Crop Micronutrients Global Market Report 2024

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.

The main type of crop micronutrients market are zinc., boron, iron, manganese, molybdenum, copper, and others. Zinc refers to a trace mineral and is an essential micronutrient for plant life. Zinc is a recommended micronutrient in fertilizer programs for the production of corn, sweet corn, and edible beans. The various crop type includes cereals & grains, fruits & vegetables, oilseeds & pulses, and other. These are used in fertigation, soil, foliar, and others.

The crop micronutrients market research report is one of a series of new reports that provides crop micronutrients market statistics, including crop micronutrients industry global market size, regional shares, competitors with market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the crop micronutrients industry. This crop micronutrients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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.

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.

The growing global population is expected to boost the growth of the crop micronutrients market going forward. The global population refers to the total number of people living on Earth at a given point in time. The rising global population necessitates increased food production, placing farmers under pressure to enhance crop yields and productivity. This demand for higher agricultural output drives the need for micronutrient solutions, as micronutrients are essential for plant growth and can significantly boost crop yields to meet the growing food requirements of the expanding population. For instance, in July 2022, according to a report published by the United Nations (UN), a US-based intergovernmental organization, the global population is expected to reach approximately 8.5 billion by 2030. By 2050, it is projected to increase to 9.7 billion. Subsequently, there may be a peak population of around 10.4 billion individuals during the 2080s. Therefore, the growing global population is driving the growth of the crop micronutrients market.

Product development is a key trend gaining popularity in the crop micronutrient market. Major companies operating in the market are focused on product development to strengthen their position in the market. For Instance, in September 2021, Coromandel International, an India-based manufacturer of fertilizers, pesticides, and speciality nutrients, launched the product GroShakti Plus. This product was manufactured using EnPhos Technology and Zincated technology. EnPho technology enables phosphorous available to the crop and ensures better root development along with Zinc which enables plant growth and improves disease resistance.

Major companies operating in the crop micronutrient market are developing innovative products such as granular micronutrient solutions to meet larger customer bases, more sales, and increase revenue. Granular micronutrient solutions refer to a type of agricultural input that provides essential micronutrients to plants in a granular form. For instance, in February 2023, Andersons Inc., a US-based agriculture company, launched MicroMark DG. These specially designed plant nutrient products utilize dispersing granule (DG) technology, which produces uniformly round granules, facilitating simpler mixing and even spreading, while notably enhancing their effectiveness. The Andersons' DG technology ensures that these granules disintegrate in the soil, breaking down into numerous sub-particles, thus increasing coverage and nutrient availability to crops. MicroMark DG products find applications in agricultural settings where dry fertilizer is employed, serving as a versatile option for dry starter applications, dry broadcast, strip-tilling, side dressing, and catering to various crop types, including row crops, vegetables, horticultural plants, and fruit trees.

In April 2021, Hydrofarm, a US-based manufacturer of hydroponics equipment and supplies, acquired Heavy 16 for a $78.1 Million deal amount. With this acquisition, Hydrofarm aims to strengthen its position in the market. Hydrofarm will be able to expand its portfolio of innovative and proprietary products in categories of nutrients, climate control, and others. Heavy 16 is a US-based manufacturer of professional plant nutrients.

Major companies operating in the 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.

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

The countries covered in the crop micronutrients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The crop micronutrient market consists of sales ofmolybdenum, chlorine, and nickel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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