Crop Micronutrients Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Boron, Copper, Zinc, Iron, Others), By Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Others), By Form (Chelated, Non-Chelated), And By Geography - Forecasts From 2022 To 2027
- Published : Jul 2022
- Report Code : KSI061613893
- Pages : 120
The crop micronutrients market was evaluated at US$5.653 billion for the year 2020, growing at a CAGR of 7.89% reaching a market size of US$9.621 billion by the year 2027.
Micronutrients are essential nutrients that are essential for the growth as well as the metabolic activities of plants. Micronutrients help to improve the taste, quality, and colour of plants or crops. These also enhance the efficiency of the fertilizers and help in the reduction of water use. Micronutrients help in the development of strong roots and help in the building up of complete compounds and proteins, thereby helping in boosting the immunity of crops. The market for crop micronutrients is projected to show decent growth throughout the forecast period. The primary factors augmenting the market growth include the growing deficiencies in soil coupled with rising awareness among farmers or crop growers regarding the delivery of essential nutrients to the crops. Furthermore, there has been a constantly growing awareness of food security, which is also a key factor driving the demand for crop micronutrients. The burgeoning requirements for enhanced crop yield and productivity are also projected to bolster the demand for these nutrients as they are considered to be highly efficient for improved crop yield. A significant decrease in the arable land, coupled with an increase in the globally growing demand for food has further put the pressure on the limited available resources, thus, for improved yield in the limited available land farmers are using various micronutrients, which are also playing a significant role in shaping the market growth during the next five years.
The availability of substitutes for micronutrients along with the unawareness among the farmers regarding the benefits of these nutrients and also the lack of knowledge regarding the proper application of micronutrients are some of the factors projected to inhibit the market growth moderately during the given time frame.
Growing food demand:
The global population has been on the verge of increasing for many years. According to data by the United Nations, the world’s population is expected to reach 9.7 billion by the year 2050. This, in turn, is considered to be a prime factor that has led to an increase in the demand for nutritious food and agricultural crops. The improved economic conditions in many parts of the world and rapid urbanization and industrialization, especially in the developed economies of the world have played a significant role in creating ample job opportunities for people. Thus, the economic conditions are expected to get better with each passing day, as the creation of jobs will further lead to an increase in the purchasing power of the people. Thus, the demand for nutritious food will increase. FAO states that approximately 821 million people in the world are undernourished. However, at this rapid pace of industrialization and urbanization, the pressure on the limited available resources such as land, air, and water is increasing. Thus, a significant shrinkage in the arable land has further augmented the use of micronutrients by the farmers, as these are considered highly efficient for enhancing yield quantity and quality on the limited available land. Thus, the burgeoning requirements for the enhancement of agricultural output have further led to an increased usage of micronutrients since there is limited arable land which cannot be expanded due to industrialization and urbanization.
Declining arable land
The market for micronutrients is projected to show promising growth on account of the constantly decreasing arable land in many countries of the world. Since micronutrients are considered highly essential materials for the supply of the utmost necessary nutrients to the soil as well as the roots of the plants to maintain and uplift the nutritional capabilities. The piece of land that is available and capable of farming is defined as arable land. However, the area of arable land has declined in many parts of the world due to rapid urbanization and industrialization. The construction of industries, residential buildings, highways, and others has further led to a reduction in the availability of arable land in both developed and developing economies. For example, according to the data provided by the World Bank Group, arable land in the United States of America reached 152,262,500 hectares by the year 2016 from 155,926,203 hectares in 2010.
Participation by market players
There is a high volume of companies working in the crop micronutrient market. However, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to further strengthen their position and provide better products and services to their customers worldwide, which is further expected to propel the growth of the market in the coming years. Some of the following are:
In August 2020, Tracegro OY announced the signing of a distribution agreement with AMD Agro in Brazil.
Tracegrow OY announced the addition of a foliar micronutrient to its existing product line, Agro-K®, in January 2020. In April 2019, BASF SE, one of the leading chemical manufacturing companies in the world, announced the signing of an agreement with Canada-based Quadra Chemicals Ltd as a new distributor for its micronutrient products across Canada.
In June 2017, AkzoNobel announced an investment worth €10 million to expand the manufacturing capacity in Sweden engaged in the production of chelated micronutrients to meet the growing demand from the agricultural sector.
Zinc will have a significant share. On the basis of type, the crop micronutrients market has been segmented into boron, copper, zinc, iron, and others. Due to zinc decencies in many countries across the region, zinc is projected to hold a substantial market share throughout the forecast period owing to its wide applications across the Asia-Pacific region. Additionally, zinc is considered as one of the most essential micronutrients as it plays a major role in plant growth due to its capability to regulate auxin, which is an essential growth hormone in the formation of pollen. In protein synthesis as well zinc acts as an enzyme activator.
However, boron is projected to show healthy growth during the forecast period owing to the fact that these are routinely used in fertilizer recommendations for numerous crops, such as cotton, cabbage, apple, and root crops among others.
Fruits and Vegetables to witness good growth
On the basis of crop type, the crop micronutrient market has been divided into cereals and grains, fruits and vegetables, oilseeds and pulses, and others. The fruit and vegetable segment is projected to witness promising growth over the course of the next five years owing to the fact that there has been an increased demand for fruits and vegetables due to their nutritious benefits. Furthermore, the growing production of vegetables due to the continuously increasing demand around the world is driving the demand for micronutrients for their growth. Thus, it is essential to maintain the nutrient quality and productivity of vegetables and fruits. Additionally, the growing exports of fruits and vegetables from the major exporting countries to the world also play a significant role in driving the growth of this segment during the next five years.
