NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) — The global citrus crop nutrition market value is projected to reach US$ 902.2 million in 2023 and US$ 1,526.5 million by the end of 2033. Over the assessment period, worldwide demand for citrus crop nutrition products is predicted to surge at a 5.4% CAGR.
Several factors are expected to drive global citrus crop nutrition growth. These include rising demand for citrus fruits, especially from the food & beverages, pharmaceutical, and cosmetic sectors, growing adoption of precision farming, and increasing emphasis on improving crop productivity.
People worldwide are becoming aware of the potential health benefits of citrus fruits such as oranges and lemons. As a result, they are consuming these fruits on large scales, which is expected to provide impetus for the expansion of the citrus crop nutrition market.
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The rising need for improving citrus crop quality and yield is heightening the demand for nutritional supplements in orchards and citrus tree plantation yards. Farmers are using different citrus crop nutrition products to increase their crop yield and quality. This will likely boost the target market.
The advantages of higher yield, lower production costs, and soil degradation prevention are expected to popularize crop nutrition products. Further, surging consumer demand for sustainable food with an expanding global population could also play a notable role in bolstering sales of citrus crop nutrients.
The growing trend for organic fertilizers and the strictness of the laws governing agricultural chemicals could affect the overall market performance. Concerns about micronutrient sustainability are also giving way to the development of eco-friendly substitutes that could limit the sales of citrus crop nutrition to a certain degree.
Key Takeaways from the Citrus Crop Nutrition Market Study Report
- The global citrus crop nutrition market is expected to reach US$ 1,526.5 million in 2033.
- Based on nutrient type, the micronutrients segment is poised to witness robust growth through 2033.
- The United States held about 22% of the global market share in 2022.
- Demand for citrus crop nutrients in the United Kingdom is projected to rise at a 6.2% CAGR through 2033.
- China is expected to register a CAGR of 6.4% from 2023 to 2033.
- Sales in India are projected to soar at 5.8% CAGR through 2033.
“The demand for citrus crop nutrients in Western countries has stagnated with the reduction of farming activities and saturation of the market after the entry of new players. Hence, businesses have a greater opportunity to expand their market size outside national borders due to the rising demand for micronutrients in emerging economies,” -says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)
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Competitive Landscape
Though the greater fertilizer market is highly competitive, there are a handful of players operating in the market for specific macro and micro-nutrients for plants. In the forecast period, greater awareness regarding several supplementary advantages of using formulations for citrus plant health is anticipated to drive the market.
Key players are concentrating on introducing novel formulations to meet growing end-user demand. They are also adopting strategies such as mergers, alliances, collaborations, acquisitions, and partnerships to expand their footprint.
Recent Developments in the Citrus Crop Nutrition Business-
- MAX-IN Ultra ZMB Plus product line was recently released by WinField United, which is a Canada-based agro-tech business. This new product is a novel foliar micronutrient formulation that combines a high-load combination of zinc, manganese, and boron into one practical and efficient solution. The main advantage of this crop nutrient solution is that it improves the overall quality of the soil by providing all the necessary micronutrients at once.
- In mid-2021, Fertiláqua Inc., a well-known Brazil-based specialized fertilizer manufacturer, was acquired by ICL Group of Industries. In line with ICL’s strategy, the acquisition was aimed at taking advantage of Fertiláqua’s robust distribution network and market position in the quickly expanding Brazilian farm sector.
Key Companies Profiled
- The Mosaic Company
- Yara International
- Nutrien
- Eurochem Group
- Haifa Group
- ICL Group
- Compass Minerals
- Helena Agri-Enterprises
- Wilbur-Ellis
- Brandt
- K+S KALI
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Key Segments Covered by Citrus Crop Nutrition Market Survey Report
By Product Type:
- Fertilizers
- Soil Conditioners
- Specialized Nutrient Solutions
- Other Product Types
By Nutrient Type:
- Micro-nutrients
- Macro-nutrients
By Application:
- Fertigation
- Follar Spray
- Soil Amendments
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About the Food and Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the food and beverages team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food and beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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