Yahoo Finance The Global Crop Micronutrients Market size is expected to reach $8.7 billion by 2028, rising at a market growth of 7.5% CAGR during the forecast period
Crop micronutrients are critical nutrients that plants need to develop and perform other metabolic functions. They help to improve quality, color, taste, fertilizer efficiency, disease resistance, water use, and other factors.
New York, July 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Crop Micronutrients Market Size, Share & Industry Trends Analysis Report By Form, By Application, By Crop Type, By Type, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06289226/?utm_source=GNW
These micronutrients also help in the creation of big and strong roots, as well as the formation of full proteins and chemicals and improved plant immunity. The crop micronutrients market is being driven by factors such as the efficacy of micronutrients for crop production and productivity, growing awareness among growers about the advantages of micronutrients, and shrinking agricultural land. Additionally, developing soil inadequacies in cultivated lands can be attributed to the increased demand for crop micronutrients. Crop micronutrients also help crops to be more resistant to disease.
Growing public awareness about food security, as well as rising occurrences of micronutrient deficiencies in soils around the world, are likely to drive market expansion over the forecast period. Rising investment by key participants in new product launches is projected to enhance industry sales even more.
Iron application has been linked to good yields, economic returns, and iron concentration in mungbean. Biofortification is a popular trend in the agricultural micronutrient industry, and it aids in the integration of nutrients into food crops. This method is gaining popularity as a cost-effective and sustainable strategy to boost mineral concentration in staple crops like mungbean. Increased iron levels in mungbean are bringing in more money for farmers and enhancing manufacturers’ credibility in the agricultural micronutrient market. Manufacturers are increasing their iron compound production capacities because women and pre-school children are the most vulnerable to micronutrient deficiency.
COVID-19 Impact
Fertilizer application to crops is influenced by soil type, soil fertility levels among soil types, accessible nutrients ratios, type of crop, and weather conditions. The influence of the COVID-19 pandemic on soil fertility is due to human activity, such as farmers’ failure to apply fertilizer on time. In the wake of the COVID-19 pandemic, there is a pressing need to expand existing measures to improve agricultural input use efficiency, particularly fertilizer, by implementing innovations like sensor and satellite technologies.
Market Growth Factors
Rising deficiency of micronutrients in soil
Crop micronutrients can be found in low concentrations in plants, and their deficiencies can cause crop diseases. Micronutrient shortages and imbalances are occurring in soils all around the world, and the main causes include temperature, humidity, and soil pH. The accessibility of micronutrients in the soil is reduced as the pH of the soil is raised. To alleviate the shortages, governmental and non-governmental organizations are emphasizing mineral fertilization measures. As per the FAO, countries like China, the United States, and India consume roughly half of all mineral fertilizer nutrients. Many countries have achieved national food sufficiency, nonetheless, there is always a need to feed people with nutrient-rich food by improving agriculture practices.
Increasing development in the biodegradable chelates
Owing to the different known risks of non-biodegradable chelating agents, the market is increasingly focusing on the creation of biodegradable chelates. In place of non-biodegradable agents, NTA, EDDS, and ITS are the most recently produced and extensively utilized agents on the market. These are mostly utilized for goals like removing metals that can harm plant and soil health, as well as preventing harmful metals from precipitating into the soil. Growers in the region are gradually transitioning away from commodity fertilizers and toward specialty fertilizers such as coated and encapsulated fertilizers, chelated fertilizers, and slow release fertilizers.
Market Restraining Factors
Availability of various organic fertilizers
The trend in food consumption in industrialized countries is mostly changing toward better meals derived from healthy and safe sources. As a result, consumers are becoming more conscious of the commercialization of agriculture and the widespread use of chemical and synthetic fertilizers, both of which have the potential to harm human health. Due to this, in countries where food production outnumbers consumption, people are more concerned about the quality of their food. Organic fertilizers are witnessing huge demand, particularly in developed regions, with key markets including the United States, Germany, and France. As a result of the rising organic fertilizers, organic food production would rise in the coming years.
Form Outlook
Based on Form, the market is segmented into Chelated and Non-Chelated. The non-chelated segment garnered a significant revenue share in the crop micronutrients in 2021. It is owing to the expansion of the agriculture sector across various nations. These non-chelated micronutrients are as useful as chelated forms since they provide boron, zinc, copper, and other elements to plants.
Application Outlook
Based on Application, the market is segmented into Soil, Foliar, Fertigation, and Others. The soil application segment procured the maximum revenue share in the crop micronutrients market in 2021. The soil mode of application is a popular method for applying micronutrients in agriculture. This portion enables for equal distribution of micronutrients to plants using traditional fertilizer application equipment. Because of the various factors, soil mode of application is extensively employed in agriculture, and this segment is predicted to grow in the coming years.
