The US$ 8.1 Billion Global Crop Micronutrient Market by 2032 Surge Amidst Chemical Fertilizer Impacts

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.

Gain Deeper Insights into the Dynamic Crop Micronutrient Market: Request a Customizable Report Now to Stay Ahead of Trends and Opportunities in Agricultural Innovation :
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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 :
https://www.futuremarketinsights.com/ask-question/rep-gb-15007

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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