Micronutrients are required to orchestrate various physiological functions in humans and other organisms alike. Various types of agriculture micronutrients like potassium, copper, and calcium are vital for the crops to maintain essential growth and quality. Use of these products is vital for the maintenance of healthy physiological activities of the plants and their growth. Global micronutrient market is strongly driven by rising demand for human food and animal feed. Rapidly exploding population is also a strong driver for the global industry. As a result, the market is poised to grow at healthy compound annual growth rate during the forecasting period. Researchers are expecting significant growth for these products from emerging markets, which also pose significant investment opportunities.
Segmentation in Micronutrients Market
Global market for micronutrients is segmented on the basis of the types of products, modes of application, and types of crops wherein they are deployed and geographic regions. As mentioned before, basic micronutrients include calcium, zinc, manganese, molybdenum, nickel, chlorine, cobalt, boron, copper and so on. These products are available in chelated and non-chelated formulations. Application modes for these products include fertigation, soil or direct application, foliar, hydroponics, and seed treatment. Types of crops include oil seeds, cereals, pulses, fruits and vegetables, and others, which include plantation and floriculture.
Forecasting Reports from 2013 to 2018
The global micronutrient market is expected to maintain a healthy compound annual growth rate of over 8% from 2013 to 2018. During this timeframe, the market is estimated to reach $6,474.6 million by the end of the year 2018. This significant demand is strongly attributed to the emerging markets and especially Asia Pacific. Asia Pacific region is witnessing strong growth in demand for crops and animal feed since past few years. Rapid rise in the population of significant countries like India and China is creating large window of growth and development for this region. Demand for crops is automatically driving the demand for micronutrients within this region.
As a result, the Asia Pacific region is expected to hold more than 53% of the total market shares of the global micronutrient market. Advancements in the applications and product segments of the market also play significant role in dominating demand and supply within the global industry. The industry is dominated by cereals, fruits and vegetables segments. As a result of all these factors, experts are hoping for a stable yet impressive growth for the micronutrients industry during the aforementioned period.