Crop Micronutrients Market Forecasts to 2028 – Global Analysis By Form (Non-Chelated and Chelated), Type (Manganese, Zinc and Other Types), Crop Type (Pulses & Oilseeds, Cereals & Grains and Other Crop Types), Application and Geography

Crop Micronutrients Market Forecasts to 2028 – Global Analysis By Form (Non-Chelated and Chelated), Type (Manganese, Zinc and Other Types), Crop Type (Pulses & Oilseeds, Cereals & Grains and Other Crop Types), Application and Geography

According to Stratistics MRC, the Global Crop Micronutrients Market is accounted for $4.0 billion in 2022 and is expected to reach $6.85 billion by 2028 growing at a CAGR of 9.4% during the forecast period. Crops need essential nutrients for growth as well as other metabolic processes; they are often referred to as crop micronutrients. They significantly affect how traits like colour, flavour, the efficiency of using fertiliser, water consumption, disease resistance, and others are improved. Additionally, they aid in the development of thick, strong roots, the synthesis of complete proteins and chemicals, and the improvement of the plant's disease resistance. The effectiveness of micronutrients in boosting crop yield and productivity, growers' increased awareness of the advantages of micronutrients, and the dwindling supply of land suited for agricultural production

According to the “World Organic Agriculture- Statistics and Emerging Trends” report 2017, there is 69.8 million hectares of farm area covered under organic farming

Market Dynamics:

Driver:

Increasing usage for fertilizers

Numerous nutrients increase plant output, keep people nourished and healthy around the world, and improve fertiliser effectiveness. Micronutrients make up the third group of crucial crop nutrients. Micronutrients contribute to the general health and growth of plants. Micronutrients encourage vital plant functions and growth, which results in nutrient-dense food for both animals and people. Micronutrients, which are frequently in insufficient supply for growing crops, include boron, chlorine, copper, iron, manganese, molybdenum, and zinc. Because of this, the market for agricultural micronutrients will expand as fertilisers are used more frequently.

Restraint:

Strict regulations

In industrialised countries, the consumption of food is primarily changing in favour of better meals coming from secure and wholesome sources. As a result, more people are becoming aware of the harm that commercialised agriculture and the extensive use of synthetic and chemical fertilisers do to people's health. Therefore, in countries where food output exceeds demand, people have a propensity to concentrate on the quality of their meals. Growing demand for organic fertiliser makes it a potential market opponent for businesses that make micronutrients. Hence, the above factors hindering the growth of the market.

Opportunity:

Development of biodegradable chelates

The emphasis on the creation of biodegradable chelates is increasing in the markets as a result of the different known risks associated with non-biodegradable chelating agents. The most recent and widely advertised agents in the market, in place of non-biodegradable agents, are NTA, EDDS, and ITS. These are mostly used to achieve goals such the removal of metals that may have an impact on the health of plants and soil, as well as to prevent the precipitation of these hazardous metals into the soil.

Threat:

Poor awareness among the developing regions

The majority of agricultural land is cultivated by small-scale farmers around the world due to a number of factors, including a decline in the number of farmers and an increase in the average age of farmers globally. In addition, there are very few farmers who are highly educated, fully aware of the conditions of the soils they cultivate, and who know the best techniques to get the highest yields. The usage of nutrients is still considered to be a luxury in the majority of countries as a result of their ignorance of the micronutrients that are present or deficient in the soil.

Covid-19 Impact

The lockdowns, logistical disruptions, decreased yields, and related economic effects of COVID-19 continue to pose a threat to the global market for agricultural micronutrients. Since the beginning, the world's greatest producer and consumer of agricultural micronutrients, China, has been particularly impacted. The transportation of both finished products and raw materials for micronutrients into and out of China has been impacted by the outbreak of a novel coronavirus, which has so far had the most severe effects on the entire Chinese agriculture micronutrients sector. Additionally, this pandemic is anticipated to affect the EU-5, Brazil, India, and US agriculture micronutrients industries.

