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Crop Micronutrients Global Market Report 2022: Ukraine-Russia War Impact

Crop Micronutrients Global Market Report 2022: Ukraine-Russia War Impact

  • November 2022
  • 175 pages
  • ID: 6364835
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the crop micronutrients market are BASF SE, Akzo Nobel NV, Nutrien Ltd, Yara International ASA, The Mosaic Company, Aries Agro Limited, Dow DuPont Inc, Western Nutrients Corporation, Nufarm Ltd, Coromandel International Limited, Haifa Group, Helena Agri-Enterprises LLC, Compass Minerals International Inc, and BMS Micro-Nutrients NV.

The global crop micronutrients market is expected to grow from $5.72 billion in 2021 to $6.28 billion in 2022 at a compound annual growth rate (CAGR) of 9.80%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The crop micronutrients market is expected to reach $9.03 billion in 2026 at a CAGR of 9.52%.

The crop micronutrient market consists of sales of crop micronutrients by entities (organizations, sole traders, and partnerships) that are used to provide essential nutrients to the crop.Crop micronutrients refer to critical nutrients required by plants in small quantities for crucial functions.

The absence of these nutrients leads to less growth and yield. Farmers use crop micronutrient products to ensure a proper balanced nutrition level in the soil to maintain the growth and yield of the crop.

The main type of crop micronutrients market are zinc, boron, iron, manganese, molybdenum, copper, and others.Zinc refers to a trace mineral and is an essential micronutrient for plant life.

Zinc is a recommended micronutrient in fertilizer programs for the production of corn, sweet corn, and edible beans.The various crop type includes cereals & grains, fruits & vegetables, oilseeds & pulses, and other.

These are used in fertigation, soil, foliar, and others.

Asia-Pacific was the largest region in the crop micronutrients market in 2021.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in crop micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Developing soil micronutrient deficit is expected to propel the growth of the crop micronutrient market going forward.Micronutrient deficiency is the absence of vital vitamins and minerals that the body needs in minute amounts for healthy growth and development.

Micronutrients are vital to plant nutrients that are present in tiny levels and aid in boosting the growth of new plants. According to a report published by the Center for Science and Environment (CSE) India, in 2022, There was nitrogen deficiency in 90% of the soil samples collected from 27 states. 85% of soil samples are deficient in organic carbon. Also, 15% contain low levels of organic carbon, and 49% of soil samples have low levels of organic carbon. Therefore, the developing soil micronutrient deficit is driving the growth of the crop micronutrient market.

Product development is a key trend gaining popularity in the crop micronutrient market.Major companies operating in the market are focused on product development to strengthen their position in the market.

For Instance, Coromandel International, an India-based manufacturer of fertilizers, pesticides, and speciality nutrients, in September 2021, launched the product “GroShakti Plus”.This product was manufactured using EnPhos Technology and Zincated technology.

EnPho technology enables phosphorous available to the crop and ensures better root development along with Zinc which enables plant growth and improves disease resistance.

In April 2021, Hydrofarm, a US-based manufacturer of hydroponics equipment and supplies, acquired Heavy 16 for a $78.1 Million deal amount. With this acquisition, Hydrofarm aims to strengthen its position in the market. Hydrofarm will be able to expand its portfolio of innovative and proprietary products in categories of nutrients, climate control, and others. Heavy 16 is a US-based manufacturer of professional plant nutrients.

The countries covered in the crop micronutrients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The crop micronutrients market research report is one of a series of new reports that provides crop micronutrients market statistics, including crop micronutrients industry global market size, regional shares, competitors with a crop micronutrients market share, detailed crop micronutrients market segments, market trends and opportunities, and any further data you may need to thrive in the crop micronutrients industry. This crop micronutrients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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