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Market Overview:
The Crop Micronutrients Market size is estimated to reach $8.5 Billion by 2030, growing at a CAGR of 8.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Crop Micronutrients Market – By Product Type (Boron, Copper, Iron, Manganese, Molybdenum, Zinc), By Form (Chelated Micronutrient, Non-Chelated Micronutrient), By Crop Type (Cereal Grain, Fruit Vegetable, Pulses and Oilseed & Others), By Application (Fertigation, Soil, Foliar, Seed Treatment), By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”
The growing need for food security, soil degradation, effects of climate change on agriculture and the need for nutritious food is driving the crop micronutrients market
APAC Dominated the Market in 2023:
APAC held the largest share of around 42% in the Crop Micronutrients Market in the year 2023. This growth is mainly attributed to the increase in demand for micronutrients in cereals and grains, oilseeds and pulses, fruits and vegetables and horticultural crops. The presence of numerous developing countries such as China, India, Indonesia and Malaysia among others are the major countries supporting the growth of the market. The surge in demand for food, increase in population and growth in arable land and agricultural output in this region is boosting the demand for micronutrients.
Crop Micronutrients Market: Key Takeaways
Widespread Soil Nutrient Deficiencies:
Intensive agricultural practices and climate change have led to soil degradation and nutrient depletion. Micronutrient deficiencies limit crop growth and productivity, making supplementation essential. Micronutrients like zinc, iron, and boron are crucial for various physiological processes in plants, including cell division, photosynthesis and enzyme activity. A deficiency of these nutrients can lead to stunted growth, reduced leaf size and poor overall plant development. To address these issues, farmers often rely on micronutrient fertilizers to supplement their crops' nutritional needs. These fertilizers can be applied through various methods, such as foliar sprays, soil applications or seed treatments.
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Need for Productivity
The several types of agrochemicals and plant growth regulators help to increase the productivity of the crops. The rapid increase in agricultural activities on account of the high demand for food items from the growing population has increased the consumption level of plant hormones. Micronutrients are widely used in fertilizers and enable the production of balanced fertilizers with required micronutrients which ensure optimal development of the plants. The change in food preferences demands more resource-intensive production and requires maximum output from the invested resources
Scope of the Report:
Recent Developments:
- In August 2024, CHS Inc. introduced the first of six new products designed to enhance growers’ crop yields. New Trivar EZ is an enhanced granular micronutrient fertilizer blend that features the Levesol chelating agent, that helps improve the availability of micronutrients to crops.
- In March 2024, Lucent BioSciences announced its strategic expansion into the US, EU, and Brazil. Lucent Bio aims to deliver its micronutrient fertilizer solution, Soileos, to farmers in the US Midwest, supporting key crop acres, including corn, soybean, and wheat.
- In December 2023, Rallis India Limited, a Tata enterprise company, launched NAYAZINC, a unique, patented zinc fertiliser designed for soil application. This fertiliser will be applied in various crops, soils, and agro-climatic conditions, providing farmers with a highly efficient alternative to Zinc Sulphate.
Crop Micronutrients: Competitive Landscape
Key companies profiled in the Crop Micronutrients Market are BASF SE, Yara International ASA, Nutrien, Bayer CropScience, Nufarm, K+S AG, The Mosaic Company, Syngenta, Vrdesian and Koch Agronomic Services
Related Reports:
Agricultural Micronutrients Market – Agricultural Micronutrients Market size is forecast to reach $5.7 billion by 2025, after growing at a CAGR of 8.5% during 2020-2025. With increasing soil testing & plant analysis for requirement of high-quality agricultural production, micronutrients deficiency has been verified in many soils, which will increase the demand for micronutrients and owing to this the agricultural micronutrients market will grow.
Chelate Fertilizer Market- The Chelate Fertilizer Market size is forecast to reach US$2.3 billion by 2027, after growing at a CAGR of 7.5% during 2022-2027. Chelate fertilizer is an organic element that helps to keep micronutrients from being oxidized or precipitated by other ions. The chelated fertilizer improves the bioavailability of micronutrients such as ethylenediaminetetraacetate, and diethylenetriamine pentaacetate and in turn contributes to the productivity and profitability of commercial crop production than regular micronutrients.
Secondary Macronutrient Market- Secondary Macronutrients Market size is forecast to reach $38 billion by 2025, after growing at a CAGR of 3.41% during 2020-2025. Plants requires secondary macronutrients in minimal quantity but are not replaceable with any primary nutrients owing to this, the secondary macronutrients will grow. Growth in demand for high-value crops such as fruits and vegetables with increasing deficiency of secondary macronutrients in the soil will drive the market during the forecast period.
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