Crop Micronutrient Market Overview
Crop Micronutrient Market Size was estimated at 14.98 (USD Billion) in 2022. The Crop Micronutrient Market Industry is expected to grow from 15.51(USD Billion) in 2023 to 21.2 (USD Billion) by 2032. The Crop Micronutrient Market CAGR (growth rate) is expected to be around 3.53% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Crop Micronutrient Market Trends Highlighted
Increasing implementation of smart agriculture practices, awareness of the role of micronutrients in crop health and productivity, and government promotion of environmentally friendly methods of farming are the major factors propelling the growth of the crop micronutrients market. Micronutrient deficiencies, because of inefficient nutrient management, warrant the need for the development of alternative micronutrient solutions. Apart from that, modern farm technologies also enable precision application and optimization of micronutrients. There are trends in the market towards the development of bio-based and organic micronutrient fertilizers, enhancement of fertilizer use efficiency with the use of nanotechnology, and implementation of fertigation and foliar application techniques. These innovations are also expected to enhance the productivity of the crops, soil health and decrease input costs against the changing demands of the farmers.
Crop Micronutrient Market Drivers
Rising Demand for High-Quality Crops
The increasing demand for high-quality crops is one of the significant drivers of the Crop Micronutrient Market Industry. As customers realize the health implications of consuming nutrient-filled foods, they are shifting their interest to high-quality crops. Consequently, these factors have acted as a stimulus of demand for micronutrients. The application of micronutrients facilitates crop yield, quality, and nourishment. Furthermore, crop nutrients tend to boost plant defense mechanisms against pests and diseases.
As a result, farmers are growing in the use of crop micronutrients to meet the increasing demand for high-quality crops.
Increasing Adoption of Precision Farming Techniques
Another factor driving the Crop Micronutrient Market Industry is the increasing adoption of precision farming techniques. This technique involves the use of technology to collect data on a crop’s growth and soil condition. A farmer can then analyze the data and make informed decisions regarding how to manage the crop, including when and how to apply micronutrients. Precision farming methods help the farmers increase food productivity and quality, and as such, they are becoming more common.
They are also much more environmentally friendly, which is yet another reason why farmers are increasingly switching to them.
Government Initiatives to Promote Sustainable Agriculture
Government initiatives to promote sustainable agriculture are also driving demand for micronutrients. Many governments are offering incentives to farmers who adopt sustainable farming practices. These practices include the use of micronutrients to improve crop yield and quality while reducing the environmental impact of agriculture. As a result, farmers are increasingly using micronutrients to meet the requirements of government sustainability programs.
Crop Micronutrient Market Segment Insights
Crop Micronutrient Market Type Insights
The Crop Micronutrient Market is segmented by Type into Zinc-Based Micronutrients, Iron-Based Micronutrients, Boron-Based Micronutrients, Manganese-Based Micronutrients, and Copper-Based Micronutrients. Among these, Zinc-Based Micronutrients is expected to hold the largest market share of 30% in 2024 owing to the increasing demand for zinc fertilizers to enhance crop yield and quality. Iron-Based Micronutrients is projected to be the second-largest segment, with a market share of 25% in 2024. The demand for iron micronutrients is primarily driven by their role in chlorophyll production and photosynthesis.
Boron-Based Micronutrients is expected to witness significant growth during the forecast period, owing to its role in cell wall formation and pollen tube growth. Manganese-Based Micronutrients is also expected to gain traction due to its involvement in chlorophyll synthesis and nitrogen metabolism. Copper-Based Micronutrients is projected to have a steady growth rate, owing to its role in enzyme activation and protein synthesis.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Crop Micronutrient Market Form Insights
The Crop Micronutrient Market is segmented by form into solid (granular/crystalline), liquid, and chelated. The solid form segment accounted for the largest share of the market in 2023, and is expected to continue to dominate the market over the forecast period. The liquid form segment is expected to grow at the highest CAGR over the forecast period, due to its ease of application and higher nutrient uptake efficiency. The chelated form segment is expected to account for a significant share of the market by 2032, due to its ability to provide nutrients in a plant-available form.
