(I-BusinessNews.Com, March 02, 2020 ) The report “Agricultural Micronutrients Market by Type (Zinc, Boron, Copper, Manganese, Molybdenum, and Iron), Mode of Application (Soil, Foliar, and Fertigation), Form (Chelated and Non-Chelated), Crop Type, and Region – Global Forecast to 2022″ With the shift in preferences of health-conscious consumers toward nutrient-dense and high-protein diets, farmers are monitoring and analyzing the requirement of nutrients in crops. To increase the crop yield, farmers across the world are spending on high-analysis NPK fertilizers, which further deplete the micronutrient quotient of these crops. To enhance the nutrient quotient in their produce and agricultural productivity, farmers utilize agricultural micronutrients. According to MarketsandMarkets, the agricultural micronutrients market is projected to account for a value of USD 8.8 billion by 2022, recording a CAGR of 8.6%.
Market Dynamics
Driver: Increasing micronutrient deficiency in soil
Since the last two decades, micronutrient deficiencies in the soil have been increasingly evident, especially the deficiency of zinc and boron. Zinc micronutrient deficiencies are witnessed across the globe; however, they are more common in growing economies such as India, Brazil, and China. Excess application of inorganic fertilizers is one of the major reasons causing soil deficiencies. Originally, soils are deficient in one or more micronutrients; however, increased intake of nutrients by high-yielding crops has caused a heavy shortage of micronutrient elements (iron, manganese, zinc, copper, boron, nickel, and molybdenum). According to the International Fertilizer Association (IFA), currently, almost 50% of the world’s cereal crops are deficient in zinc, which is leading to poor crop yields. Zinc deficiency is the fifth leading risk factor for diseases in developing countries. A decreased uptake of micronutrients due to interaction with other soil components and an increased demand for high-yield crops are the two major reasons for micronutrient deficiency. Intensive usage of fertilizers, chemicals, and farm irrigation is responsible for reducing the level of micronutrients in the soil. Reduction of the supply of micronutrient to crops reduces productivity and damages the quality of crops. To maintain the nutrient level in crops and soil, micronutrient plays an important role, which in turn drives the market growth for agricultural micronutrients
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Restraint: Lack of awareness among farmers
A lack of awareness is witnessed regarding the usage and advantages of micronutrients for crops and plants by farmers. Adoption of new agricultural practices by farmers depends on factors such as practical viability, economic sustainability, social acceptability, administrative harmony, political obligation, and eco-friendliness. Farmers who cannot adopt such practices are following traditional agricultural methods, which act as a restraint to the growth of this market.
As many farmers are not aware of the importance of micronutrients, they do not perform a soil test to diagnose micronutrient deficiency levels. The efforts of NGOs and governments are inadequate to educate farmers about the advantages of micronutrients. Very few companies have taken initiatives to educate farmers regarding the benefits of micronutrients. The efforts taken by government bodies around the globe for educating farmers are also limited.
Opportunity: Increase in contract farming
Major food processing players have adopted the strategy of backward integration to gain raw materials of assured quality, quantity, and price benefits. In contract farming, companies provide the requisite agricultural inputs. Companies carry extension programs to educate farmers and also perform land preparation in which soil testing is conducted. Farmers are provided with micronutrients to enhance the quality and productivity of output. Integrated nutrition is an important part of contract farming across the world. The major market participants in contract farming are PepsiCo, Punjab Agro Industries Corporation in India, Indu-Farm (EPZ) Limited in Kenya, Coffee Board of Zambia, and Coffee Growers Association in Zambia. The increase in contract farming is expected to further drive the usage of micronutrients.
Challenge: Need for sustainable sourcing of raw materials
Currently, there is a need to introduce a sustainable approach toward the sourcing of raw materials for the production of micronutrients. The growth of sourcing of raw materials globally is leading to an increased carbon footprint of the companies. This poses a challenge for the different operators of the supply chains as sourcing from local suppliers providing quality raw materials is essential to maintain sustainability and the quality of the end product. Identification and grading suppliers, based on the quality of raw material provided, allow manufacturers to maintain quality throughout the value chain of the product.
With the growing population in various countries of the region, the consumption of nutrient-dense food products continues to remain high. Health-conscious consumers prefer spending on fruits and cereals to improve and maintain their health. Due to the high consumption of crops such as cereals and fruits in this region, the demand for agricultural micronutrients is projected to remain high, particularly in New Zealand, India, Australia, and China.
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Major players in the agricultural micronutrients market are adopting strategies such as agreements and expansions. Key players identified in this market include Agrium (Canada), Dow Chemical (US), Coromandel International (India), Land O’Lakes (US), Haifa Chemicals (Israel), and Helena Chemicals (US).
As the competition in the market intensifies, companies focus on expanding across regions to cater to the increasing demand and requirements of farmers of various countries. Through undertaking expansions & agreements, key players focus on increasing their customer base. These factors are projected to impact the growth of the market significantly during the forecast period. All in all, the agricultural micronutrients market is expected to witness significant growth through 2022.
MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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