The current market valuation of Crop Micronutrient is anticipated to be USD 4.16 billion. In 2022, the market recorded a valuation of USD 3.93 billion. The market is predicted to register a healthy CAGR of 7.4% from 2023 to 2033. The valuation of the Crop Micronutrient Market is expected to reach USD 7.23 billion by 2033.
Key Market Highlights:
Increased Focus on Agricultural Micronutrient in Emerging Economies to Help Market Expansion
As the global population continues to grow, there is a growing concern about food security and the need to improve crop yields. The demand for crop micronutrient, which include iron, zinc, copper, and manganese, is increasing significantly as these elements are critical for plant health and development.
They help address soil nutrient deficiencies, ensuring plants have access to the right balance of essential elements. With an increasing awareness of the importance of efficient agriculture, farmers are turning to micronutrient-based fertilizers to enhance the quality of their soil.
Emerging countries are heavily reliant on agriculture for their dietary needs. Therefore, with the deteriorating quality of soil and the impact of climate change, there is a great need for crop micronutrient to provide the required nutrition to the soil.
As governments and agricultural organizations in several countries invest in promoting balanced fertilization and educating farmers on the benefits of micronutrient, the market for these crop micronutrient is poised for significant growth.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2023) | USD 4.16 billion |
| Anticipated Forecast Value (2033) | USD 7.23 billion |
| Estimated Growth (2023 to 2033) | 7.4% CAGR |
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The global crop micronutrient market heavily depends on the supply of agricultural inputs to countries indulged mainly in farming. In the last few years, there has been a noticeable surge in the market growth for micronutrient in these economies as the global demand for food is touching the skies.
During the pandemic, when the world faced sudden shutdowns, the agricultural sector remained unaffected, as did the demand for micronutrient. As the world returns to normalcy, people have become increasingly aware of their food intake. Thus, the need for organic, freshly harvested products is driving the market for crop micronutrient.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2018) | USD 2.97 billion |
| Anticipated Forecast Value (2022) | USD 3.93 billion |
| Estimated Growth (2018 to 2022) | 7.3% CAGR |
Principal Consultant
The world is currently facing a global hunger crisis. The number of people facing, or at risk of, acute food insecurity increased from 135 million in 53 countries pre-pandemic to 345 million in 79 countries in 2023.
This food crisis is driving the demand for crop micronutrient in developing and underdeveloped countries, as agricultural inputs like this help enhance the per capita yield of cereals and grains. Agriculturists and farm growers utilize the maximum potential of micronutrient to respond to the growing demand for food, eventually expanding the market.
| Attributes | Details |
|---|---|
| Crop Type | Cereals and Grains |
| Market share | 43.7% |
In terms of crop type, the cereals and grains segment accounts for a 43.7% share in 2023. Growing demand for fiber-rich breakfast cereals like raisin bran flakes, granola, ragi, multigrain flakes, oats, etc., is also one of the key reasons for this exponential market expansion.
Farmers are constantly looking for solutions to maximize their per capita productivity, and the affordability, availability, and familiarity of crop micronutrient collectively contribute to the market's growth for such agricultural inputs.
The demand for crop micronutrient is increasing due to soil deficiencies in cultivated lands. Due to factors like overuse, erosion, and a lack of proper soil management, soil degradation has left many farmlands deficient in essential nutrients.
As farmers and agricultural experts are familiar with the vital role of micronutrient like zinc, iron, and manganese in improving soil health, the demand for these soil enhancers has soared.
| Attributes | Details |
|---|---|
| Application | Soil |
| Market share | 42.8% |
Based on application, demand in the soil segment is expected to hold around 42.8% share in 2023. As farmers increasingly seek solutions that improve crop yields and promote long-term soil health, the demand for micronutrient is expected to remain upward.
When used in the right amounts and at the right time, micronutrient can help restore the delicate balance of soil nutrients, making agriculture more efficient and environmentally friendly.
