APAC Dominated the Global Agricultural Micronutrients Market

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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How Is Contract Farming Driving Agricultural Micronutrient Demand?

The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the global population will reach around 9.7 billion by 2050, and it could further surge to approximately 11 billion by 2100. The population boom will create an excessive demand for food crops in the forthcoming years. The population explosion would, therefore, put immense pressure on the agriculture community to augment the volume of the crops produced. To keep up with the mounting pressure, farmers are already using agriculture micronutrients in abundance.

Additionally, the burgeoning demand for horticulture and high-value crops, such as fruits, vegetables, nuts, and ornamental crops, will aid the agricultural micronutrients market in advancing at a CAGR of 7.5% during forecast period. According to P&S Intelligence, the market was valued at $5,848.0 million in 2017, and it is expected to generate $9,009.2 million revenue by 2023. Horticulture crops require a larger volume of micronutrients, on a per hectare basis, as compared to other agronomic crops.

The micronutrients offered by FMC Corporation, Haifa Group, Akzo Nobel N.V., Chambal Fertilisers and Chemicals Limited, BASF SE, Coromandel International Limited, Sinochem Group, The Mosaic Company, and SAPEC SA are based on diethylenetriaminepentaacetic acid (DTPA), ethylenediaminetetraacetic acid (EDTA), ethylenediamine- N,N'-bis (2-hydroxyphenylacetic acid) (EDDHA), and N,N′-bis(2-hydroxyphenyl)ethylendiamine-N,N′-diacetic acid (HBED). Additionally, these companies are also involved in the production of non-chelated agricultural micronutrients, which are more economical than other variants, therefore widely used in Indonesia, China, and India.

Geographically, Asia-Pacific (APAC) dominated the agricultural micronutrients market in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the low biofortification of crops and high deficiency of micronutrients in the soil due to continuous sowing and reaping cycles in the region. Moreover, the rising number of government initiatives for educating farmers about the benefit of adding micronutrients to the soil and mounting income level of the people of India, Indonesia, and China will boost the consumption of such agents in the forthcoming years.

Thus, the booming global population and increasing practice of contract farming will create a huge requirement for agricultural micronutrients.

Read More: https://www.psmarketresearch.com/market-analysis/agricultural-micronutrients-market

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