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At 8.5% CAGR, Global Agricultural Micronutrients Market Will Reach USD 11,002 Million by 2030

iCrowdNewswire   Jan 7, 2021  1:00 AM ET

Micronutrients are essential elements that are used by plants in small quantities. These include zinc, boron, copper, manganese, and iron. The consumption of agricultural micronutrients is rising at a tremendous rate owing to the increasing prevalence of micronutrient deficiency in the soil, followed by the growing uses for food to fulfill the needs of the increasing population. Over-fertilization owing to limited land availability for farming is leading to micronutrient deficiency in the soil. This deficiency is continuously increasing the need for agricultural micronutrients at farms to optimize crop yields.

Global Agricultural Micronutrients Market to surpass USD 11,002 million by 2030 from USD 5,848 million in 2018 at a CAGR of 7.12% throughout the forecast period, i.e., 2019-30.

The rising population and increasing concerns regarding food security are driving the growth of the agricultural micronutrients market. Also, there has been an upsurge in demand for agricultural micronutrients due to the increasing awareness among farmers regarding soil nutrients deficit. The increasing adoption of contract farming, where companies provide significant agricultural inputs, has led to a rise in product awareness, supporting product growth. The demand for high-yield crops has resulted in the removal of micronutrients from the soil in large quantities. The shift of consumer preference towards nutrient-rich foods owing to increasing health concerns is likely to drive the market. In addition, growing contract farming provides significant opportunities for manufacturers in the agriculture micronutrients market.

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Global Agricultural Micronutrients Market is segmented by Type into Zinc, Boron, Iron, Manganese, Molybdenum, and Copper. Based on Type, the Zinc segment generated the highest revenue and the major share can be ascribed as zinc is a major component of a plant’s many proteins and enzymes and its function in metabolic processes, including hormone development and internode elongation. However, due to the growing number of benefits provided and the increase in zinc deficiency in soils across different regions and countries, zinc as an agricultural micronutrient is expected to gain popularity in the coming years.

Global Agricultural Micronutrients Market is segmented by application into Soil, Foliar, and Fertigation. In areas of row crops, horticultural crops, fruit crops, vegetable crops, and ornamental & flowering crops, fertigation is used. Fertigation is an agricultural technique that involves the application of water and fertilizer through irrigation. Fertigation better minimizes the risk of roots contracting soil-borne diseases, decreases soil erosion, decreases water consumption, increases nutrient absorption by plants, and monitors the rate of release of fertilizers compared to another application segment.

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Global Agricultural Micronutrients Market is segmented by Crop Type into Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses. Based on Crop Type, turf, and ornamental shield the largest share in 2018 in terms of revenues, it promotes better root growth and development and optimizes crop yield production. For the proper growth of cereals and grains, micronutrients are commonly used, thereby increasing the overall yield. The increasing global population will continue to increase cereal and grain demand and, in turn, micronutrient consumption. Rising exports of fruits and vegetables have also contributed to an increase in the area of crop planting, resulting in an increase in the amount of their production. The demand for crop protection chemicals for fruits & vegetables is therefore projected to see significant growth which is expected to drive the demand over the coming years.

Fertilizers are one of the most essential components of modern agriculture. With the application of fertilizers in agricultural practices, the production of fruit, feed, fuel, fiber, and other plant products has increased markedly. Agricultural micronutrients provide farmers with another opportunity in their arsenal to achieve responsible nutrient stewardship. Nutrient losses can occur in several ways, such as runoff, leaching, atmospheric losses, and direct loss. Such nutrient losses will have an extensive impact on the climate. These losses of water nutrients cause eutrophication on the surfaces of bodies of water, destroying the aquatic ecosystem in turn. Consequently, the high productivity of agricultural micronutrients has led to an increase in demand growth for agricultural micronutrients.

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Demand for crop nutrition and awareness of the role of nutrients in growing agricultural production are the primary factors driving the growth of the market for agricultural micronutrients. The use of agricultural micronutrients is also assisted by the creation of new formulations that, by providing controlled release of essential nutrients, can accurately balance nutrition. Growing demand for food and shortage of arable land are forcing farming communities to get the best out of limited resources. The demand is due to the growing advantages of these fertilizers over conventional fertilizers. These fertilizers are constantly helping to supply nutrients to plants, are more effective, and also help reduce labor. The nutrients provided by these fertilizers are sufficient and the plants are completely absorbed.

Global demand for crop micronutrients is driven by factors such as the efficacy of micronutrients for crop yield and productivity, increased awareness among growers of the benefits of micronutrients, and the shrinkage of agricultural land. However, the restraining factors for the demand for crop micronutrients are the mining of micronutrient reserves, the availability of cheap alternatives and counterfeit goods, and the lack of knowledge among farmers of the dosage and proper application of micronutrients. In addition, the tendency of farmers to use organic fertilizers in different regions during the review period may hamper the market growth.

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Keywords:    Agricultural Micronutrients Market, Agricultural Micronutrients Industry, Agricultural Micronutrients Market Size, Agricultural Micronutrients Market Share, Agricultural Micronutrients Market 2020, Agricultural Micronutrients Market 2030

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