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.
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Cereals and grains dominated the industry regarding value, contributing a share in excess of 50%. With growing population and shrinking arable land, there is much more pressure on the maximization of crop yield, chiefly, cereals and grains production from existing farmlands.
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.
Application through soil had a significant share of around 50%, regarding volume in the recent past. The agricultural micronutrients market will also grow the fastest in the future. The method of application through soil is favored because of the low requirement of advanced machinery, ease of application, and easy assimilation into fertilizers.
APAC had over 50% share in the industry, in the past with respect to value. The growth has a lot to do with the increased application in China and India. Initiatives by agrochemical manufacturers and governments of these countries will create consciousness and supplement product acceptance amongst the local farmers.
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.
