Crop Micronutrients Market size was valued at USD 6.58 billion in 2022 and is expected to reach USD 11 billion by 2029, at a CAGR of 7.61% from 2023-2029. Micronutrients are comprised of vitamins and minerals which are required in small quantities to ensure normal metabolism, growth and physical well-being. The essential micronutrients for field crops are B, Cu, Fe, Mn, Mo, and Zn. Other mineral nutrients at low concentrations considered essential to growth of some plants are Ni and Co. The incidence of micronutrient deficiencies in crops has increased markedly in recent years. Increase in the population is the key factor anticipating the growth of the crop micronutrients market. The loss of top soil by erosion, losses of micronutrients through leaching, liming of acid soils, decreased proportions of farmyard manure compared to chemical fertilizers, increased purity of chemical fertilizers are some of the factors influencing the growth of the market. Increasing health issues along with shift in consumer preference towards nutritious food is expected to drive the growth of the crop micronutrients market. However, the stringent government regulations are likely to hinder the growth of the market. The limited awareness among the farmers regarding the micronutrient products are hampering the growth of the market. The high cost of the micronutrients is limiting the growth of the market. this report studies global Market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, The global Crop Micronutrients Market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global Crop Micronutrients Market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities).
Fastest Growing Market
Micronutrient deficiency occurs all across the world, however it varies depending on the climate, soil conditions, rainfall, and other environmental factors. The global increase in the rate of soil micronutrient deficiencies is a major factor driving the global agricultural micronutrients market. Human activities such as soil depletion due to cultivation without proper fertilizer cause micronutrient deficiencies. Excess phosphate fertilization also contributes to micronutrient scarcity. The availability of zinc, iron, and copper for crops is hampered by phosphate. Micronutrient deficiency is likely to rise in the coming years. The use of micronutrient fertilisers in the soil can help to overcome micronutrient shortages. Synthetic chelates, as well as inorganic and natural organic complexes, are major sources of micronutrients. Micronutrients are mixed in with nitrogen (N) phosphorus (P) potassium (K) fertilisers, bulk blended with granular fertilisers, or put into fluid fertilisers. Companies are concentrating their efforts on the creation of novel product combinations. OEMs are using a new generation of agricultural micronutrients to replace metal and some common polymers in engines, transmissions, and other powertrain components with agricultural micronutrients that can survive tough end-use temperatures and heat.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.