Report Code: A10354 | Pages: 160 | Mar 2021 | 3240 Views | ||
Author(s) : Nitesh C, Himanshu V , Roshan D | Tables: 50 | Charts: 62 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Canada Crop Micronutrients Market
Request Now !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.
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.
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.
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.
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.Â
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
Key Benefits For Stakeholders
Canada Crop Micronutrients Market Report Highlights
Aspects | Details |
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By Form |
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By Product Type |
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By Crop Type |
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By Application |
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Key Market Players | 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., YARA INTERNATIONAL ASA |
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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.
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A. The total market value of the Canada crop micronutrients market report is $261.7 million by 2027.
A. The forecast period in the Canada crop micronutrients market report is 2021 to 2027.
A. The base year calculated in the Canada crop micronutrients market report is 2019.
A. 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.
A. The chelated segment is the most growing segment in the Canada crop micronutrients market report.
A. The zinc market holds the maximum market share of the Canada crop micronutrients market.
A. The company profile has been selected on the basis of prominent players in the market.
A. The market value of the Canada crop micronutrients market in 2020 is $162.2 million.
A. The COVID-19 pandemic has negatively impacted the Canada crop micronutrients market in 2020.
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