The global crop micronutrient market is set to witness growth at a CAGR of 7.4% and top valuation of US$ 8.1 Bn by 2032.
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 term “food insecurity” has triggered concerns among scientists, researchers, agronomists, and policymakers across the globe. Due to changing climate and the ever-present threat of anthropogenic activity, food security has received a lot of attention in recent years.
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Food security is concerned not only with the quantity of food consumed but also with the quality and variety of food available. These criteria necessitate the most efficient use of existing acreage and the highest possible production. As agriculture micronutrients can help to solve these problems, it is expected to propel growth over the forecast period.
“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.
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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.
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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.
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