Crop Micronutrients Market
Opportunity Analysis and Industry Forecast, 2016-2023
Global Opportunity Analysis and Industry Forecast, 2018-2025
Introduction • The global crop micronutrients market is projected to reach $11,532.36 million by 2025, registering a CAGR of 8.3% from 2018 to 2025 • Crop micronutrients are essential nutrients required by plants for growth and other metabolic activities • They play a major role in improving quality, color, taste, efficiency of fertilizers, water use, disease resistance, and others. They also aid in the development of large as well as strong roots, help build complete proteins and compounds, and promote better plant immunity • The increase in agricultural practices and necessity of high-quality agricultural produce are anticipated to drive the crop micronutrients market • Asia-Pacific was the largest market for crop micronutrients in terms of both value and volume in 2017
Key Factors of the Market • Crop micronutrients maintain the nutrient level in crops & soil to enhance the productivity and growth of crops. These nutrients find extensive applications in agribusiness, thereby driving the crop micronutrients industry • Growth in awareness about benefits of micronutrients among farmers & growers, increase in demand for healthy & nutritious food, surge in demand for biofuels fuel the global crop micronutrients market • Effectiveness of micronutrients for crop yield and productivity, increased awareness among growers about the benefits of micronutrients and shrinkage of agricultural land, are also driving the global crop micronutrients market • In 2017, the soil application segment accounted for more than 50% share of the global crop micronutrients market in terms of value
• The requirement of effective fertilizers is on the rise due to poor soil quality, and therefore, effectiveness of micronutrients for enhancing the crop yield and productivity have fueled the popularity of crop micronutrients among farmers in the recent years
Crop Micronutrients Market
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Key Benefits of the Market • The chelated micronutrients segment was the highest contributor to the crop micronutrients market in 2017, and is projected to grow at a CAGR of 8.7%. • The demand for fruits & vegetables is continuously increasing around the globe, especially in developing countries such as China, India, and Brazil, and is projected to grow at CAGR of 8.7% over the forecast period • Asia Pacific is projected to exhibit rapid growth in the crop micronutrients market, owing to growth in its economy with a large population base, and is projected to grow at the most astounding CAGR of 8.9% from 2018 to 2025 • China accounted for the highest share accounting approximately 40% in the Asia-Pacific crop micronutrients market, in 2017 • In 2017, the soil application segment accounted for 50% of the crop micronutrients market share and is expected to grow at a CAGR of 8.9%
Market Segmentation
Key Players of the Market • • • • • • • • • •
Akzo Nobel N.V. Aries Agro Ltd. Baicor, L.C. BASF SE. Compass Minerals International, Inc. DowDuPont Inc. The Mosaic Company Nutrien Ltd. Western Nutrients Corporation and Yara International
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