The Asia Pacific Crop Micronutrients Market would witness market growth of 7.7% CAGR during the forecast period (2022-2028).
As organic matter decomposes, it becomes a reservoir for critical plant nutrients, continuously delivering these nutrients to the crop. This reservoir is particularly significant for anions like boron, which do not bond to soil particles and hence are susceptible to lose. Micronutrient deficits are unusual in soils that receive frequent additions of organic wastes such as manures. Deficits induced by nutrient imbalances, such as a manganese deficit caused by an overabundance of phosphorus in too manured soils, are an exception. Very high organic matter soils, like muck or peat soils, are another exception. Some micronutrients, particularly copper, manganese, and zinc, can become inaccessible in these soils due to high natural chelation (the combining of a micronutrient with an organic molecule).
Crop yields are steadily rising as a result of genetic enhancements in stress tolerance and disease resistance, as well as the incorporation of pest resistance characteristics and the usage of seed treatments and various crop protection products. This means that each harvest removes more micronutrients from the soil. Due to this, it becomes highly important for the farmers to add micronutrients to the soil again for better yield.
India's economy is mostly based on agriculture. While agriculture is expected to account for little over 17% of the US$2.6 trillion economies, it employs more than 60% of the people. For the past several years, India has essentially attained self-sufficiency in food grain production, producing robust and rapid economic growth, and this trend is likely to continue in the future. With the highest arable land area (60.44 percent) of an anticipated 179.8 million hectares and different agro-climatic conditions that support the development of numerous commodities, the country has distinct competitive advantages. In India's economy, politics, and society, the agriculture sector is extremely important.
India ranks among the top countries in terms of output volume for a variety of commodities such as rice, cotton, dairy, fruits, vegetables, meat, and seafood, but due to a lack of storage infrastructure, the country only has access to 60% of the products, resulting in a 40% loss. These losses are estimated to be about $13 billion per year.
The China market dominated the Asia Pacific Crop Micronutrients Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,135.3 million by 2028. The Japan market is poised to grow at a CAGR of 7% during (2022 - 2028). Additionally, The India market would display a CAGR of 8.4% during (2022 - 2028).
Based on Form, the market is segmented into Chelated and Non-Chelated. Based on Application, the market is segmented into Soil, Foliar, Fertigation, and Others. Based on Crop Type, the market is segmented into Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables, and Others. Based on Type, the market is segmented into Copper, Zinc, Boron, Iron, Manganese, Molybdenum, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Crop Micronutrients Market is Projected to reach USD 8.7 Billion by 2028, at a CAGR of 7.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BASF SE, Compass Minerals International, Inc., The Mosaic Company, Nutrien Limited, DuPont de Nemours, Inc., Akzo Nobel N.V., Aries Agro Limited, Yara International ASA, Baicor, LLC, and Western Nutrients Corporation.
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By Crop Type
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