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The crop micronutrients market size has experienced significant growth in recent years, projected to increase from $6.91 billion in 2023 to $7.6 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.1%. Factors contributing to this growth during the historical period include a rising population, diminishing soil nutrients, increased awareness and education, and supportive government initiatives.
What Is The Estimated Market Size Of The Global Crop Micronutrients Market And Its Annual Growth Rate?
The crop micronutrients market size is anticipated to experience rapid growth in the coming years, projected to reach $11.22 billion by 2028, with a compound annual growth rate (CAGR) of 10.2%. This growth during the forecast period can be attributed to factors such as the adoption of precision agriculture, concerns related to climate change, the rise of organic farming trends, global food security issues, and increased consumer awareness.
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Growth Driver Of The Crop Micronutrients Market
The growing global population is set to significantly boost the crop micronutrients market in the coming years. As the total number of people living on Earth continues to rise, there is an increasing demand for food production. This demand places pressure on farmers to enhance crop yields and productivity. Micronutrient solutions become essential in this context, as they play a critical role in plant growth and can significantly improve crop yields. As a result, the need for crop micronutrients will intensify to meet the food requirements of the expanding population.
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Which Market Players Are Steering The Crop Micronutrients Market Growth?
Key players in the market include BASF SE, Nutrien Ltd, Yara International ASA, The Mosaic Company, DowDuPont Inc., Corteva Agriscience, Nufarm Ltd, Haifa Group, Compass Minerals International Inc., Coromandel International Limited, Sapec Agro Business, Valagro SpA, ATP Nutrition, Stoller Enterprises Inc., Micromix Plant Health Limited, FMC Corporation, Helena Agri-Enterprises LLC, Verdesian Life Sciences LLC, K+S Aktiengesellschaft, Haifa Chemicals Ltd., Sociedad Química y Minera de S. A, Brandt Consolidated Inc., Omex Agrifluids Ltd., Bio Huma Netics Inc., Nutri-Tech Solutions Pty Ltd., AgroLiquid, Plant Health Care plc, Loveland Products Inc., Marrone Bio Innovations Inc.
What Are The Key Trends That Influence Crop Micronutrients Market Share And Analysis?
Major companies operating in the crop micronutrient market are focusing on developing innovative products like granular micronutrient solutions to expand their customer base, drive sales, and increase revenue. Granular micronutrient solutions are a type of agricultural input that delivers essential micronutrients to plants in a granular form. These products enhance nutrient uptake efficiency and provide a convenient application method for farmers, ensuring that crops receive the necessary nutrients for optimal growth and yield. The adoption of such solutions is crucial in meeting the rising demand for food production and addressing soil nutrient deficiencies.
How Is The Global Crop Micronutrients Market Segmented?
1) By Type: Zinc, Boron, Iron, Manganese, Molybdenum, Copper, Other Types
2) By Crop Type: Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Other Crop
3) By Application: Fertigation, Soil, Foliar, Other Applications
Geographical Insights: Asia-Pacific Leading The Crop Micronutrients Market
Asia-Pacific was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Crop Micronutrients Market Definition
Crop micronutrients refer to small amounts of vital components used by plants. These are the essential plant nutrients that are present in tissue in minute amounts but are crucial for the growth and development of plants. Without these minerals, the nutrition of the plants would be affected, perhaps resulting in decreased plant yield.
Crop Micronutrients Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global crop micronutrients market report covering trends, opportunities, strategies, and more
The Crop Micronutrients Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on crop micronutrients market size, crop micronutrients market drivers and trends, crop micronutrients market major players and crop micronutrients market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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