Crop Micronutrient Market Application Method Insights
Soil application and foliar application are the two primary methods of applying micronutrients to crops. Soil application involves incorporating micronutrients into the soil, where they are absorbed by plant roots. Foliar application involves spraying micronutrients directly onto plant leaves, where they are absorbed through the leaf surface. The choice of application method depends on several factors, including the type of micronutrient, the crop being grown, and the soil conditions. Soil application is generally more effective for micronutrients that are less mobile in the soil, such as iron and zinc.
Foliar application is more effective for micronutrients that are more mobile in the soil, such as boron and manganese. In 2023, the crop micronutrient market was valued at approximately USD 11.5 billion. The market is expected to reach USD 16.2 billion by 2028, growing at a CAGR of 4.5%. The increasing demand for high-yield crops and the growing awareness of the importance of micronutrients are the major factors driving the growth of the market. North America and Europe are the major markets for crop micronutrients. The Asia-Pacific region is expected to be the fastest-growing market in the coming years, due to the increasing demand for food and the growing awareness of the importance of micronutrients.
Crop Micronutrient Market Crop Type Insights
The Crop Micronutrient Market is segmented by crop type into cereals & grains, oilseeds pulses, fruits vegetables, and turf ornamentals. Cereals & grains accounted for the largest share of the market in 2023, and this trend is expected to continue through 2032. The increasing demand for food grains and the rising awareness of the importance of micronutrients in crop production are key factors driving the growth of this segment. Oilseeds pulses are the second-largest segment, followed by fruits vegetables. The growing demand for vegetable oils and the increasing consumption of fruits vegetables are major factors supporting the growth of these segments.
The turf ornamentals segment is expected to witness significant growth over the forecast period, owing to the rising demand for micronutrients in the horticulture industry.
Crop Micronutrient Market End-Use Insights
The end-use segment of the Crop Micronutrient Market is categorized into conventional farming, organic farming, and hydroponics. Conventional farming practices contribute significantly to the Crop Micronutrient Market revenue, owing to the widespread adoption of chemical fertilizers and intensive cultivation methods. Organic farming emphasizes sustainable practices, leading to a growing demand for micronutrient products that support soil health and crop quality. In contrast, hydroponics, a soilless farming technique, offers controlled conditions for plant growth and presents opportunities for targeted micronutrient delivery.
With the increasing adoption of precision farming and sustainable agriculture practices, the end-use segment of the Crop Micronutrient Market is expected to witness steady growth in the coming years.
Crop Micronutrient Market Regional Insights
The Crop Micronutrient Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share due to the increasing adoption of precision farming techniques and the presence of key players in the region. Europe is expected to be the second-largest market due to the growing demand for organic food and the implementation of favorable government regulations. APAC is expected to be the fastest-growing market due to the increasing population and the rising demand for food. South America is expected to witness significant growth due to the expanding agricultural sector and the increasing awareness of the importance of micronutrients.
MEA is expected to have a moderate growth rate due to the limited arable land and the lack of infrastructure.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Crop Micronutrient Market Key Players And Competitive Insights
Emerging Trends in Post-Covid Crop Micronutrient Market
The increasing demand for high-quality agricultural products is leading to the growth of the crop micronutrient industry. Moreover, the rising awareness of the benefits of micronutrients for plant growth and yield is another factor driving the growth of the crop micronutrient market. In addition, government initiatives for sustainable agriculture practices are further contributing to the growth of the crop micronutrient market.
Opportunities for Crop Micronutrient Market Players
The leading players in the crop micronutrient sector are continuously searching for opportunities to expand their presence. These leading players are focusing on forming partnerships, alliances, and acquisitions to increase their market shares. For instance, in March 2023, Koch Agronomic Services, a subsidiary of Koch Industries, acquired a majority stake in Fertiláqua, a Brazilian micronutrient firm.
Leading Crop Micronutrient Market Players Yara International is a prominent supplier of crop nutrition solutions on a basis. The company offers a variety of micronutrient fertilizers, including YaraVita, a range of foliar fertilizers that reinforce micronutrient depositions in crops. Yara International has operations in over 60 countries worldwide. The company is committed to sustainability and aims to decrease greenhouse gas emissions by 30% by 2030.