The chelated segment is expected to be the largest during the forecast period

The chelated segment is estimated to have a lucrative growth. Chelated micronutrients are used extensively in agricultural contexts and are sponsored in part by fertiliser manufacturers. They are inorganic nutrients contained within an organic molecule. Additionally, the non-chelated forms of these micronutrients are less stable than the chelated counterparts. They are helpful to plants because they give them chelated versions of metals like boron, zinc, copper, and other elements. These characteristics have helped them become more well-liked in the farming industry, which will grow this sector over the coming years.

The fruit & vegetables segment is expected to have the highest CAGR during the forecast period

The fruit & vegetables segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the important minerals like calcium, fibre, folate, iron, magnesium, potassium, and many others can be found in abundant amounts in fruits and vegetables. Macronutrients and micronutrients are the two main categories of nutrients that must be consumed through food. Proteins, carbs, and unsaturated fats make up macronutrients, whereas vitamins and minerals make up micronutrients. Each nutrient has a unique function in health and wellbeing. Each vitamin and mineral plays a distinct part in how the body works. As a result, this segment is anticipated to have largest CAGR during the forecast period.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the fact that the majority of crop production occurs in the area. The primary drivers driving the growth of this market in the region are the government policies taken by Asia Pacific nations and the substantial subsidies granted on fertilisers for crop nutrition and fertilisation, often up to 100% for marginal farmers. Asia produces a variety of important products, including rice, sugar beet, fruits, vegetables, cereals, and grains; 90% of the world's rice production is consumed in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the slow decline of arable land in nations like the U.S. and Mexico, which further increases demand for specialist goods like micronutrient fertiliser blends, is a contributing factor to the region's rapid growth. The region's market is expected to benefit from growers' increased understanding of and use of crop nutrition products to produce high-quality crops.

Key players in the market

Some of the key players profiled in the Crop Micronutrients Market include Akzo Nobel N.V, DowDuPont Inc., BASF SE, Yara international ASA, Aries Agro Ltd., Baicor, L.C., The Mosaic Company, Compass Minerals International, Inc., Western Nutrients Corporation, Nutrien Ltd., Marrone Bio, Coromandel International LTD. and Haifa Group.

Key Developments:

In 2022 February, The Mosaic Company partnered with the Ethos Institute to support its supply chain partners to address their impact.

In 2022 February, Marrone Bio and Corteva Agriscience announced a distribution contract under which Corteva will be the exclusive European distributor for Kinsidro® Grow.

In 2021 September, Coromandel International Limited launched a new fertilizer GroShakti Plus a superior complex fertilizer, with ‘EnPhos Technology,’ in India.

In 2021 March, The Mosaic Company entered a strategic partnership with Sound Agriculture to develop and distribute a nutrient efficiency product. The product will leverage Sound Agriculture’s bio-inspired chemistry that activates the soil microbiome to give plants access to important nutrients and allow growers to optimize fertilizer inputs. The codeveloped product is expected to launch in the US by 2023, before rolling out to the Americas, with a focus on Brazil, Argentina, and Canada.

In 2020 July, Haifa Group signed an agreement with AgrIOT. Haifa would invest in AgrIOT a sum of around USD 2 million against nearly 30% of the company and global exclusive distribution rights. AgrIOT’s technology was based on machine learning principles and managed to diagnose the precise shortfall in nutrient uptake based on a simple photograph that can be taken on any smartphone

Forms Covered:
• Non-Chelated
• Chelated

Types Covered:
• Manganese
• Zinc
• Boron
• Molybdenum
• Iron
• Copper
• Other Types

Crop Types Covered:
• Pulses & Oilseeds
• Cereals & Grains
• Fruits & Vegetables
• Other Crop Types

Applications Covered:
• Soil
• Fertigation
• Foliar
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements