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