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| Countries | CAGR |
|---|---|
| Japan | 6.3% |
| Australia | 5.5% |
| China | 5.0% |
| Germany | 4.1% |
| The United States | 3.6% |
Growing soil deficiencies in Japan’s farmlands have led to a shift towards increased adoption of agricultural inputs, such as crop micronutrient, which include substantial amounts of magnesium, boron, zinc, etc.
The significance of micronutrient in the agricultural sector has experienced modest growth in recent years. It is estimated to follow the same growth pattern with a CAGR of 6.3% for the forecast period from 2023 to 2033.
The farmlands in Japan are very small, which means that farmers have to always look for alternatives that will help them achieve higher yields most affordably. Crop micronutrient very precisely solve this problem, and this is why the government is actively promoting the usage of such agricultural additives in Japan.
Australia has a varied variety of soil types across its territories. Some of these soils are naturally lacking in micronutrient, whereas others have lost their content as a result of intensive methods of agriculture.
As a result, farmers are beginning to understand the importance of supplementing their agricultural land with micronutrient to make up for these deficiencies and improve soil fertility. This has increased the agriculture sector's need for crop micronutrient.
Crop micronutrient consumption in Australia is expected to expand at a moderate 5.5% CAGR from 2023 to 2033. Consumers are becoming more aware of the nutritional value and quality of the food they consume. Farmers can produce crops with improved nutritional profiles, taste, and appearance by incorporating micronutrient into their farming practices.
China is home to one of the world’s largest populations, and with this, there is always a concern regarding the food self-sufficiency of the Chinese nation. Although farmers in China practice extensive agriculture methods, there is always a need for an enhanced farming methodology that solves the overall problem of food crisis in and around the nation.
Precise farming, which includes using the right amount of micronutrient, is likely to be practiced by most Chinese farmers in years to come, and this will eventually contribute to the overall market expansion of crop micronutrient across the world.
The crop micronutrient market in China is anticipated to grow at a modest rate of 5.0% from 2023 to 2033.
The global crop micronutrient market has reached a level of saturation, where the majority of the population has access to these inputs, thanks to the promotion by government bodies. Despite the presence of many international companies, there are minimal technological advancements in this field.
Also, there are serious concerns regarding the sustainability of these micronutrient. Local companies with regional market reach are coming up with eco-conscious alternatives. With the increasing demand for micronutrient in the agro-industry, there is a great opportunity for these companies to expand their market size beyond international boundaries.
Recent Developments:
The Crop Micronutrient Market is expected to reach nearly USD 4.16 billion in 2023.
The Japan crop micronutrient market is expected to register a 7.4% CAGR from 2023 to 2033.
The demand for crop micronutrients is expected to grow at 5.5% for 2023 and 2033.
The United States is expected to dominate the market with a share of 25.6%.
DowDuPont, Aries Agro, and Compass Minerals International are leading manufacturers.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form
5.1. Chelated Micronutrient
5.2. Non-chelated Micronutrient
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Crop Type
6.1. Cereals & Grains
6.2. Pulses and Oilseeds
6.3. Fruits & Vegetables
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
7.1. Boron
7.2. Zinc
7.3. Copper
7.4. Molybdenum
7.5. Iron
7.6. Manganese
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
8.1. Fertigation
8.2. Foliar
8.3. Soil
8.4. Seed Treatment
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. Eastern Europe
9.5. South Asia and Pacific
9.6. East Asia
9.7. Middle East and Africa
10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
17. Key Countries Market Analysis
18. Market Structure Analysis
19. Competition Analysis
19.1. BASF SE
19.2. Akzo Nobel N.V
19.3. DowDuPont Inc.
19.4. Baicor, L.C.
19.5. Yara International ASA
19.6. Aries Agro Ltd.
19.7. Compass Minerals International, Inc.
19.8. The Mosaic Company
19.9. Western Nutrients Corporation
19.10. Nutrien Ltd.
20. Assumptions & Acronyms Used
21. Research Methodology
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Crop Micronutrient Market
