The size of the agricultural micronutrients market was USD 4,321.9 million in 2022, and it will grow at a CAGR of 8.5% during 2022–2030, to reach USD 8,322.1 million by 2030, as per a report of a market research firm P&S Intelligence.
There is a necessity to improve productivity, but it is hindered because of micronutrient deficiencies in plants and correspondingly, bio-magnification in food chain. These factors have a major role to play in improving the growth of the plants and edaphic qualities of soil, and are thus, will steer the demand in the years to come.
Also, the growing demand for cereals and grains, which has a lot to do with the growing population and diversifying nutritional requirements of people, will propel the acceptance rates for micronutrients therefore boost the growth in the years to come.
Also, this has several economic advantages to agricultural installations and farmlands by plummeting the time taken in the process of application. This is because of comparative ease of application in the plants in growing phase over application in mature plants.
In that way, the application via soil category will be propelled by several factors and will also witness growth in the years to come.
In coherence to same, different departments of the Indian government have launched a number of policies, including subsidies on fortified seeds, commencement of SHCs, and regularization of contract farming. Ultimately, these factors will be responsible for an increase in the demand.
It is because of the deteriorating quality of the soil in agricultural fields and increasing knowledge of the public about the advantages of micronutrients, the demand for agricultural micronutrients will increase leaps and bounds in the near future at the global level.
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