Agricultural Micronutrients Market: Snapshot
Nutrient antagonism and synergism occupies a vital role in the dynamic of interactions in between plant nutrients, which has a substantial effect on the overall yield. This is a vital aspect shaping the dynamics of the agricultural micronutrients market. The correct volumes of micronutrients required for the growth of a plant is shaped by various factors. Some of the instances of nutrient antagonism that agriculturists and farmers need to keep in mind while deciding on the correct dosage are iron blocking the absorption of manganese, magnesium blocking calcium, and potassium blocking both. The growing role of contract farming in improving productivity is imparting an attractive thrust to the demand for micronutrient fortified products. This has paved way for lucrative prospects in the agricultural micronutrients market. In this regard, a number of contract farming assessment studies and randomized control trials on the safety and effectiveness of these fortified food products on the farming productivity bodes well for the market. The rising adoption of responsible contract farming operations stressing the need for the proper usage of agricultural micronutrients, especially in resource-limited economies, has unlocked promising prospects in the market. In the years ahead, the need for finding sustainable sources of raw material used for producing agriculture micronutrients will intensify, paving way for lucrative prospects for market players, world over.
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Agricultural micronutrients are essentially those nutrients that are required for the growth and balanced nutrition of plants and crops. Micronutrients help in improving the quality of crops as well as production yield. These elements are essential in minor quantities in order to treat deficiencies in plants and crops. Chlorosis, yellowing of leaves, gummosis and necrosis are some of the diseases found in plants because of deficiency of micronutrients. Boron, Zink, iron, molybdenum, manganese, copper, and chlorine are some of the major micronutrients that are required by crops and plants. Other applications such as fertigation, foliar and seed treatment are likely to exhibit higher demand in the near future. Hydroponics and seed treatment are expected to be highly favored techniques in the years to come. Raw materials required for the production of micronutrients are obtained from mining processes. Thus, these have a fluctuating impact on the prices of micronutrients.
Agricultural Micronutrients- Drivers
There is a higher demand for good quality and uniform yield, due to increasing population across the globe coupled with deficiency of micronutrients in soils across regions, which is a major driving factor for growth of the micronutrients market. According to a research conducted by UN, the production of crops needs to be doubled with a view to meet the demand of the rising population by 2050. Increasing population, rising consumption of bio-fuels, food security and changing diets have been the major factors boosting demand for better quality, and uniform yield from the agricultural industry thus in turn boosting the global market for agricultural micronutrients.
Agricultural Micronutrients- Restraints
Factors affecting the availability of micronutrients in soil include soil texture, pH effect, climatic variability and organic matter. Lower organic matter soil such as grey soil, muck or peaty soil is deficient in micronutrients. Sandy soil is more deficient in micronutrients than clay soil. Higher the pH, lower would be the availability of micronutrients in the soil. Soil moisture and temperature are also important aspects of soil. There would be deficiency of micronutrients in the soil when it is wet and cool. On the other hand, there would be no deficiency of micronutrients in warmer soils. Thus, the treatment of this deficiency in micronutrients across various terrains and regions has been the most important factor in increasing the yield and quality of crops. Inadequacy of micronutrients in the soil limits the growth of crops. If left untreated, this would not only directly affect crop development, but also reduce the efficiency of use of macronutrient fertilizers.
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Agricultural micronutrients- Regional Outlook
Asia Pacific held the largest market share in terms of demand for micronutrients. North America is the second-largest market in terms of demand for micronutrients, followed by Europe. Increasing demand for food, depleting arable land and micronutrient-deficient soils in regions like Brazil, Northern Africa, Indian subcontinent, China, Southern U.S., and Nordic countries are likely to drive the demand for micronutrients in the coming years.
Agricultural Micronutrients- Key Players
Yara International, Agrium Inc, Wolf Trax Inc., Coromandel International Ltd., BASF SE, and The Mosaic Company are some of the top players functioning in the agricultural micronutrients market.
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