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2021

Canada Crop Micronutrients Market

Canada Crop Micronutrients Market Size, Share, Competitive Landscape and Trend Analysis Report by Form, Product Type, Crop Type and Application : Opportunity Analysis and Industry Forecast, 2021-2027

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Author's: Nitesh Chouhan| Himanshu Vig | Roshan Deshmukh
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The Canada crop micronutrients market size was valued at $175.4 million in 2019, and is projected to reach $261.7 million by 2027, registering a CAGR of 7.2% from 2021 to 2027. In 2019 the soil application segment accounted for more than 50% share of the Canada crop micronutrients market in terms of value. Micronutrients such as copper, iron, zinc, and boron, are considered as essential elements for plant growth and play an important role in balanced crop nutrition. They are essential for plant nutrition along with primary and secondary macronutrients such as nitrogen, phosphorous, and potassium. Although plants require micronutrients in minute quantities, deficiency of any one of these in soil can limit the growth of plants, even after presence of adequate amounts of all the other nutrients. Unavailability of micronutrients inhibit the critical functions of crops that can lead to abnormality, slow growth, and reduced yield. The requirement of effective fertilizers due to poor soil quality acts as a major driver of the crop micronutrients market.

Increasing in population and strengthening economy of Canada have fueled the consumption of food. It is crucial to maintain the nutrient level in crops & soil to enhance the productivity and growth of crops. To produce enough food for population in Canada with available cultivable land, farmers are incorporating micronutrients with other essential ingredients for agriculture in the form of fertilizers. Chemical fertilizers that consist of micronutrients protect crops from insects and UV radiations, as well as offer increased yield. Thus, lack of micronutrients can lead to various diseases in plants such as chlorosis, yellowing of leaves, and gummosis, which, in turn, is likely to hamper the quality and yield of plants.

Canada-Crop-Micronutrients-Market-2021-2027

The report on the Canada crop micronutrients market is segmented into form, product type, crop type, and application. Depending on form, the crop micronutrients market is bifurcated into chelated and non-chelated micronutrients. According to product type, it is segregated into boron, copper, iron, manganese, molybdenum, zinc, calcium, magnesium, and others. On the basis of crop type, it is classified into cereals & grains, fruits & vegetables, pulses & oilseeds, and others. By application, it is fragmented into fertigation, soil, foliar, seed treatment, and others.

By form, the chelated segment garnered the largest Canada crop micronutrients share in 2019, and is projected to grow at a highest CAGR during the forecast period. Chelated micronutrients are widely used in agriculture and are strongly promoted by the fertilizer industry. It refers to inorganic nutrients that are enclosed in an organic molecule. Chelated compounds are more stable than non-chelated compounds. Therefore, they are widely used in agriculture as micronutrient fertilizers to supply plants with iron, manganese, zinc, and copper.

Canada Crop Micronutrients Market
By Form
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Chelated segment dominates the global market and is expected to retain its dominance throughout the forecast period.

Based on product type, the market is categorized into boron, copper, iron, manganese, molybdenum, zinc, calcium, magnesium, and others. The zinc segment comprises the major share of the product type segment. Zinc plays an important role in the growth of plants as it regulates auxin, a vital growth hormone in pollen formation. It also acts as an enzyme activator in protein synthesis and is involved in the regulation and consumption of sugars which enhance the Canada zinc consumption in crop micronutrients.

Canada Crop Micronutrients Market
By Product Type
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Zinc segment is expected to grow at a highest CAGR of 10.1% during the forecast period.

Depending on crop type, the Canada crop micronutrients market is segregated into cereals & grains, fruits & vegetables, pulses, pulses & oil seeds, and others. The cereals & grains segment is anticipated to account for the highest revenue in 2027; however, the pulses & oil seeds segment is expected to grow with higher than average CAGR during the forecast period.

Canada Crop Micronutrients Market
By Crop Type
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Cereals & Grains segment is expected to grow at a highest CAGR of 8.4% during the forecast period.

The applications covered in the study include fertigation, soil, foliar, seed treatment, and others. The soil segment is anticipated to account for the highest revenue in 2027; however, the foliar segment is expected to grow with higher than average CAGR during the forecast period. 

