Download Free Sample
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of expe.....
Micronutrients Market: By Type ), By Crop ), By Form, By Application ), and By Geography
Micronutrients Market: By Type ), By Crop ), By Form, By Application ), and By Geography
Micronutrients Market size was valued at US$ 3.49 billion in 2022 and is expected to reach US$ 6.83 billion by 2029, at a CAGR of 8.4% during the forecast period 2023-2029. Micronutrients are vital nutrients that are required for plant growth as well as metabolic activity. Micronutrients aid in the enhancement of plant or crop flavour, quality, and colour. These also aid to improve fertiliser efficiency while also reducing water usage. Micronutrients aid in the development of robust roots as well as the formation of entire molecules and proteins, which aids in crop immunity. During the forecast period, the market for crop micronutrients is expected to increase at a healthy rate. Growing soil deficiencies, together with greater knowledge among farmers or crop growers about the supply of necessary nutrients to crops, are the key reasons driving market expansion. Furthermore, there has been an ever-increasing awareness of food security, which is a major driver of crop micronutrient demand. The growing desire for higher crop output and productivity is expected to drive up demand for these nutrients, which are thought to be very efficient in improving crop yield. A significant decrease in arable land, combined with an increase in the global growing demand for food, has increased the pressure on the limited available resources. As a result, farmers are using various micronutrients to improve yield in the limited available land, which is also shaping up the market growth over the next five years.
Study Period
2024-2030Base Year
2023CAGR
8.4%Largest Market
Asia-PacificFastest Growing Market
Europe
Micronutrient deficiency occurs all across the world, however it varies depending on the climate, soil conditions, rainfall, and other environmental factors. The global increase in the rate of soil micronutrient deficiencies is a major factor driving the global agricultural micronutrients market. Human activities such as soil depletion due to cultivation without proper fertiliser cause micronutrient deficiencies. Excess phosphate fertilisation also contributes to micronutrient scarcity. The availability of zinc, iron, and copper for crops is hampered by phosphate. Micronutrient deficiency is likely to rise in the coming years.
Asia Pacific contributed major revenue followed by North America and Europe. In 2022, Asia Pacific accounted huge growth rate and is anticipated to grow with a forecast year. The emerging countries like China and India is the key variable for increasing agricultural yield on perspective of global micronutrient market. North America lead with the help of depletion of arable land and rising food demand. Increasing vegan population in Europe coupled with high awareness regarding nutrient rich diet are the factors boosting the global micronutrient market.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2022 |
US$ 3.49 billion |
|
Market Size in 2029 |
US$ 6.83 billion |
|
Market CAGR |
8.4% |
|
By Type |
|
|
By Crop |
|
|
By Form |
|
|
By Application |
|
Download Free Sample Report
The micronutrients market size was valued at US$ 3.49 billion in 2022
The key segments covered in the micronutrients market are: by type, crop, application, and form
The micronutrients market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Table of Content
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.