Growing Demand for Biofuels Emerging as a Key Driver for the Global Agricultural Micronutrients Market Through 2020, Says Technavio

According to the latest research study released by Technavio, the global agricultural micronutrients market is expected to grow at a CAGR of over 8% until 2020.

This research report titled ‘Global Agricultural Micronutrients Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various application segments, including soil, foliar, fertigation, seed treatment, and others.

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“Farmers have increased their production of biofuel crops and have turned to nutrients to maximize yields. Therefore, the rise in the demand for biofuels is propelling the production of bio-crops such as sugarcane and is boosting the demand for agricultural micronutrients globally. Bioethanol and biodiesel are considered the most sustainable alternatives to the existing counterparts. Bioethanol is sourced from wheat, soybean, corn, rapeseed, and sugarcane. Biodiesel is sourced from Jatropha, sunflower, soybean, mustard, rapeseed, flax, canola, palm oil, hemp, and waste vegetable oils,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for agrochemicals and fertilizers research.

Global agricultural micronutrients market by mode of application 2015

Source: Technavio research

Global agricultural micronutrients in soil application segment

The global agricultural micronutrients market in the soil application segment was valued at USD 2.66 billion in 2015. There are different application methods of micronutrients that include direct application to the soil (e.g., banding or side dressing), direct application to the surface of the plants (e.g., foliar spray), and through irrigation water (fertigation).

Traditional methods of application of fertilizers into the soil involve the use of ground equipment for spreading or spraying micronutrients into the soil, which is done before planting. Banding or side dressing of liquids or granular is nutrients is done after planting. Soil-applied fertilizations help in the direct consumption of nutrients in the soil, which buffers and stores them for use when required.

Global agricultural micronutrients in foliar segment

The global agricultural micronutrients market in the foliar segment was valued at USD 1.24 billion in 2015. Foliar method prevents the growth of weeds and is more effective than soil application to help cure deficiencies in crops. Foliar sprays aid in uniform application and help in better permeation and diffusion of the micronutrients into the plants through the leaf surface.

Further, this mode of application minimizes the quantity of micronutrients. Therefore, the application costs decrease and the response to the nutrient application is immediate.

Global agricultural micronutrients in fertigation segment

The global agricultural micronutrients market in the fertigation segment was valued at USD 590 million in 2015. Fertigation application helps in increasing the yield of quality fruits and also helps in additional use of applied nutrients during the critical periods of crop water demand. It also penetrates into the leaves by avoiding the damage caused by the ground equipment used for compacting the soil, iron blight. However, some micronutrients can corrode the irrigation equipment and specialized equipment may be required.

Global agricultural micronutrients in seed treatment segment

The global agricultural micronutrients market in the seed treatment segment was valued at USD 340 million in 2015. Genetic engineering techniques are used to modify the DNA of the seeds to enhance the resistance of the crops to pests and increase the yield. These techniques help the seed to consume less amount of pesticides or herbicides and fertilizers, improving the quality of the yield.

The acreage of land under GM seed cultivation is 440 million hectares and is rising by 4% YoY. GM seeds are used to cultivate crops such as cotton, soybean, maize, and canola. The adoption of GM seeds is likely to reduce the use of micronutrients by 15% in the future.

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About Technavio

Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

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