Cereals and grains are expected to hold a decent market share throughout the forecast period as they are highly consumed globally owing to their nutritional value. Also, the growing consumption of cereals and grains globally is projected to bolster the growth of this segment during the next five years. For example, the demand for cereals for both human and animal consumption is projected to reach 3 billion tonnes by 2050.
Chelated to hold a significant share
By form, the crop micronutrient market has been classified into chelated and non-chelated. The chelated form of micronutrients is expected to hold a significant share in the market owing to their wide applications and their higher stability than non-chelated compounds. Thus, these forms of micronutrients have wide applications in the agricultural sector, thereby supporting their significant share during the course of the next five years.
Key developments and product launches
The crop micronutrient industry has seen significant developments as a result of the growing demand for plant immunity and food demand in underdeveloped and developing countries.
In May 2022, Tracegrow released the world's first zinc and manganese fertilizer created from used batteries as a micronutrient spray. According to Tracegrow, up to 80% of the elements included in alkaline batteries, can be used as micronutrients for most crops. ZM-Grow is a sulfate-based concentrate with 60g/litre zinc, 67g/litre manganese, and 75g/litre sulfur that is currently permitted for use in both conventional and organic agricultural systems in the United Kingdom. The elements are extracted, purified, and recycled from the zinc and manganese found in batteries.
Tracegrow announced in 2020 that it will begin working with AMD Agro as its Brazilian distributor partner. This partnership with AMD Agro would result in healthier and more productive farms, as well as a long-term rise in food production in Brazil. It also implies that these trace elements won't have to be harvested from the environment. Brazil has the fifth greatest land area in the world, is the world's largest producer of numerous crops, and organic farming is becoming increasingly popular among Brazilian farmers. The Brazilian agriculture industry is now putting a greater emphasis on environmental protection, sustainability, and recycling. All of this, along with AMD Agro's partnership in Brazil, represents a huge potential for both parties.
Growcentia Inc., a biotechnology business focused on agriculture, in May 2022, opened its new corporate offices in Loveland's Centerra development on Friday. Two R&D labs, two microbiological fermentation production bays, a blending manufacturing bay, an indoor plant trial and experimentation station, 28-foot clearance storage, and shipping capabilities with four loading docks and office space are all available at the new site. Growcentia aims to improve soil health, by using important crop micronutrients, to improve plant health and productivity while reducing agricultural’ s environmental effects.
APAC will have a significant share. Geographically, the market has been distributed in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific region is projected to hold a noteworthy market share on account of the presence of major producing countries such as India and China, among others.
Impact of COVID-19 pandemic on Crop Micronutrients Market
The outbreak of the COVID-19 virus led to a surge in infection rates, resulting in the implementation of worldwide lockdowns across countries. This led to a decrease in the market demand for the crop micronutrient market since most production and supply lines were disconnected. Since most crop producers could not meet the increasing food demand during the pandemic, the cost of food increased. The increased demand resulted in more farmers using micronutrients for crop production, to increase crop immunity and decrease crop failure. Moreover, with most industries now restarting their production processes, the crop micronutrient market is anticipated to increase in demand.
Prominent/major key market players in the crop micronutrients market include YARA International, The Mosaic Company, and Nutrien, among others. The players in the crop micronutrient market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the crop micronutrients market.
Crop Micronutrients Market Scope:
|Market size value in 2020||US$5.653 billion|
|Market size value in 2027||US$9.621 billion|
|Growth Rate||CAGR of 7.89% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Crop Type, Form, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||BASF SE, Nutrien Ltd., Yara International, The Mosaic Company, Aries Agro Limited, Baicor, LLC, Helena Agri-Enterprises, LLC, Haifa Group, Nouryon, Valagro S.p.A, Western Nutrients Corporation, ATP Nutrition Ltd., BMS Micro-Nutrients NV|
|Customization scope||Free report customization with purchase|
- By Type
- By Crop Type
- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- By Form
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What will be the crop micronutrients market size by 2027?
A1. The crop micronutrients market is projected to reach a total market size of US$9.621 billion by 2027.
Q2. What are the growth prospects for the crop micronutrients market?
A2. The global crop micronutrients market is projected to grow at a CAGR of 7.89% during the forecast period.
Q3. What is the size of the global crop micronutrients market?
A3. Crop Micronutrients Market was valued at US$5.653 billion in 2020.
Q4. What factors are anticipated to drive the crop micronutrients market growth?
A4. The primary factors augmenting the crop micronutrients market growth include the growing deficiencies in soil coupled with rising awareness among the farmers or crop growers regarding the delivery of essential nutrients to the crops.
Q5. Which region holds the largest market share in the crop micronutrients market?
A5. The Asia Pacific region is projected to hold a noteworthy share in the crop micronutrients market on account of the presence of major producing countries such as India and China among others.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Crop Micronutrients Market Analysis, by Type
6. Crop Micronutrients Market Analysis, by Crop Type
6.2. Cereals & Grains
6.3. Fruits & Vegetables
6.4. Oilseeds & Pulses
7. Crop Micronutrients Market Analysis, by Form
8. Crop Micronutrients Market Analysis, by Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. BASF SE
10.3. Yara International
10.4. The Mosaic Company
10.5. Aries Agro Limited
10.6. Baicor, LLC
10.7. Helena Agri-Enterprises, LLC
10.8. Haifa Group
10.10. Valagro S.p.A
10.11. Western Nutrients Corporation
10.12 ATP Nutrition Ltd.
10.13 BMS Micro-Nutrients NV
The Mosaic Company
Aries Agro Limited
Helena Agri-Enterprises, LLC
Western Nutrients Corporation
ATP Nutrition Ltd.
BMS Micro-Nutrients NV
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