The agricultural micronutrients market is projected to reach a value of USD 8.81 billion by 2022, growing at a CAGR of 8.60% during the forecast period. This market is projected to grow at a high rate due to the increasing micronutrient deficiency in the soil. Furthermore, increasing population and decreasing arable land, and increasing demand for biofuels are some of the major factors driving the growth of the market globally.
On the basis of form, the agricultural micronutrients market is segmented into chelated and non-chelated. The chelated micronutrients segment is projected to grow at a higher CAGR during the forecast period. This is attributed to the increase in awareness about their advantages such as stability and enhanced efficiency for better absorption by crops, and are also required in lower amounts.
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On the basis of crop type, the cereals segment is projected to be the fastest-growing segment in the agricultural micronutrients market over the next five years. The growth of this segment can be attributed to its wide consumption across the globe. The cereals segment is further sub-segmented into rice, wheat, corn, and others (barley, sorghum, oats, rye, and other cereal crops), wherein corn is projected to be the fastest-growing segment during the forecast period. Due to the increase in population and rise in the economy in developing countries, the consumption of food is growing. It is hence important to maintain the nutrient level in cereal crops & soil to enhance the productivity and growth of the cereals, for which micronutrients play an important role.
In the Asia Pacific region, the demand for agricultural micronutrients is high; the market in this region is projected to grow at the highest CAGR during the forecast period. More than half the population in this region is engaged in agricultural practices; a majority of the farms are fragmented and not suitable for mechanized agriculture. The soil in this region is significantly deficient in micronutrients such as zinc and boron which drive the demand for agricultural micronutrients. Furthermore, rising middle-class population with high disposable incomes and changing lifestyles demand more fruits & vegetables and cereals.
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Several companies focus on expanding their business in the agricultural sector in the Asia Pacific region owing to the numerous growth opportunities present in the region. In May 2015, AkzoNobel (Netherlands) expanded its micronutrient product portfolio in the Chinese market to meet the local demand. In January 2015, Coromandel International (India) acquired Liberty Phosphate Group (India), to increase its client base as well expand its geographical presence. In July 2012, Nufarm (Australia) entered into a non-exclusive distribution contract with Sumitomo Chemical Co., Ltd. (Japan) to increase its product sales opportunities through Sumitomo Chemical.
