Agricultural Micronutrients Market is Set Explode Due to Surging Global Population
Nov 18, 2019
The rapid population growth across the globe is a key factor driving the progress of the agricultural micronutrients market. 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.
New York, United States - November 18, 2019 /MarketersMedia/ —
From valuing $5,848.0 million in 2017, the agricultural micronutrients market is predicted to reach $9,009.2 million by 2023, registering a CAGR of 7.5% during the forecast period (2018–2023). The major factors influencing the growth of the market are rising investments in the agriculture sector, increasing deficiency of micronutrients in soil and its effects on crop yield, and the growing demand for food due to the rising population. Agricultural micronutrients such as iron, zinc, and boron, are the essential components that are required by plants for their optimum growth.
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Based on type, the categories of the agricultural micronutrients market are manganese, molybdenum, boron, iron, and zinc, and others (nickel, chlorine, and copper). With more than 25.0% value share, the market in 2017 was led by zinc micronutrients. Being one of the most crucial micronutrients, zinc is used to promote plant growth. It is also an essential component for carrying out metabolic processes, besides being a major constituent of many plant enzymes and proteins. Therefore, to support the healthy growth of a plant, its demand would continue to grow in the forecast period.
The classifications of the agricultural micronutrients market share based on crop type are oilseeds & pulses, fruits & vegetables, cereal & grains, and others (coconut, tea & coffee, rubber, sugarcane, and cotton). Among all, throughout the historical period (2013–2017), the market was dominated by the cereals & grains classification, which held the revenue share of more than 50.0% in 2017. For boosting the overall yield of cereals & grains, micronutrients are extensively used. The demand for cereals & grains would continue rising due to the growing population, thereby resulting in the high demand for micronutrients.
The significant increase in horticulture and the production of high-value crops, such as vegetables, nuts, ornamental crops, fruits, is trending in the agricultural micronutrients market. Further, the agriculture sector is witnessing the major consolidation of farmlands, which has led to the inflow of high capital for raw materials and micronutrients. The benefits of micronutrient management practices are being recognized, which help in improving disease resistance in plants, and at the same time, reduce the application of pesticides and fungicides to counter crop failure.
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The major driver of the agricultural micronutrients market is the surging population across the globe. The population division of the United Nations Department of Economic and Social Affairs reported that the world population in 2017 was 7.6 billion, which is predicted to become 9.8 billion by 2050. This addition of 2.2 billion individuals is predicted to add to the demand for food crops, cash crops, and horticulture crops in the coming time. Further, the additional pressure on agricultural farmlands to produce higher yield is further expected to add to the demand for micronutrients.
The opportunity for growth for the agricultural micronutrients market lies in the rising practice of contract farming. In the coming years, the emerging economies, such as India, China, and Brazil are expected to witness a spike in their population, which would create a pressure on farmlands for producing crops. Further, natural calamities also reduce dividends from farm income. To counter these, many governments are launching farmer-friendly initiatives, such as contract farming, in which the prices of crops are predetermined, which would motivate farmers to cultivate more crops.
Therefore, the market for agricultural micronutrients is set to flourish in the forecast period due to the rising global population and demand for crops.
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Name: Abhishek Kumar
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Source: MarketersMedia
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