Global Crop Micronutrient Market 2024, Size, Analysis

The Crop Micronutrients by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Crop Micronutrients, 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.

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The crop micronutrients market covered in this report is segmented –

1) By Type: Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Other Types

2) By Crop Type: Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Othe Cropr

3) By Application: Fertigation, Soil, Foliar, Other Applications

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.

The crop micronutrients market report table of contents includes: