The Latin American crop micronutrient market size is expected to reach USD 1.42 billion in 2024 and reach USD 2.09 billion by 2029, growing at a CAGR of 8.1% from 2024 to 2029. It captures 15% of the global market.
Crop micronutrients are significant elements that a crop requires for its growth. Unavailability of micronutrients hamper 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.
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.
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).
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