Increasing Deficiency of Micronutrients in the Soil
Studies have revealed that in India around 40%-55% of soils are excessively deficient in micronutrients, like zinc; also around 25%-30 % deficient in boron. Deficiency of other micronutrients occurs in 15% of the soils. These deficiencies are responsible for the significant reduction in yield. In Asia-Pacific, governments are recommending the usage of micronutrient fertilizers in crop production. Increasing awareness among farmers and changes in demand for quality food are motivating farmers to adapt micronutrient fertilizers. Micronutrients are responsible for promoting plant metabolic activities and their growth; they play a vital role in improving the quality, size, color, taste, input use efficiency of fertilizers, water use, and disease resistance.
China is One of the Largest Markets
The Chinese micronutrient fertilizer market was worth USD 132.75 million in 2016. The market in the country is expected to register a CAGR of 8.27% during the forecast period, 2018-2023. Increased focus on agricultural productivity and government subsidies are the major factors for the growth of the Chinese micronutrient fertilizer segment, while the lack of awareness about micronutrient fertilizers is restraining the market’s growth.
MAJOR PLAYERS: BASF SE, CROPLIFE INTERNATIONAL, DOWDUPONT, FMC CORPORATION, AND YARA INTERNATIONAL, among others.
Reasons to Purchase the Report
• Identify the dominating and fastest-growing countries in the Asia-Pacific micronutrient fertilizer market and their growth trends during the forecast period
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
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