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Crop Micronutrient Market Growing at CAGR 8.4% Billion by the end of 2023
Crop micronutrient market: Lack of awareness among farmers regarding dosage and proper application of micronutrients are the restraining factors for the crop micronutrients market
Crop Micronutrient Market size was valued at USD 6.4 Billion in 2018 and is projected to reach USD 9.58 Billion by 2023, registering a CAGR of 8.4% from 2018 to 2023. Crop micronutrients are essential nutrients required by plants for growth and other metabolic activities. They play a major role in improving quality, color, taste, the efficiency of fertilizers, water use, disease resistance, and others. They also aid in the development of large as well as strong roots, help build complete proteins and compounds, and promote better plant immunity.
Market drivers and restraints:
Factors such as the effectiveness of micronutrients for crop yield and productivity, increased awareness among growers about the benefits of micronutrients and shrinkage of agricultural land, are driving the global crop micronutrients market. However, mining of micronutrient reserves, availability of cheap alternatives and counterfeit products, and lack of awareness among farmers regarding dosage and proper application of micronutrients are the restraining factors for the crop micronutrients market.
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Report segmented as:
- Cereals & Grains
- Fruits & vegetables
- Soil Fertilization
Based on the region, the crop micronutrients market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. In the Asia Pacific, governments of modern countries such as India and China are focusing on increasing efficiency in agriculture. This is expected to lead to higher demand for crop micronutrients market. The Asia Pacific was a major region of the crop micronutrients market in 2017. It is likely to remain dominant during the forecast period. Agriculture is the backbone of India’s economy and a vital industry in China. This is estimated to drive the crop micronutrients market in these countries. The crop micronutrients market North America and Europe is anticipated to exhibit moderate growth in the next few years. North Africa and the Middle East are coming up with evolving technologies in farming. This is estimated to augment the use of micronutrients.
Important market players:
The key players operating in this 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.
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