Agricoltura
Growing Awareness of the Benefits of Crop Micronutrients to Fuel the Crop Micronutrients Market
The new report published by Allied Market Research, titled, , presents a comprehensive analysis of the global market by assessing the market dynamics, top lucrative investment areas, growth prospects, and competitive market landscape According to the report, the global crop micronutrients market garnered $6.85 billion in 2017 and is expected to reach $15.64 billion by 2025, registering a CAGR of 10.7% from 2018 to 2025.
Rise in awareness about the benefits of using crop micronutrients among growers coupled with increase in farm expenditure, ease of application, effectiveness of micronutrients for crop yield & productivity, and surge in demand for biofuels are the key factors aiding the swift expansion of the global crop micronutrients industry. However, the market growth is hampered by factors such as cumbersome mining process of micronutrient reserves, availability of cheap alternatives, and presence of counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients. On the other hand, investments initiatives by government and private manufacturers facilitate development activities, which are in turn expected to create opportunities for the market growth.
The report assesses the product type segment into boron, copper, iron, manganese, molybdenum, zinc, and others. The zinc segment currently holds the highest market share i.e. about 23% of the total market share. The segment would continue to be at the forefront throughout the forecast period, registering a CAGR of 9.1% through 2025.
In this report, based on the mode of application, the crop micronutrients market is classified into fertigation, soil, foliar, seed treatment, and others. The soil segment contributed the highest revenue in 2017, holding half of the total market share. It is reckoned to maintain its lion's share through 2025, contributing a revenue of $6.089 billion to the global market.
The report offers in-depth insights on the global crop micronutrients market based on region, which include
North America , Europe ,
Asia-Pacific , and
Latin America , Middle East and
Africa (LAMEA). The Asia-Pacific region accounted for the highest market share, contributing about 5% of the total market share in 2017. It would maintain its lead position through 2025, growing by a CAGR of 8.9%.
The leading market players in the global crop micronutrients industry include Akzo Nobel, BASF SE, Dow Chemical, Bayer AG, Dupont, FMC Corporation, Growmark, Inc., J.R. Simplot Company, Kronos Micronutrients, LP, and The Mosaic Company. They have implemented various strategies to expand their base and establish a strong footprint in the market.
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