iCrowdNewswire Feb 2, 2021 9:00 AM ET
Zinc and Manganese foliar fertilizer Market is forecast to reach $204.3 million by 2025, after growing at a CAGR of 6.7% during 2020-2025. With the rise in agricultural sector and growing demand for food around the world, the Zinc and Manganese foliar fertilizer market is witnessing an increase in demand. Whereas the growing population in countries around the globe, will further enhance the overall market demand for Zinc and Manganese foliar fertilizer during the forecast period.
Zinc and Manganese Foliar Fertilizer Market Segment Analysis – By Nutrient Type
Zinc Manganese segment holds the largest share in the Zinc and Manganese foliar fertilizer market. Foliar application of zinc and manganese has become an efficient way to increase the yield and quality of crops. A foliar fertilizer is not designed as an alternative to soil fertilizer and soil conditioning, but rather as a supplement which will increase efficiency and improve plant health. Uptake of nutrients from the soil can be very inefficient, and it can take several days for noticeable effects to occur. Foliar fertilizers act more quickly, and far more efficiently, as most of the fertilizer ends up in the plant, rather than in the soil.
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Zinc and Manganese Foliar Fertilizer Market Segment Analysis – By Crop
Cereals has been the primary market for Zinc and Manganese foliar fertilizer. Foliar feeding is not irrigation dependent method. Cereals can be sprayed as long as heat, drought or pests do not stress it. Whereas soils water capacity and irrigation are also critical to arable crops performance. There are several potential benefits of providing nitrogen to cereals via the foliage as urea solution. These solutions include reduced nitrogen losses through denitrification and leaching compared with nitrogen fertilizer applications to the soil. Cereals such as wheat, rice and maize have the largest demand from the total world production from cereals. They are sensitive to micronutrient deficiency, especially manganese and zinc. Deficiency of one or more of these nutrients give rise to nutrient unbalance which disturbed the physiological and biochemical processes within the plant organs and resulted in low yields.
Zinc and Manganese Foliar Fertilizer Market Segment Analysis – By Form
Oxide form of foliar fertilizers shares the largest share in zn-mg foliar fertilizer market. Oxide form of manganese foliar fertilizers are being used in various applications such as pasture, forage, grain, oilseed crops, sugarcane, and horticulture crops such as vegetables, tree crops, and vines. The application rates of these oxides which remain effective for several years are like 50Kg/Ha to 200Kg/Ha for pasture, forage and oilseed crops; 150Kg/Ha to 300Kg/Ha for sugarcane; and 200Kg/Ha to 400Kg/ Ha for horticulture crops. Manganese foliar fertilizers are majorly used in soybean production. Manganese is component of a major antioxidant system of the plant; it protects crops by deactivating free radicals that destroy plant tissues.
Zinc and Manganese Foliar Fertilizer Market Segment Analysis – Geography
APAC has acquired significant shares in zinc and manganese foliar fertilizer market. Asian countries, such as China and India, are major cereal producer in the world. Zinc and manganese foliar fertilizer market in the Asia-Pacific region (APAC) is mainly driven by deficiency of zinc and manganese in the soil, growing global consumption of cereals and stagnant growth of crop harvested area. According to World Bank, in 2017, China and India accounted for 20.7% and 10.5% respectively of the world cereal production. Further, FAO expects the global cereal utilization registered a growth of 1% in 2019-2020. Increasing demand for cereals, supported by the stagnant growth of harvested area and crop nutrient deficiency in soil, will boost the growth for zinc and manganese foliar fertilizer market in the region.
Zinc and Manganese foliar fertilizer Market Drivers
Growing need to increase crop yields
Micronutrients, such as zinc and manganese, promote the strong, steady growth of crops that produce higher yields and increase harvest quality — maximizing a plant’s genetic potential. Micronutrient deficiency or toxicity can result in stunted growth, low yields, dieback and even plant death. Some crops and soil types are more prone to certain types of micronutrient deficiency than others. Zinc and manganese deficiencies frequently occur on calcareous, high-pH, sandy texture, high phosphorus, and eroded soils. Zinc and manganese foliar fertilizer helps farmers reduce soil applications and optimize plant nutrition.
Emergence of organic farming
In the last few years, organics farming has emerged as a major trend in the agricultural sector. Various governments have taken initiatives to promote organic farming in their respective countries. For instance, in 2019, Canadian Government announced an C$992,131 to the Canada Organic Trade Association to develop market opportunities for organic products, and build on the “Canada Organic Brand.” In organic farming, foliar feeding is a widely used technique to supply plants with required crop nutrients. In foliar nutrition, effective concentrations of the deficient nutrients are sprayed, which are absorbed directly by the plant tissue.
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Zinc and Manganese foliar fertilizer Market Challenges
Dependence on Governments Subsidiary
Farmers in various parts of the world have been dependent on government subsidies for caring out agricultural activities. In various countries, government subsidy constitutes a large portion of farmers income. For instance, in UK, EU’s Common Agricultural Policy (CAP) subsidy account for 50%-80% of a UK farmer’s income. Further, the cost of fertilizer also accounts for a significant portion of crop cultivation cost. According to USDA, in 2017, fertilizer cost constituted around 18% of corn production cost. So, irregularities, delay and reduction in farmers’ subsidy could act as a bottleneck in the long-term prospects of zinc and manganese foliar fertilizer.
Impact of COVID -19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. Whereas except countries like India, almost every country has suffered in their agriculture sector, because of less availability of seeds, fertilizers and other yielding things. One of the major difficulties, market had faced was shutdown transportation facilities.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Zinc and Manganese foliar fertilizer market. In 2019, the market of Zinc and Manganese foliar fertilizer has been consolidated by the top five players accounting for xx% of the share. Major players in the Zinc and Manganese foliar fertilizer Market are Yara International, Nouryon, Haifa Group, and Stoller Enterprises Inc., Combo Expert GMBH, ATP Nutrition, Omex, and Aries Agro Ltd, among others.
In January 2018, Yara International ASA has completed its acquisition of Tata Chemicals’ urea business in India, marking a significant step forward for its growth ambitions in India.
Asia-Pacific dominates the Zinc and Manganese foliar fertilizer market owing to increasing from larger population.
The growing agricultural sector with increasing demand for food around the world, is likely to aid in the market growth of Zinc and Manganese foliar fertilizer market.
COVID 19 pandemic will create hurdles for the Zinc and Manganese foliar fertilizer market.
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