhance their productivity.
Micronutrient market growth has increased to a significant extent due to the growing deficiency in plants, soil, and industrialization, which leads to human health issues. Increasing demand from the agriculture industry and the requirement of high-quality agriculture products will likely fuel the market growth over the forecast period.
Several governmental and non-governmental public health organizations like UNICEF and FAO recommend subsequent consumption of nutrients through a variety of nutritious foods. The factor is directly influencing the demand for the micronutrient fertilizers across the globe.
The Micronutrient market is widely segmented into boron, iron, copper, manganese, chromium molybdenum, zinc, cobalt, and others. The zinc micronutrient product segment dominated the Micronutrient market and is expected to continue to dominate over the forecast period. Zinc is an antioxidant that helps in preventing cancer and maintaining ideal hormone levels. On the other hand, molybdenum is estimated to grow at the highest CAGR in the coming years.
The Asia Pacific to lead the global micronutrients market, followed by North America
The Asia Pacific was the leading market in terms of both value and volume, followed by North America. The market accounted for almost a share of 50% in 2014. Moreover, the region is expected to have the fastest growth over the forecast period. The growth can be attributed to its growing economy with changing the lifestyle of individuals and increasing demand for fruits and vegetables.
Increasing focus on product development to drive the growth of the micronutrients market
The leading players are focusing on new market penetration to expand their market. Major market players are involved in research and development activities to improve their product specifications, aiming for greater market share. Some of the prominent players operating in the Micronutrient market include Aries Agro, Arysta LifeScience, Wolf Trax, Inc., Agrium, AkzoNobel, BASF, Mosaic, Yara International, Wilbur-Ellis Company, BMS Micronutrients, Cheminova, Tradecorp International, Haifa Chemicals and BASF. The market is witnessing a rise in number of new product launches, mergers and acquisitions, and partnerships between the global players to enhance their product effeciency.