Crop micronutrients are essential elements for plant growth
The global Crop Micronutrients Marketwas 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. 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.
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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.
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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Micro-nutrients act as enzyme co-factors and building blocks that enable plants to build complete proteins and compounds. They also aid in the development of large, strong roots, and boost immunity of the plant. Growth in awareness about benefits of micronutrients among farmers & growers, increase in demand for healthy & nutritious food, surge in demand for biofuels fuel the global crop micronutrients market.
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