Nutrien is another distinguished business in the crop micronutrient sector. Nutrien is a prominent provider of both crop input and crop nutrient goods. Crop Production Services and Loveland Products are two prominent micronutrient fertilizer brands provided by this company. Nutrien has a significant presence in the North American market. It acquires companies to improve its presence. For example, in January 2023, it purchased Agrichem, Australia’s greatest crop inputs distributor.
Key Companies in the Crop Micronutrient Market Include
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CF Industries
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Eni
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Valero
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Shell
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Koch Fertilizer
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Chevron
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BP
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Bunge
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Nutrien
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Petrobras
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Mosaic
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Yara International
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ExxonMobil
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TotalEnergies
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Marathon Petroleum
Crop Micronutrient Market Industry Developments
The crop micronutrient market is projected to grow from an estimated USD 15.51 billion in 2023 to USD 21.2 billion by 2032, at a CAGR of 3.53%. The increasing demand for micronutrient fertilizers to enhance crop yield and quality is driving the market growth. Government initiatives and awareness programs promoting the use of micronutrient fertilizers are also contributing to the market's expansion.
Recent news developments in the crop micronutrient market include the launch of new products by key players and strategic partnerships to expand market reach. For instance, in January 2023, Yara International introduced a new line of micronutrient fertilizers tailored to specific crop needs. Additionally, companies are focusing on developing innovative technologies to improve the efficiency of micronutrient delivery to crops.
Crop Micronutrient Market Segmentation Insights
Crop Micronutrient Market Type Outlook
Zinc-Based Micronutrients
Iron-Based Micronutrients
Boron-Based Micronutrients
Manganese-Based Micronutrients
Copper-Based Micronutrients
Crop Micronutrient Market Form Outlook
Solid (Granular/Crystalline)
Liquid
Chelated
Crop Micronutrient Market Application Method Outlook
Soil Application
Foliar Application
Crop Micronutrient Market Crop Type Outlook
Cereals & grains
Oilseeds Pulses
Fruits Vegetables
Turf Ornamentals
Crop Micronutrient Market End-Use Outlook
Conventional Farming
Organic Farming
Hydroponics
Crop Micronutrient Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
14.98(USD Billion) |
| Market Size 2023 |
15.51(USD Billion) |
| Market Size 2032 |
21.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.53% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
CF Industries, Eni, Valero, Shell, Koch Fertilizer, Chevron, BP, Bunge, Nutrien, Petrobras, Mosaic, Yara International, ExxonMobil, TotalEnergies, Marathon Petroleum |
| Segments Covered |
Type, Form, Application Method, Crop Type, End-Use, Regional |
| Key Market Opportunities |
Increased crop yields Soil health improvement Precision farming adoption Rising demand for organic food Expanding biofortification initiatives |
| Key Market Dynamics |
Growing demand for high-yielding crops, increasing awareness of micronutrient deficiencies, government initiatives, advancements in application technologies, evolving distribution channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Crop Micronutrient Market is valued at USD 15.51 billion in 2023.
The Crop Micronutrient Market is projected to grow at a CAGR of 3.53% from 2024 to 2032.
The increasing demand for micronutrient-rich food products, rising awareness of crop nutrition, and government initiatives to promote sustainable agriculture are driving the growth of the Crop Micronutrient Market.
The North America region is projected to hold the largest share of the Crop Micronutrient Market in 2032.
Micronutrients are primarily used as fertilizers to improve crop yield and quality.
The high cost of micronutrients and the lack of awareness about their benefits are some of the key challenges faced by the Crop Micronutrient Market.
Key competitors include Yara International, The Mosaic Company, and Nutrien.
Precision farming and the use of controlled-release fertilizers are some of the emerging trends in the Crop Micronutrient Market.
The Crop Micronutrient Market is expected to witness steady growth in the coming years, owing to the increasing demand for food and the need to improve crop productivity.
The Crop Micronutrient Market is expected to reach USD 21.2 billion by 2032.
