Dublin, May 16, 2019 (GLOBE NEWSWIRE) -- The "Global Micronutrient Fertilizers Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The micronutrient fertilizers market was valued at USD 1.06 billion in the year 2018 and the market is projected to register a CAGR of 8.59%, over the forecast period (2019-2024).
Increasing incidence of micronutrient deficiencies in soils around the world, coupled with increasing promotion of micronutrient usage by governmental and non-governmental organizations, are driving the market for micronutrient fertilizers.
Scope of the Report
Micronutrients play a significant role in ensuring balanced nutrition to the plants. The lack of any of the micronutrients may limit plant growth. Many micronutrient fertilizer products are available in the market and due to their low requirement, they are usually applied along with NPK fertilizers. Method of application, cost per unit, and other important factors influence the choice of micronutrient source.
Key Market Trends
Growing Food Demand and Shrinking Farm Land
Agricultural production across the world will need to be doubled over the next 36 years to meet the demand from 9 billion people. Certainly, technology will continue to play a major role in this progress. Increase in urbanization and lower availability of arable land are motivating farmers to adopt efficient techniques. There are broader acceptance and recognition of the collective benefits of micronutrient fertilizers. The amount of arable land per-person is declining and the population is expanding. Hence, crop-yields must increase to meet food production needs. As a result, the world is witnessing the most dramatic demand increase for micronutrient fertilizers and for agricultural production.
Increasing Micronutrient Fertilizers Consumption in the Asia - Pacific Region
The Asia - Pacific micronutrient fertilizers market is the most developed and widespread in the global market. The distribution network of micronutrient fertilizers is well-established in major Asia - Pacific countries. This is further helping deepen the market of various micronutrients fertilizer products in the region. The increasing demand for food grains, coupled with decreasing nutrients in the soil, is one of the major factors driving the growth of the market in the region. Government policies and subsidies in most Asia - Pacific countries support their expansion. It is estimated that micronutrient content in soil is very less in most Asia - Pacific countries, far less than the same in developed nations. In Asia - Pacific, 10% of the Indian soil has phosphorus content and the average potassium content in soil is low by international standards. Japan has a highly active research base in micronutrient fertilizers.
Competitive Landscape
The key players in the market are focused on acquisitions and new product launches to cater to a wider consumer base and expand market share. Investment in the R&D of cheap effective products is considered one of the major strategies adopted by market leaders. Manufacturers are also investing in the production process to reduce the cost of production.
The major players in the market are Yara International, FMC Corporation, Haifa Chemicals, Agrium, etc. Recently, BASF and Kingenta jointly addressed the problems of tough agricultural challenges and optimal plant nutrition using more efficient fertilizer in China. The market is fragmented, with several small players occupying a major portion of the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Zinc
5.1.2 Manganese
5.1.3 Copper
5.1.4 Boron
5.1.5 Molybdenum
5.1.6 Iron
5.1.7 Other Types
5.2 By Form
5.2.1 Chelated
5.2.2 Non - chelated
5.3 By Crop Type
5.3.1 Grains and Cereals
5.3.2 Oilseeds and Pulses
5.3.3 Fruits and Vegetables
5.3.4 Other Crop Types
5.4 By Function
5.4.1 Soil
5.4.2 Foliar
5.4.3 Fertigation
5.4.4 Other Functions
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Mosaic Company
6.3.2 FMC Corporation
6.3.3 Akzonobel NV
6.3.4 Yara International ASA
6.3.5 BASF SE
6.3.6 Agrium Inc.
6.3.7 Haifa Group
6.3.8 Valagro Spa
6.3.9 Coromandel International Limited
6.3.10 Wolf Trax
6.3.11 Sapec Group
6.3.12 Auriga Group
6.3.13 ATP Nutrition Ltd
6.3.14 Wilbur-Ellis Company (US)
6.3.15 The Andersons Plant Nutrition (Nulex Inc)
6.3.16 Stoller Enterprises Inc.
6.3.17 Zuari Agro Chemicals Ltd
6.3.18 BMS Micro-Nutrients Nv
6.3.19 Baicor L.C.
6.3.20 Arysta Lifescience Corporation
6.3.21 Aries Agro Ltd
6.3.22 Drexel Chemical
6.3.23 Old Bridge Chemicals Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/cjn5ro
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.