The global crop micronutrient market is poised for substantial growth, with projections indicating a rise from USD 4.16 billion in 2023 to an impressive USD 7.23 billion by 2033. This significant growth is attributed to increasing awareness about soil health, rising agricultural demands, and government initiatives promoting balanced fertilization practices.
The crop micronutrient market, which recorded a valuation of USD 3.93 billion in 2022, is anticipated to grow at a healthy CAGR of 7.4% from 2023 to 2033. Micronutrients such as iron, zinc, copper, and manganese play crucial roles in plant health and development. As the global population continues to rise, ensuring food security through improved crop yields has become imperative. Consequently, the demand for micronutrient-based fertilizers has surged, driving market expansion.
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The demand for crop micronutrients is primarily driven by the need to address soil nutrient deficiencies and enhance crop yields. Farmers are increasingly turning to these micronutrients to ensure that their crops receive a balanced supply of essential elements. This trend is particularly evident in emerging economies where agriculture plays a pivotal role in sustaining livelihoods and food security.
Farmers are one of the largest consumer groups for crop micronutrients, utilizing these inputs to rectify soil deficiencies and promote healthier plant growth. Agricultural cooperative organizations in developing countries also play a significant role by importing and distributing crop micronutrients to farmers at subsidized rates. Additionally, agrochemical retailers, food and beverage corporations engaged in corporate farming, home gardeners, and agricultural research institutions are key consumers of these micronutrients.
Key Takeaways from the Crop Micronutrient Market Report:
- The Crop Micronutrient Market is expected to grow at a remarkable rate of 7.4% from 2023 to 2033.
- The food and cereal sector dominates the global Crop Micronutrient Market , with an overall revenue share of 43.7%.
- Regarding application, micronutrients for enhancing soil quality top the chart, capturing a 42.8% share of the global Crop Micronutrient Market revenue.
- Japan is the leading market for crop micronutrients, with a growth rate of 6.3% from 2023 to 2033.
- Japan is followed by Australia (5.5%), China (5.0%), and Germany (4.1%) in terms of crop micronutrient market growth.
Key Factors from the Crop Micronutrient Market:
- The global hunger crisis and the need to improve crop yields to ensure food security are major drivers of the crop micronutrient market.
- Growing awareness about soil nutrient management and the benefits of balanced fertilization are encouraging farmers to adopt micronutrient-based fertilizers.
- Various governments are investing in promoting balanced fertilization and educating farmers on the benefits of crop micronutrients, further driving market growth.
- Advancements in agricultural technologies and practices are making crop micronutrients more accessible and effective, contributing to market expansion.
- Despite the positive growth trajectory, the market faces challenges such as the high cost of inputs in some regions, concerns about chemically treated crops, and the impact of adverse weather conditions.
Competitive Landscape:
The global crop micronutrient market is highly competitive, with several key players driving innovation and expansion. Major companies in the market include BASF SE, Akzo Nobel N.V., DowDuPont Inc., Baicor, L.C., Yara International ASA, Aries Agro Ltd., Compass Minerals International, Inc., The Mosaic Company, Western Nutrients Corporation, Nutrien Ltd., Corteva Agriscience, Nouryon, AgroLiquid, BMS Micro-Nutrients NV, Helena Agri-Enterprises, LLC, and Koch Industries, Inc.
Recent developments in the market highlight the dynamic nature of the industry. For instance, WinField United introduced MAX-IN Ultra ZMB Plus, a new foliar micronutrient product combining zinc, manganese, and boron. Additionally, Nutrien’s acquisition of Koch Industries’ crop nutrition business and ICL Group’s acquisition of Fertiláqua are strategic moves aimed at strengthening market positions and expanding product offerings.
Country-Wise Analysis of Crop Micronutrient Market :
- Emerging Economies Drive Market Expansion: Emerging economies, heavily reliant on agriculture, are experiencing a surge in the demand for crop micronutrients. Countries like China and Japan are at the forefront of this growth due to their focus on improving soil health and crop yields. In China, the crop micronutrient market is expected to grow at a modest rate of 5.0% from 2023 to 2033, driven by the need for enhanced farming methodologies to address the food crisis.
- North America’s Promising Market: North America is witnessing a growing awareness among farmers about the benefits of micronutrient-based fertilizers. This, coupled with government initiatives promoting soil health, is expected to drive significant market growth in the region.
- Europe’s Expanding Market for Feed Additives: In Europe, the increasing use of feed additives containing essential amino acids is expected to boost the demand for crop micronutrients. Farmers are seeking solutions to improve animal performance and crop yields, which is contributing to the market’s expansion.
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