The global Crop Micronutrients Market was valued at $6,077.05 million in 2017, and is projected to reach $11,532.36 million by 2025, registering a CAGR of 8.3% from 2018 to 2025. In 2017, the soil application segment accounted for more than 50% share of the global crop micronutrients market in terms of value.
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Crop micronutrients are the essential nutrients that are required for the growth and balanced nutrition of plants and crops. Micronutrients help in improving the quality as well as the yield of the crops. These are the basic nutrients required in minor amounts to treat deficiency in plants and increase crop yield. Chlorosis, yellowing of leaves, gummosis, and rot are a few illnesses that are found in plants due to insufficiency of micronutrients. Boron, zinc, iron, molybdenum, manganese, copper, and chlorine are some of the major micronutrients that are required by crops and plants.
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In terms of value, Asia-Pacific and LAMEA collectively contributed xx share in the global crop micronutrients market in 2017. The key players operating in the crop micronutrients market are Akzo Nobel N.V., Aries Agro Ltd., Baicor, L.C., BASF SE., Compass Minerals International, Inc., DowDuPont Inc., The Mosaic Company, Nutrien Ltd., Western Nutrients Corporation, and Yara International.
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Rise in awareness about the benefits of using crop micronutrients among growers coupled with increase in farm expenditure, ease of application, effectiveness of micronutrients for crop yield & productivity, and surge in demand for biofuels are the key factors aiding the swift expansion of the global crop micronutrients industry. However, the market growth is hampered by factors such as cumbersome mining process of micronutrient reserves, availability of cheap alternatives, and presence of counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients. On the other hand, investments initiatives by government and private manufacturers facilitate development activities, which are in turn expected to create opportunities for the market growth.
actors such as lack of awareness among farmers in developing countries regarding dosage and proper application of micronutrients, mining of micronutrient reserves, and availability of cheap alternatives and counterfeit products are the major factor expected to restrain the global crop micronutrients market growth during the forecast period. Furthermore, the adoption of new methods of farming for enhancing profitability fuels the demand for micronutrient fortified products.
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Key Findings of the Crop Micronutrients Market:
- The chelated micronutrients segment was the highest contributor to the crop micronutrients market in 2017, and is projected to grow at a CAGR of 8.7%.
- The demand for fruits & vegetables is continuously increasing around the globe, especially in developing countries such as China, India, and Brazil, and is projected to grow at CAGR of 8.7% over the forecast period.
- Asia Pacific is projected to exhibit rapid growth in the crop micronutrients market, owing to growth in its economy with a large population base, and is projected to grow at the most astounding CAGR of 8.9% from 2018 to 2025.
- China accounted for the highest share accounting approximately 40% in the Asia-Pacific crop micronutrients market, in 2017.
- In 2017, the soil application segment accounted for 50% of the crop micronutrients market share and is expected to grow at a CAGR of 8.9%.
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