Crop Type Outlook
Based on Crop Type, the market is segmented into Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables, and Others. The fruits & Vegetable segment procured a significant revenue share in the crop micronutrients market in 2021. It is owing to the rising demand for fruits among the population. The recent trend of rising fruit consumption has coincided with an increase in vegetable and fruit exports, resulting in a rise in the crop plantation area. Micronutrient-rich fruits and vegetables are likely to rise significantly in the next years.
Type Outlook
Based on Type, the market is segmented into Copper, Zinc, Boron, Iron, Manganese, Molybdenum, and Others. The copper segment recorded the highest revenue share in the crop micronutrients market in 2021. Copper-type micronutrients catalyze processes in plants by activating enzymes necessary for protein synthesis. They also aid in the reduction of vitamin A production in plants, which would fuel the segment’s expansion.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific emerged as a leading region in the crop micronutrients with the largest revenue share in 2021. It is due to the fact that most crop production is done in this region. The market for crop micronutrients is growing due to the rising demand for high-quality products and changing farming practices. The direct application of micronutrients for the treatment of plant shortages would bolster the industry’s need even further.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Compass Minerals International, Inc., The Mosaic Company, Nutrien Limited, DuPont de Nemours, Inc., Akzo Nobel N.V., Aries Agro Limited, Yara International ASA, Baicor, LLC, and Western Nutrients Corporation.
Recent Strategies Deployed in Crop Micronutrients Market
Mar-2022: BASF teamed up with AMVAC, a chemical manufacturing company that offers solutions for insect, disease, and weed control. This collaboration aimed to develop Rhizo-Flo granular soybean inoculant as an addition to the SIMPAS-applied Solutions portfolio.
Mar-2022: The Mosaic Company came into an agreement with BioConsortia, an agricultural biotechnology company. The agreement aimed to make and launch nitrogen-fixing microbial products for all crops, comprising corn, wheat, fruit, rice, and vegetables in China, Thailand, India, and Vietnam.
Mar-2021: The Mosaic Company entered into a partnership with Sound Agriculture. This partnership aimed to bring a revolutionary nutrient efficiency product to market to accelerate yields across major row crops and improve soil health. The companies would team up on the development and distribution of a proprietary mix of Sound Agriculture’s bio-inspired chemistry and key micronutrients.
Mar-2021: The Mosaic Company came into a collaboration with AgBiome, a biotechnology company. This collaboration aimed to develop, discover, and introduce biological alternatives to boost soil fertility. In addition, Mosaic and AgBiome would support the development of advanced agricultural technologies, which facilitate farmers to boost nutrient usage efficiency and ultimately decrease fertilizer loss to the environment.
Apr-2020: Nutrien entered into a definitive agreement to purchase 100 percent of the equity of the Tec Agro Group. This acquisition would support the company’s strategy to bring whole-farm solutions to the Brazilian customers.
Sep-2020: BASF took over the proprietary Glu-L technology for L-glufosinate ammonium from AgriMetis, an industry leader in the development of biotechnological innovations for crop protection. Through this acquisition, BASF Agricultural Solutions would provide its customers with an even more effective product to safeguard against unwanted weeds with an advanced formulation.
Dec-2019: Compass Minerals Plant Nutrition, a business unit of Compass Minerals, introduced Rocket Seeds Moly Shine, a unique seed finisher with the added benefit of micronutrients. The Moly Shine marked the most recent innovation to the Rocket Seeds product portfolio.
Apr-2019: Nutrien took over Ruralco Holdings Limited in Australia. Through this acquisition, the combination of Ruralco’s business with Nutrien’s Landmark operations would offer significant advantages for all stakeholders and boost the delivery of products and services to Australian farmers. The combination would also offer Australian growers with advanced solutions offerings to allow them to better compete in global markets.
Mar-2018: Compass Minerals took over Produquímica, one of Brazil’s leading manufacturers and distributors of specialty plant nutrients. Through this acquisition, Compass Minerals would deliver on a key component of the growth strategy.
Scope of the Study
Market Segments covered in the Report:
By Form
• Chelated
• Non-Chelated
By Application
• Soil
• Foliar
• Fertigation
• Others
By Crop Type
• Cereals & Grains
• Pulses & Oilseeds
• Fruits & Vegetables
• Others
By Type
• Copper
• Zinc
• Boron
• Iron
• Manganese
• Molybdenum
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• BASF SE
• Compass Minerals International, Inc.
• The Mosaic Company
• Nutrien Limited
• DuPont de Nemours, Inc.
• Akzo Nobel N.V.
• Aries Agro Limited
• Yara International ASA
• Baicor, LLC
• Western Nutrients Corporation
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• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06289226/?utm_source=GNW
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