Press release
Global Crop Micronutrients Market Projected to Grow at 10.9% CAGR, Reaching $12.57 Billion by 2029
Crop Micronutrients
What Will the Crop Micronutrients Industry Market Size Be by 2025?
The market size for crop micronutrients has swiftly expanded in the past few years. It is projected to flourish from $7.54 billion in 2024 to $8.31 billion in 2025, showcasing a compound annual growth rate (CAGR) of 10.1%. The expansion during the historical period is due to factors such as an increasing population, diminishing soil nutrients, augmented awareness and education, together with government initiatives.
What's the Long-Term Growth Forecast for the Crop Micronutrients Market Size Through 2029?
In the upcoming years, a significant expansion is anticipated in the crop micronutrients market, with predictions reaching to $12.57 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 10.9%. This surge in the forecast period is believed to be driven by factors such as precision agriculture, concerns about climate change, the rise of organic farming, global worries about food security, and increased consumer knowledge. Dominant trends for the forecast period comprise research and development, biological micronutrient, personalized micronutrient blends, nano-fertilizers, the inclusion of digital agriculture, innovative collaborations, a focus on secondary and micro-nutrients, and climate-smart agriculture.
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What Are the Key Growth Drivers Fueling the Crop Micronutrients Market Expansion?
The crop micronutrient market is projected to grow due to the rising soil micronutrient deficiency. This deficiency denotes the lack of crucial vitamins and minerals that are needed in negligible amounts for proper growth. Micronutrients, though available in minutiae, significantly impact the growth of new plants. A 2022 report by the Center for Science and Environment (CSE) India revealed that 90% of soil samples gathered from 27 states had a nitrogen deficiency. Moreover, organic carbon was found lacking in 85% of the soil samples, while 15% had low levels of organic carbon and 49% had deficient levels. Thus, the escalating soil micronutrient deficit is propelling the expansion of the crop micronutrient market.
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What Are the Key Trends Driving Crop Micronutrients Market Growth?
The crop micronutrient market is witnessing an inclining trend of product development. A number of significant firms in the market are concentrating on the creation of new products to solidify their market standing. An illustrative example is Coromandel International, an Indian firm known for manufacturing fertilizers, pesticides, and specialty nutrients. In May 2024, they introduced ten novel products to the market. These innovative products include a neem-coated bio plant and soil health enhancer, as well as five generic formulations, aimed at offering comprehensive crop protection solutions to Indian farmers. The objective of these products is to effectively control the fall armyworm, a devastating pest that accounts for up to 30% annual corn crop damage in India.
How Is the Crop Micronutrients Market Segmented?
The crop micronutrients market covered in this report is segmented -
1) By Type: Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Other Types
2) By Crop Type: Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Other Crop
3) By Application: Fertigation, Soil, Foliar, Other Applications
Subsegments:
1) By Zinc: Zinc Sulfate, Zinc Chelates, Zinc Oxide
2) By Boron: Boric Acid, Sodium Borate, Boron Chelates
3) By Iron: Iron Chelates, Iron Sulfate, Iron Oxide
4) By Manganese: Manganese Sulfate, Manganese Chelates
5) By Molybdenum: Ammonium Molybdate, Sodium Molybdate,
6) By Copper: Copper Sulfate, Copper Chelates
7) By Other Types: Cobalt, Nickel, Other Micronutrients
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Which Companies Are Leading the Charge in Crop Micronutrients Market Innovation?
Major companies operating in the crop micronutrients market include BASF SE, Nutrien Ltd, Yara International ASA, The Mosaic Company, Corteva Agriscience, Nufarm Ltd, Haifa Group, Compass Minerals International Inc., Coromandel International Limited, Sapec Agro Business, Valagro SpA, ATP Nutrition, Stoller Enterprises Inc., Micromix Plant Health Limited, FMC Corporation, Helena Agri-Enterprises LLC, Verdesian Life Sciences LLC, K+S Aktiengesellschaft, Sociedad Química y Minera de S. A, Brandt Consolidated Inc., Omex Agrifluids Ltd., Bio Huma Netics Inc., Nutri-Tech Solutions Pty Ltd., AgroLiquid, Plant Health Care plc, Loveland Products Inc., Marrone Bio Innovations Inc.
Which Regions Are Leading the Global Crop Micronutrients Market in Revenue?
Asia-Pacific was the largest region in the crop micronutrients market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the crop micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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