The Canada crop micronutrients market size was valued at $175.4 million in 2019, and is projected to reach $261.7 million by 2027, registering a CAGR of 7.2% from 2021 to 2027. In 2019 the soil application segment accounted for more than 50% share of the Canada crop micronutrients market in terms of value.
Increase in deficiency of micronutrients in soil, use of advanced technology to optimize efficiency to boost micronutrients market expansion, and upsurge in population that elevates the demand for food products drive the growth of the Canada crop micronutrients market. On the other hand, lack of awareness regarding dosage, proper application of micronutrients among farmers, and availability of cheap alternatives & counterfeit products restrain the growth to some extent. However, implementation of new methods of farming is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic led to restrictions on import & export. Also, several lockdown measures imposed by the government impacted the Canada crop micronutrients market negatively.
- The distorted supply chain and value chain has also been detrimental for the market growth. However, the situation is being ameliorated and the market is expected to revive soon.
The Canada crop micronutrients market is analyzed across form, product type, crop type, and application. Based on form, the chelated segment accounted for more than four-fifths of the total market share in 2019, and is expected to retain its dominance by 2027. The same segment would also register the fastest CAGR of 7.4% from 2021 to 2027.
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Based on product type, the zinc segment contributed to more than one-fifth of the total market revenue in 2019, and is anticipated to lead the trail by 2027. The same segment would also cite the fastest CAGR of 10.1% from 2021 to 2027.
Based on crop type, the cereals & grains segment held the major share in 2019, generating nearly half of the Canada crop micronutrients market. The same segment is projected to grow at the fastest CAGR of 8.4% during the forecast period.
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The leading market players analyzed in the Canada crop micronutrients market include Akzo Nobel N.V., BASF SE, Agriculture Solutions, Inc., Concentric Ag, Nutrien Ltd., Omex Agriculture, Inc., the Mosaic Company, Compass Minerals International Inc., Univar Solutions Inc., and Yara International ASA. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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