The rapid population growth across the globe is a key factor driving the progress of the agricultural micronutrients market. Generating a $5,848.0 million revenue in 2017, the market is predicted to advance at a CAGR of 7.5% during the forecast period (2018–2023). It is also being expected that by 2023, the market will value $9,009.2 million. By definition, micronutrients are those nutrients that plants use in small amounts for their growth. A micronutrient deficiency can result in vulnerability to diseases and premature death.
Iron, zinc, molybdenum, manganese, boron, and others are the various categories when the market is segmented by type. Among these, zinc-based products held the largest revenue share, of more than 25.0%, in the agricultural micronutrients market in 2017. The reason for this was that zinc is an important constituent of several plant enzymes and proteins that are important for metabolism. As the need to shorten the crop maturation period increases, so will the demand for zinc micronutrients during the forecast period.
Iron, zinc, molybdenum, manganese, boron, and others are the various categories when the market is segmented by type. Among these, zinc-based products held the largest revenue share, of more than 25.0%, in the agricultural micronutrients market in 2017. The reason for this was that zinc is an important constituent of several plant enzymes and proteins that are important for metabolism. As the need to shorten the crop maturation period increases, so will the demand for zinc micronutrients during the forecast period.
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On the basis of form factor, the market is divided into ethylenediaminetetraacetic acid (EDTA), ethylenediamine-N,N'-bis(2-hydroxyphenylacetic acid) (EDDHA), diethylenetriaminepentaacetic acid (DTPA), N,N′-bis(2-hydroxyphenyl)ethylenediamine-N,N′-diacetic acid (HBED), and non-chelated. Among these, the non-chelated division led the agricultural micronutrients market in 2017 in terms of sales volume, as these are cheaper than other form factors, therefore are consumed heavily in major agrarian countries, such as Indonesia, China, and India, which are also emerging economies at the moment.
When segmented by crop type, the market is classified into oilseeds and pulses, fruits and vegetables, cereals and grains, and others. Among these, cereals and grains contributed over 50.0% of the revenue to the agricultural micronutrients market in 2017, as such products are extensively used for maximizing the yield of such crops. The population boom across the world is resulting in an ever-increasing demand for grains and cereals, thereby, boosting the sale of micronutrients.
On the basis of form factor, the market is divided into ethylenediaminetetraacetic acid (EDTA), ethylenediamine-N,N'-bis(2-hydroxyphenylacetic acid) (EDDHA), diethylenetriaminepentaacetic acid (DTPA), N,N′-bis(2-hydroxyphenyl)ethylenediamine-N,N′-diacetic acid (HBED), and non-chelated. Among these, the non-chelated division led the agricultural micronutrients market in 2017 in terms of sales volume, as these are cheaper than other form factors, therefore are consumed heavily in major agrarian countries, such as Indonesia, China, and India, which are also emerging economies at the moment.
When segmented by crop type, the market is classified into oilseeds and pulses, fruits and vegetables, cereals and grains, and others. Among these, cereals and grains contributed over 50.0% of the revenue to the agricultural micronutrients market in 2017, as such products are extensively used for maximizing the yield of such crops. The population boom across the world is resulting in an ever-increasing demand for grains and cereals, thereby, boosting the sale of micronutrients.
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The United Nations Department of Economic and Social Affairs’ population division reported that the global population, which was 7.6 billion in 2017 will grow to around 9.8 billion by 2050. This will further boost the demand for cereals, grains, fruits, vegetables, pulses, and oilseeds. To meet the need, farmers would be under immense pressure to better their yield and shorten the crop maturation period to maximize the production. Therefore, with a rise in the global demand for food, the agricultural micronutrients market will continue growing.
Further, the arable land area is also shrinking, primarily owing to the growth of cities. As per the United Nations Food and Agriculture Organization, the total arable land area shrunk from 49.4 million square kilometers in 2000 to 48.6 million square kilometers in 2015. Not only this, but the arable land area per farmer is also expected to decrease from 0.23 hectares in 2000 to 0.15 hectares by 2050. With the farm area decreasing, farmers would use micronutrients in a higher amount to maintain their yield and revenue.
Browse Overview of this Report @ Global Market Size, Share, Development and Demand Forecast, 2013–2023
Apart from population growth and farm area reduction, the increasing mineral deficiency in the soil is also driving the agricultural micronutrients market across the globe. If the soil is deficient in micronutrients, photosynthesis will be hampered, resulting in stunted growth or premature death. Thus, to make sure this does not happen, the agrarian community is adding micronutrients to the soil in considerable amounts. Further, crops deficient in nutrients ultimately impact humans negatively too.
Thus, it is clear that as farmers strive to increase their yield in times of mineral deficiency in the soil, the demand for agricultural micronutrients will rise.
The United Nations Department of Economic and Social Affairs’ population division reported that the global population, which was 7.6 billion in 2017 will grow to around 9.8 billion by 2050. This will further boost the demand for cereals, grains, fruits, vegetables, pulses, and oilseeds. To meet the need, farmers would be under immense pressure to better their yield and shorten the crop maturation period to maximize the production. Therefore, with a rise in the global demand for food, the agricultural micronutrients market will continue growing.
Further, the arable land area is also shrinking, primarily owing to the growth of cities. As per the United Nations Food and Agriculture Organization, the total arable land area shrunk from 49.4 million square kilometers in 2000 to 48.6 million square kilometers in 2015. Not only this, but the arable land area per farmer is also expected to decrease from 0.23 hectares in 2000 to 0.15 hectares by 2050. With the farm area decreasing, farmers would use micronutrients in a higher amount to maintain their yield and revenue.
Browse Overview of this Report @ Global Market Size, Share, Development and Demand Forecast, 2013–2023
Apart from population growth and farm area reduction, the increasing mineral deficiency in the soil is also driving the agricultural micronutrients market across the globe. If the soil is deficient in micronutrients, photosynthesis will be hampered, resulting in stunted growth or premature death. Thus, to make sure this does not happen, the agrarian community is adding micronutrients to the soil in considerable amounts. Further, crops deficient in nutrients ultimately impact humans negatively too.
Thus, it is clear that as farmers strive to increase their yield in times of mineral deficiency in the soil, the demand for agricultural micronutrients will rise.
