According to some observers, the conventional wisdom on micronutrients is that they will suffer sales setbacks in years with uneven income streams or major market disruptions. However, this doesn’t seem to be the case according to recent data.
In fact, according to information gathered by CropLife magazine during its annual CropLife 100 survey of the nation’s top ag retailers, micronutrients maintained their sales volumes throughout the up-and-down revenues years of the 2010s. Almost without fail, more than 60% respondents to the survey said that their annual micronutrient sales volumes grew between 1% and more than 5% seven of these 10 years.
And the trend continued during 2020 – year of the most uncertain years agriculture (and the world) ever saw due to the ongoing COVID-19 pandemic. According to the 2020 CropLife 100 survey, 69% of respondents said that their micronutrient sales increased between 1% and more than 5% last year – which lead among all sub-segments tracked by the CropLife 100 survey data.
“Over the past few years, we have seen a renewed focus on micronutrients,” said John Oppelt, Director of Alternative Crop Nutrients for American Plant Food, in a recent interview with CropLife. “Micronutrients as a category were once considered a luxury input. Now, with education and product performance this category is beginning to enjoy the attention that it deserves as a necessity.”
The numbers back up Oppelt’s ascertain. According to the annual Buying Intentions Survey, micronutrients is again expected to be a growth category for ag retailers during the 2021 growing season. In fact, 60% of respondents anticipate their micronutrient sales to grow during the year, with another 35% expecting sales to remain at their 2020 levels. Only 5% expect to see any sales declines occur in micronutrients this year.