The recent widespread use of chemical fertilisers on crops has led to micronutrient shortages in crop micronutrient market Furthermore, aggressive chopping practices and a lack of water are making crops more deficient in micronutrients. By 2032, the top valuation of the global crop micronutrient market is expected to reach US$ 8.1 billion, growing at a compound annual growth rate of 7.4%.
From past few years chemical fertilizers are widely used on crops which is resulting in micronutrient deficiencies in crops. In addition to this, water scarcity and intensive chopping patterns are also increasing the micronutrient deficiencies in crops. The global crop micronutrient market is set to witness growth at a CAGR of 7.4% and top valuation of US$ 8.1 Billion by 2032.
The term “food insecurity” has caused concern among agronomists, researchers, academics, and policymakers worldwide. Due to the ongoing threat posed by anthropogenic activities and the changing climate, food security has received a lot of attention lately.
Along with the quantity of food consumed, other factors that affect food security include food availability, quality, and variety. The highest output levels and the most efficient utilisation of the currently available land are required to meet these needs. Resolving these problems with the use of micronutrients for agriculture is expected to stimulate growth during the forecast period.
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“Increasing sales of processed food products, along with high preference for nutrient-rich breakfast cereals and other products will continue augmenting the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The crop nutrients market is expected to expand at CAGR of 5.9% and 4.1% in Latin America and the Middle East & Africa respectively through 2032.
- East Asia and South Asia will account for 19.4% and 15.2% respectively in 2022, due to increasing awareness regarding micronutrients among the farmers.
- Among the form segment, chelated micronutrients are dominating the crop micronutrient market holding around 78.3% share in 2022 and is expected to grow with CAGR of 4.5% over the forecast period.
- By crop type segment, sales of cereals & grains will account for 43.7% of the total market share in 2022 and are expected to grow at a CAGR of 4.0% over the assessment period.
- Zinc will dominate the product type segment holding 27.3% share in 2022, with demand growing at a CAGR of 3.1% over the forecast period.
- Europe crop micronutrient market is expected to cross market valuation of US$ 860.1 Mn in 2022 and grow with a CAGR of 7.4% over the forecast period.
Competitive Landscape
Key players operating in the crop micronutrient market are DowDuPont Inc., Aries Agro Ltd., Baicor L.C., Compass Minerals International, Inc., BASF SE, The Mosaic Company, Western Nutrients Corporation, Nutrien Ltd., Akzo Nobel N.V, and Yara international ASA.
Leading players are getting involved in mergers and acquisitions to expand their global presence. They are also investing in research and development to improve their product portfolios.
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Crop Micronutrients Market By Category
By Form:
- Chelated Micronutrients
- Non-chelated Micronutrients
By Crop Type:
- Cereals & Grains
- Pulses and Oilseeds
- Fruits & Vegetables
By Product Type:
- Boron
- Zinc
- Copper
- Molybdenum
- Iron
- Manganese
By Application:
- Fertigation
- Foliar
- Soil
- Seed Treatment
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Crop Micronutrients market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on form (chelated micronutrients, non-chelated micronutrients), crop type (fruits & vegetables, cereals & grains, pulses and oilseeds, others), product type (zinc, boron, iron, copper, manganese, molybdenum, others), and application (soil, seed treatment, fertigation, foliar, others) across seven major regions of the world.
Connect with our Analysts for Expert Advice and Customized Recommendations to Unlock Strategic Insights in the Crop Micronutrients Market :
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About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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