The global agricultural micronutrients market is expected to be worth USD 3.8 billion in 2020, rising to USD 5.6 billion by 2025, with a CAGR of 8.7% over the forecast period. The agricultural micronutrients market is expected to expand due to factors such as rising soil micronutrient deficiencies and rising knowledge about food security.
Micronutrients are required by plants for healthy growth. Certain biochemical functions associated with plant metabolism and plant growth are associated with micronutrients. Conventionally, farmers focussed on phosphate, nitrogen, potash, but lately, due to increased pest infestation and plant diseases, farmers are now focussing on increased adoption of various micronutrients.
During the historical era, APAC was the largest agricultural micronutrients sector, and this trend is expected to continue during the forecast period when it will also experience the fastest growth. Because of the constant sowing and reaping cycles, there is a strong micronutrient deficit in the soil and poor biofortification of crops.
In the forecast period of 2020-2027, technological advances in the production of agricultural micronutrients, as well as rapid growth, are expected to generate new opportunities for the agricultural micronutrients market.
Since cereals are the most commonly consumed crop on the planet, the cereals & grains segment is expected to rise at the fastest rate. Food consumption is increasing in developing countries due to rising population and economic growth. Soil texture, pH impact, climatic variability, and organic matter are all factors that influence micronutrient availability in soil. The availability of micronutrients in the soil decreases as the pH rises. Crop growth is limited by a lack of micronutrients in the soil. If left unchecked, this will have a direct impact on crop production as well as decrease the efficiency with which macronutrient fertilisers are applied.
Increased deficiency of essential minerals in the soil needed for plant growth, such as zinc, copper, and iron, among others, is a major factor driving the growth of the agricultural micronutrients market. Other major factors driving the growth of the agricultural micronutrients market include increasing soil pollution around the world and research activities on the production and introduction of low-cost agricultural micronutrients.
A bad diet can be blamed for an increase in the incidence of micronutrient deficiency in people. Micronutrient deficiencies in agricultural soil reduce crop yield and nutritional quality, as well as have an adverse effect on human health. Micronutrient deficiencies can cause a variety of health problems in people. It's also possible that it'll boost the mortality rate.
The global population is increasing tremendously. According to the Population Reference Bureau (PRB), the global human population is projected to increase by 75 million people each year, or 1.1 per cent. As a result, the world's population is projected to hit 9.9 billion in 2050, up from an estimated 7.4 billion in 2017. As the world's population rises, so does the demand for food. An increasing population means a growing appetite, and a growing appetite means agriculture can play a larger role in the world's future. Since the number of arable acres is only projected to increase modestly, agricultural farmers would need to become more effective and profitable in order to feed an increasing world of hungry people. At the same time, crop production will continue to be hampered by unpredictably harsh weather, such as drought, flooding, and extreme heat, among other factors.
The lack of knowledge among farmers about the benefits of using agricultural micronutrients will be a restraining factor for the agricultural micronutrients market during the forecast period, posing a further challenge to the market's development. Apart from this, lack of agriculture budget, the booming organic fertilizer industry and bio-accumulation of non-biodegradable chelates can hinder the agriculture micronutrients market rise.
Some of the Market Key Players are:
Global Agricultural Micronutrients Market Coverage
Type Insight and Forecast 2015-2025
Crop Type Insight and Forecast 2015-2025
Global Agricultural Micronutrients Market by Region
Rest of the World (RoW)