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Crop Micronutrients Market is Anticipated to Reach $11.53 Billion by 2025- Top 10 Leading Companies & Covid-19 Impact
Crop Micronutrients Market
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.
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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.
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.
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