Crop Micronutrients Market 2022 Deep Analysis of Current Trends and Future Demand by Top Key Players By 2028

Posted by Mrudula Karmarkar on December 14th, 2022

The global crop micronutrients market size is expected to reach USD 9.11 Billion by 2028, registering a compound annual growth rate (CAGR) of 7.3% during the forecast period, according to a new report by Grand View Research, Inc. The growing nutrient-rich food demand in developing economies like China, India, and Brazil is propelling the demand for crop micronutrients.

Extensive micronutrient deficiency around the globe, with zinc and iron deficiencies becoming a major escalating fear for plant health, along with growing encouragement from various government organizations and other agencies to surge the usage of crop micronutrients to augment the soil and plant health are the prime factors that are propelling the market growth. Furthermore, crop micronutrients play a crucial role in guaranteeing plants balanced nutrition. The lack of crop micronutrients may limit the growth of plants. The choice of micronutrient source is considered on cost per unit, mode of application, and other important factors.

The chelated form segment contributed to the highest share of over 70% of the global market revenue in 2021. As per the different soil pH, the availability of chelated micronutrients is present in the market. The demand for the segment is anticipated to expand at a significant rate, owing to the greater stability of chelated compounds.

Cereals & grains crops contributed to the highest share of around 50% of the global market revenue in 2021. Consumption of cereals across the globe is high. Additionally, consumption of food is on rising owing to the growing population worldwide. Therefore, it is essential to maintain nutrient levels in the soil to enrich the growth and productivity of the cereals. As a result, micronutrients play a prime role in nutrient-rich food production.

The Asia Pacific dominated with a revenue share of around 55% in 2021. Growing demand for high-quality products and rising farming practices are chief factors that drive the growth of the crop micronutrients market in this region. There is also a huge demand for crop micronutrients in this region owing to direct usage of micronutrients for plant deficiencies treatments.

 This can be credited to the rising soil deficiencies in cultivated lands. Crops micronutrients are crucial for the growth of plants and their metabolic activities. They aid in the development of roots by strengthening them, making them grow larger, and providing them with organic compounds and proteins. Furthermore, crop micronutrients promote better immunity to crops. All these factors are expected to boost market growth during the forecast period.

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https://www.grandviewresearch.com/industry-analysis/crop-micronutrients-market-report/request/rs1

Factors such as increasing awareness among people regarding the benefits of crop micronutrients for crop productivity and yields are driving the growth of the crop micronutrients market. Also, growing consciousness concerning food security among people coupled with rising incidences of deficiencies of micronutrients in soils across the globe is expected to propel the market’s growth during the forecast period.

Crop Micronutrients Market Report Highlights

  • Middle East & Africa is expected to register the fastest growth of 9.8% CAGR from 2022 to 2028, owing to increasing demand for nutrient-rich food demand from countries such as South Africa
  • The chelated form segment contributed to the highest share of over 70% of the global revenue in 2021 due to the rising demand for chelated micronutrient compounds
  • The Asia Pacific dominated by contributing around 55% of the global revenue in 2021 due to the rising adoption of micronutrients to overcome soil and plant deficiencies
  • Cereals & grains held the largest share in 2021 and contributed around 50% of the total revenue due to the increasing consumption of cereals across the world

Increasing investment by key players to launch new products is further expected to boost the industry sales. However, the availability of counterfeit or more economical products and also a lack of knowledge among farmers regarding the proper application of doses of micronutrients for plants may hamper the chelated crop micronutrients market. Additionally, the demand for the industry has decreased due to the COVID-19 pandemic. As a result of the ongoing lockdown, the micronutrients production and supply chain have been affected, hampering the market growth.

Key players are focusing on R&D and also launching new products to meet the increasing demand for crop micronutrients. Furthermore, key players are investing in new production plants to increase their product folio along with the expansion of their presence in the market.

Some of the prominent players in the global crop micronutrients market include:

  • BASF SE
  • DowDuPont Inc.
  • Nutrien Ltd
  • Corteva Agriscience
  • Yara International ASA
  • The Mosaic Company
  • Akzo Nobel N.V
  • Nouryon
  • Nufarm Ltd
  • Compass Minerals International
  • Western Nutrients Corporation

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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