NEWARK, Del, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The crop micronutrient market is likely to hold a valuation of US$ 7.23 billion by 2033. As of 2023, the market value is US$ 4.16 billion. As the demand for efficient agricultural inputs foresees growth, the Crop Micronutrient Market, too, is expected to grow by 7.4% from 2023 to 2033.
Farmers worldwide are increasingly turning to crop micronutrients due to the pressing need to boost agricultural productivity and address nutrient deficiencies in the soil. As the global population continues to grow, the demand for crop micronutrients is also on the rise, as it plays a critical role in enhancing the nutritional value of crop yields. These micronutrients help improve crop quality and contribute significantly to tackling the global food crisis.
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Beyond traditional agriculture, the applications of crop micronutrients extend to various sectors. Research institutes and agro-tech facilities utilize them in controlled experiments to understand plant nutrition better. Governments promote their use to enhance food security and agricultural sustainability. Corporate farming operations integrate micronutrients into their large-scale practices for optimized crop production. Nurseries, gardens, and golf courses use these micronutrients to maintain healthy and vibrant plants to create aesthetically pleasing landscapes and outdoor spaces.
The demand for crop micronutrients is surging in the cereals and grains industry as cereals and grains are staple foods for much of the world's population. The use of these micronutrients not only improves yields but also enhances the nutritional content of grains, addressing malnutrition concerns. With the rising global need for cereal and grain production, crop micronutrients are becoming irreplaceable components of modern agricultural practices.
“There is a lot of room for development in the Crop Micronutrient Market as concerns regarding the sustainability of these products persist in the world. Key players in the market can combine multiple micronutrients in one product to enhance the yield quality. With the help of government bodies, they can also promote the benefits of using crop micronutrients effectively so that farmers with low financial sources can amplify their profit margins while subsequently solving the food crisis issue”, opines Nandini Roy Choudhury, Client Partner at Future Market Insights.
Key Takeaways from the Crop Micronutrient Market Report:
- The Crop Micronutrient Market is expected to grow at a remarkable rate of 7.4% from 2023 to 2033.
- The food and cereal sector dominates the global Crop Micronutrient Market, with an overall revenue share of 43.7%.
- Regarding application, micronutrients for enhancing soil quality top the chart, capturing a 42.8% share of the global Crop Micronutrient Market revenue.
- Japan is the leading market for crop micronutrients, with a growth rate of 6.3% from 2023 to 2033.
- Japan is followed by Australia (5.5%), China (5.0%), and Germany (4.1%) in terms of crop micronutrient market growth.
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Competitive Landscape of Crop Micronutrient Market:
The market for crop micronutrients is very stable, with numerous multinational companies battling for dominance. These companies have invested billions of dollars in developing efficient micronutrient products that help crop growers enhance their per capita crop yield. Small enterprises also exist subsequently but with a limited consumer base. Despite government support, these small-scale enterprises fail to give considerable competition to the big giants.
Key Players in the Global Crop Micronutrient Market
- BASF SE
- Akzo Nobel N.V
- DowDuPont Inc.
- Baicor, L.C.
- Yara international ASA
- Aries Agro Ltd.
- Compass Minerals International, Inc.
- The Mosaic Company
- Western Nutrients Corporation
- Nutrien Ltd.
- Corteva Agriscience
- Nouryon
- AgroLiquid
- BMS Micro-Nutrients NV
- Helena Agri-Enterprises, LLC
- Koch Industries, Inc.
Recent Developments:
- ICL Group announced the acquisition of Fertiláqua, a leading Brazilian specialty fertilizer company, in 2021. As per ICL's plan, the investment will help them utilize Fertiláqua's strong market presence and distribution capabilities in the rapidly growing Brazilian agriculture market.
- WinField United, a Canada-based agro-tech company, recently introduced MAX-IN Ultra ZMB Plus. This new foliar micronutrient combines a high-load blend of zinc, manganese, and boron into one convenient and effective product. With this, the company claims to provide all the essential micronutrients in one go, enhancing the overall soil quality.
- In 2022, Nutrien, the world's notable provider of crop nutrients, feed, crop protection, and services, acquired the crop nutrition business of Koch Industries.
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Crop Micronutrient Market by Category
By Form:
- Chelated Micronutrient
- Non-chelated Micronutrient
By Crop Type:
- Cereals & Grains
- Pulses and Oilseeds
- Fruits & Vegetables
By Product Type:
- Boron
- Zinc
- Copper
- Molybdenum
- Iron
- Manganese
By Application:
- Fertigation
- Foliar
- Soil
- Seed Treatment
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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