Crop Micronutrient Market

Global Crop Micronutrient Market Size (2024 to 2032)

The global crop micronutrient market was valued at USD 9.87 billion in 2023 and is anticipated to reach USD 10.70 billion in 2024 from USD 20.40 billion by 2032, expected to grow at a CAGR of 8.4% from 2024 to 2032.

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

SEGMENTAL ANALYSIS

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 Form

Chelated is further sub-segmented into Ethylenediaminetetraacetic acid (EDTA), Ethylenediamine Di-2-hydroxyphenyl acetate (EDDHA), and Diethylene triamine pentaacetic acid (DTPA).

REGIONAL ANALYSIS

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).

DETAILED SEGMENTATION OF THE GLOBAL CROP MICRONUTRIENT MARKET INCLUDED IN THIS REPORT

This research report on the global crop micronutrient market is segmented and sub-segmented into the following categories.

By Type

• Zinc

• Copper

• Boron

• Iron

• Manganese

• Molybdenum

• Others (nickel and chloride)

By Crop Type

• Cereals

• Oilseeds & pulses

• Fruits & vegetables

• others

By Application

• Soil

• Foliar

• Fertigation

By Form

• Chelated

• Non-chelated

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa