Crop Micronutrients Market | Strategic Analysis and Future Scenarios – 2025 | BASF SE., Nutrien Ltd
August 5, 2022
Crop Micronutrients Market by Form, Product Type, Crop Type, and Application - Global Opportunity Analysis and Industry Forecast, 2018-2025
PORTLAND, OR, UNITED STATES, August 5, 2022 /EINPresswire.com/ -- The report offers an extensive analysis of the market size & share, drivers & opportunities, key winning strategies, top investment pockets, and competitive scenario.
According to the report published by Allied Market Research, the global Crop Micronutrients Market accrued a sum of $6.07 billion in 2017 and is expected to reach $11.53 billion by 2025, thereby growing at a CAGR of 8.3% from 2018 to 2025.
Growing deficiency of micronutrients in the soil, depleting oil reserves increasing the demand for biofuels, and rise in worldwide population elevating the hest for food products have fueled the growth of the global crop micronutrients market. On the other hand, lack of awareness regarding dosage and proper application of micronutrients among farmers, and availability of cheap alternatives as well as counterfeit products hamper the growth to certain extent. However, inclusion of new methods of farming has created new opportunities in the segment.
Crop micronutrients are essential elements for plant growth and play an important role in balanced crop nutrition. The lack of micronutrients can lead to various diseases in plants such as chlorosis, yellowing of leaves, gummosis, and others that can reduce the quality and quantity of plants. 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. 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.
Based on form, the chelated segment garnered the lion's share in 2017 and is also expected to grow at the highest CAGR of 8.7% during the forecast period. Based on crop type, the fruits & vegetables segment is projected to grow at the highest CAGR of 8.7% through 2018-2025. Its increasing demand around the globe and especially in developing countries such as China, India, and Brazil has driven the growth. Based on application, the soil segment contributed to 50% of the total market share and is expected to grow at a CAGR of 8.9%. Based on region, Asia Pacific is anticipated to grow at a significant CAGR of 8.9% from 2018 to 2025.
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The key market players analyzed in the report include Baicor, L.C., BASF SE., The Mosaic Company, Yara International, Compass Minerals International, Inc., Aries Agro Ltd., DowDuPont Inc., Nutrien Ltd., and Western Nutrients Corporation. They have adopted a number of strategies including partnerships, new product launches, agreements, and expansions to heighten their status in the industry.
Key Findings of the Crop Micronutrients 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%.
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