Canada Crop Micronutrients Market
By Application
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Soil segment dominates the market and is expected to grow with a CAGR of 8.4% during the forecast period

The major players in the Canada crop micronutrients industry analyzed in this report include Agriculture Solutions, Inc., Akzo Nobel N.V., BASF SE, Compass Minerals International Inc., Concentric Ag, Nutrien Ltd., Omex Agriculture, Inc., the Mosaic Company, Univar Solutions Inc., and Yara International ASA.

Covid-19 Impact Analysis

  • COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
  • The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. The challenges crop micronutrients exporters face are expected to remain in the future, as different states and governments around the world attempt to tackle COVID-19 with various measures.
  • The outbreak of coronavirus has significantly impacted Canada crop micronutrients market demand along with all stages of supply chain and value chain such as labor and production inputs for the farm, national, and international transport of food.
  • Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges exporters are facing during this pandemic.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Canada crop micronutrients market analysis from 2019 to 2027 to identify the prevailing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and Canada crop micronutrients market opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the Canada crop micronutrients market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the Canada crop micronutrients market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the Canada crop micronutrients market players.
  • The report includes analysis of regional as well as Canada crop micronutrients market trends, key players, market segments, application areas, and Canada crop micronutrients market growth strategies. 

Canada Crop Micronutrients Market Report Highlights

Aspects Details
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By Form
  • Chelated
  • Non-chelated
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By Product Type
  • Boron
  • Copper
  • Iron
  • Manganese
  • Molybdenum
  • Zinc
  • Calcium
  • Magnesium
  • Others
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By Crop Type
  • Cereals & Grains
  • Fruits & Vegetables
  • Pulses & Oilseed
  • Others
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By Application
  • Fertigation
  • Soil
  • Foliar
  • Seed Treatment
  • Others
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Key Market Players

CONCENTRIC AG, AKZO NOBEL N.V, OMEX AGRICULTURE, INC., NUTRIEN LTD., UNIVAR SOLUTIONS, INC., BASF SE, YARA INTERNATIONAL ASA, COMPASS MINERALS INTERNATIONAL, INC., THE MOSAIC COMPANY, AGRICULTURE SOLUTIONS, INC.

Analyst Review

According to the top level CXOs, the crop micronutrients market in Canada exhibit high growth potential, owing to increase in awareness regarding the benefits of crop micronutrients, rise in farm expenditure, and ease of application & effectiveness of micronutrients for crop yield and productivity, which have boosted the popularity of crop micronutrients among farmers in recent years. Furthermore, investment initiatives taken by government and private manufacturers for increasing the production of crops in Canada is further boosting the market growth. Factors such as demand for quality & uniform crop yield to cater the growing food demands, shrinkage in cultivable land, and expansion of the agriculture industry in Canada notably contribute toward the growth of the market.

However, the use of micronutrients depends on a number of factors such as soil type, crop system, local environmental conditions, and economic factors. Thus, inadequate knowledge regarding dosage and proper application of micronutrients are the major factors expected to restrain the market growth.
 

Author Name(s) : Nitesh Chouhan| Himanshu Vig | Roshan Deshmukh
Frequently Asked Questions?

The total market value of the Canada crop micronutrients market report is $261.7 million by 2027.

The forecast period in the Canada crop micronutrients market report is 2021 to 2027.

The base year calculated in the Canada crop micronutrients market report is 2019.

The top companies which hold the market share in the Canada crop micronutrients market are Agriculture Solutions, Inc., Akzo Nobel N.V., BASF SE, Compass Minerals International Inc., Concentric Ag, Nutrien Ltd., Omex Agriculture, Inc., the Mosaic Company, Univar Solutions Inc., and Yara International ASA.

The chelated segment is the most growing segment in the Canada crop micronutrients market report.

The zinc market holds the maximum market share of the Canada crop micronutrients market.

The company profile has been selected on the basis of prominent players in the market.

The market value of the Canada crop micronutrients market in 2020 is $162.2 million.

The COVID-19 pandemic has negatively impacted the Canada crop micronutrients market in 2020.

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Canada Crop Micronutrients Market

Opportunity Analysis and Industry Forecast, 2021-2027