The global crop micronutrient market size is expected to reach USD 10.70 billion in 2024 and reach USD 16.01 billion by 2029, expected to be growing at a CAGR of 8.4% from 2024 to 2029.
Crop micronutrients are significant elements that a crop requires for its growth. The unavailability of micronutrients hampers the critical functions of crops, leading to abnormality, reduced yield, and slow growth. This market is growing in accordance with the rising soil deficiency and growing demand for biofuels. Moreover, the growing need for effective fertilizers owing to poor soil quality and high demand for quality and uniform yield because of the growing population worldwide is anticipated to drive the growth of the market. Inadequate awareness among farmers and critical application doses of micronutrients are the primary factors restraining market growth.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
8.4% |
Segments Covered |
By Type, Crop Type, Application, Form, and Region |
Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC; PESTLE Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
The Mosaic Company (US), Land O’Lakes (US), BASF (Germany), Dow Chemical (US), Agrium (Canada), AkzoNobel (Netherlands), Helena Chemical Company (US), and Nufarm (Australia)Dow AgroSciences, Monsanto, DuPont, BASF, Nufarm, Makhteshim Agan, Boultbee Vegetation Management, Helena and Dbi services and Others. |
This research report on the global crop micronutrient market is segmented and sub-segmented into the following categories.
Global Crop Micronutrient Market – By Type:
The zinc category is projected to lead the agricultural micronutrient market in terms of value. The demand for zinc is robust in the Asia Pacific region, as China and other emerging economies in this region prefer zinc fertilizers because they enhance crop yield and provide economic benefits to the farmers due to their low prices. The deficiency of zinc in the soil decreases the productivity and growth of agricultural crops. Therefore, zinc is added to standard fertilizers and premixes in many emerging economies like China and India, which drive the use of zinc as a micronutrient.
Global Crop Micronutrient Market – By Crop Type:
Cereals are further sub-segmented into Rice, Wheat, and Corn. Oilseeds and pulses are further sub-segmented into soybeans, dry peas, beans, and other types of soybeans (canola and sunflower). Fruits and vegetables are further sub-segmented into Brassica, Cucurbit, Leafy, Root-bulb, and Solanaceae.
Global Crop Micronutrient Market – By Application:
Global Crop Micronutrient Market – By Form:
Chelated is further sub-segmented into Ethylenediaminetetraacetic acid (EDTA), Ethylenediamine Di-2-hydroxyphenyl acetate (EDDHA), and Diethylene triamine pentaacetic acid (DTPA).
Global Crop Micronutrient Market – By Region:
The Asia Pacific region leads the agricultural micronutrient market and is estimated to grow at the highest CAGR in the aforementioned forecast period, both in terms of value and volume. India is estimated to be the fastest-growing market. In India, the increasing awareness of the benefits of micronutrients among consumers drives the market. It is a leading producer of several other agricultural commodities like fresh fruits, cashew nuts, spices, pulses, coconut, and tea. It is also one of the leading producers of cereals like sorghum and pearl millet. The country ranks second in terms of agricultural production globally.
KEY MARKET PLAYERS:
Key players in the market include Yara International (Norway), The Mosaic Company (US), Land O’Lakes (US), BASF (Germany), Dow Chemical (US), Agrium (Canada), AkzoNobel (Netherlands), Helena Chemical Company (US), and Nufarm (Australia).
FAQ's
Zinc is often the most demanded micronutrient due to its crucial role in plant growth, development, and immunity. Its deficiency is common in many soils globally, making its supplementation essential for crop health.
The North American market, with advanced agricultural practices, has seen a steady increase in micronutrient use, particularly for soil and foliar applications, driven by the need to enhance crop productivity and address specific soil deficiencies.
Challenges include high product costs, lack of awareness in some regions about the benefits of micronutrients, variability in soil micronutrient content, and precise application requirements to avoid toxicity.
Advancements in nanotechnology and precision agriculture are enabling more efficient and targeted delivery of micronutrients to plants, reducing waste and environmental impact, and improving crop outcomes.
Emerging markets include regions in Africa, Southeast Asia, and Eastern Europe, where agricultural development is accelerating and the awareness and adoption of micronutrient usage are increasing.
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