Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Crop Micronutrients Market size is expected to reach $8.7 billion by 2028, rising at a market growth of 7.5% CAGR during the forecast period.
The Chelated segment acquired maximum revenue share in the Global Crop Micronutrients Market by Form in 2021, thereby, achieving a market value of $6.37 billion by 2028. Chelated micronutrients are commonly utilized in agriculture and are promoted in part by fertilizer companies. These contain inorganic nutrients encased within an organic molecule. They're also more stable than non-chelated micronutrients' counterparts. These qualities have made them popular in agriculture, which will help to expand this sector in the next years.
The Fertigation segment is showcasing CAGR of 7.8% during (2022 - 2028). It is owing to the rising applications of micronutrients in the fields. Micronutrients are introduced into the irrigation system of water via a drip system, resulting in an overall improvement in fertilizer efficiency. Along with that, there are many growers, which are increasingly investing in improving the yield.
The Cereals & Grains segment is leading the Global Crop Micronutrients Market by Crop Type in 2021, thereby, achieving a market value of $4.40 billion by 2028. Cereal consumption is high all throughout the world. Additionally, due to the world's rising population, food consumption is increasing. As a result, maintaining nutrient levels in the soil is critical for cereal development and output. Due to this, micronutrients play a crucial role in the development of nutrient-dense foods.
The Zinc market has shown growth rate of 7.2% during (2022 - 2028). It is because of the growing zinc shortages in soils around the world. In addition, zinc is among the first micronutrients to be recognized as a plant-essential nutrient. This nutrient is required for crops to reach their maximum potential throughout the growing season.
The Asia Pacific market dominated the Global Crop Micronutrients Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.08 billion by 2028. The Europe market is estimated to witness a CAGR of 6.8% during (2022 - 2028). Additionally, The North America market would display a CAGR of 6.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Crop Type
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