Micronutrient Market Worth $5,995.0 Million by 2017

DALLAS, March 26, 2013 /PRNewswire/ --

The report "Micronutrient Market by Type (Zinc, Manganese, Boron, Copper, Molybdenum, Iron), Form (Chelated & Non-Chelated), Application Mode (Soil, Foliar, Fertigation), Crop type and Geography - Global Trends and Forecast to 2017" defines and segments the global agriculture micronutrient market with analysis and forecasting of the global revenue and volume for agriculture micronutrients. It also identifies driving and restraining factors for the global agriculture micronutrient market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. The market is segmented and revenue is forecasted on the basis of major regions such as North America, Europe, Asia-Pacific, and Rest of the World (ROW).

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Global demand for agriculture micronutrient has grown extensively due to increasing deficiency of micronutrient in soil and reduction in agricultural land because of increased industrialization. Micronutrient deficiency in soil is due to intensive agricultural practices, land degradation, and extensive use of macronutrient-based fertilizers. The micronutrient deficiency in crops cannot be identified easily and results in stunted growth or low productivity of crops. Application of micronutrients in crops improves overall crop quality and productivity. The global agriculture micronutrient market has shown tremendous growth over the last five years. On an aggregate basis, zinc, boron, and manganese had maximum share of the global agriculture market in 2011.

The global micronutrient market in 2011 was dominated by Asia-Pacific. Different modes of micronutrient application are used by farmers such as soil application, foliar application, fertigation, seed treatment, and hydroponics. Seed treatment and hydroponics are relatively newer methodologies for farmers across the globe. Soil application had the largest market share at 56% of all the application modes. Micronutrient availability in soil changes with the soil type, climate, cropping pattern, and agriculture techniques. The requirement of micronutrients depends on the type of soil and crop cultivated. Micronutrients can be applied in a chelated or non-chelated form. Non-chelated micronutrient form dominated the global market in 2011. However, the advantages of chelated micronutrients on crop productivity and quality have given growth opportunities for these forms of micronutrient. Cereals, fruit, and vegetables consume the largest share of the agriculture micronutrients market.

The global micronutrient market revenue in 2011 was $3,770.9 million and is expected to reach $5,995.0 million by 2017, at a CAGR of 8.0%. Asia-Pacific was the largest market for agriculture micronutrients in 2011 with a consumption of 477.1 KMT. North America constituted 20% of the total agriculture micronutrient market revenue and is expected to have fastest growth of 8.9% through 2017. In 2011, Latin American had shown a spectacular growth in ROW agriculture micronutrient market. Western European countries are expected to lead the European agriculture micronutrient market by 2017.

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