Overview and Scope
Crop micronutrients refer to small amounts of vital components used by plants. These are the essential plant nutrients that are present in tissue in minute amounts but are crucial for the growth and development of plants. Without these minerals, the nutrition of the plants would be affected, perhaps resulting in decreased plant yield.
Sizing and Forecast
The crop micronutrients market size has grown rapidly in recent years. It will grow from $6.91 billion in 2023 to $7.6 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing population, depleting soil nutrients, awareness and education, government initiatives.
The crop micronutrients market size is expected to see rapid growth in the next few years. It will grow to $11.22 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to precision agriculture, climate change concerns, organic farming trends, global food security concerns, consumer awareness. Major trends in the forecast period include research and development, biological micronutrient, customized micronutrient blends, nano-fertilizers, digital agriculture integration, collaboration for innovation, focus on secondary and micro-nutrients, climate-smart agriculture.
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Segmentation & Regional Insights
The crop micronutrients market covered in this report is segmented –
1) By Type: Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Other Types
2) By Crop Type: Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Othe Cropr
3) By Application: Fertigation, Soil, Foliar, Other Applications
Asia-Pacific was the largest region in the crop micronutrients market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the crop micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Developing soil micronutrient deficit is expected to propel the growth of the crop micronutrient market going forward. Micronutrient deficiency is the absence of vital vitamins and minerals that the body needs in minute amounts for healthy growth and development. Micronutrients are vital to plant nutrients that are present in tiny levels and aid in boosting the growth of new plants. According to a report published by the Center for Science and Environment (CSE) India, in 2022, There was nitrogen deficiency in 90% of the soil samples collected from 27 states. 85% of soil samples are deficient in organic carbon. Also, 15% contain low levels of organic carbon, and 49% of soil samples have low levels of organic carbon. Therefore, the developing soil micronutrient deficit is driving the growth of the crop micronutrient market.
Key Industry Players
Major companies operating in the crop micronutrients market report are BASF SE, Nutrien Ltd, Yara International ASA, The Mosaic Company, DowDuPont Inc., Corteva Agriscience, Nufarm Ltd, Haifa Group, Compass Minerals International Inc., Coromandel International Limited, Sapec Agro Business, Valagro SpA, ATP Nutrition, Stoller Enterprises Inc., Micromix Plant Health Limited, FMC Corporation, Helena Agri-Enterprises LLC, Verdesian Life Sciences LLC, K+S Aktiengesellschaft, Haifa Chemicals Ltd., Sociedad Química y Minera de S. A, Brandt Consolidated Inc., Omex Agrifluids Ltd., Bio Huma Netics Inc., Nutri-Tech Solutions Pty Ltd., AgroLiquid, Plant Health Care plc, Loveland Products Inc., Marrone Bio Innovations Inc.
The crop micronutrients market report table of contents includes:
1. Executive Summary
2. Crop Micronutrients Market Characteristics
3. Crop Micronutrients Market Trends And Strategies
4. Crop Micronutrients Market – Macro Economic Scenario
5. Global Crop Micronutrients Market Size and Growth
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26. South America Crop Micronutrients Market
27. Brazil Crop Micronutrients Market
28. Middle East Crop Micronutrients Market
29. Africa Crop Micronutrients Market
30. Crop Micronutrients Market Competitive Landscape And Company Profiles
Top Major Players:
- BASF SE
- Nutrien Ltd
- Yara International ASA
- The Mosaic Company
- DowDuPont Inc
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