The pressure on agriculture is growing tremendously, owing to the increasing population, awareness regarding healthy food and diets, and rising income levels. To meet this ever-increasing demand, farmers are required to produce more, with better efficiency, as the available arable land area is decreasing.
Micronutrients help farmers to achieve better results by increasing the productivity of soil and fulfilling the deficiency of different micronutrients in soil. The major micronutrients that are essential for the normal growth and development of crops are zinc, copper, iron, manganese, boron, calcium, and molybdenum, among others.
There are several other micronutrients, such as chlorine, nickel, and cobalt, which are needed, but in very minute quantities.In 2014, New South Wales was the largest micronutrient fertilizers market in Australia, by value, followed by South Australia and Victoria. South Australia is estimated to grow at the highest CAGR among all the states during the forecast period. There is a considerable increase in cereals & oilseeds production along with fruits & vegetable in Australia. This increase directly affects the increase in demand for micronutrient fertilizers.
Fruits & vegetables are the most promising application market of micronutrients as the demand for fresh fruits & vegetables is increasing throughout Australia. The wide range zinc deficiency in Australia has increased the demand for zinc micronutrient fertilizers. And the high efficiency of chelated form of micronutrients in tackling the problem of micronutrient deficiency has fueled the market for different types of micronutrient fertilizers.
To cater to the need of micronutrient fertilizers market in Australia, many firms are operationally active in the country. They include Netafim (Israel), Rivulis Irrigation (Israel), Lindsay Corporation (U.S.), The Toro Company (U.S.), Jain Irrigation Systems Ltd. (India), EPC Industries Limited (India), Cheminova A/S (U.S.), Rain Bird (U.S.), Valmont Industries, Inc. (U.S.), Nelson Irrigation Corporation (U.S.), and Irritec Spa (Italy). To serve the growing market and gain profit, these firms adopted strategies that include collaborations, new product development, mergers & acquisitions, agreements, and partnerships. For instance, Headland Agrochemicals Ltd., a subsidiary company of Cheminova A/S, launched new products such as Headland Spirit, Mansion, and Manganese/Copper DF to capture the market.
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