Global Agricultural Micronutrients Market to Rise With 7.84% Between 2019 and 2027
“According to a new market research report published by Inkwood Research, “the Global Agricultural Micronutrients Market is expected to grow at a CAGR of 7.84% between 2019 and 2027.”
“Browse 29 Market Data Tables and 36 Figures spread over 117 pages, along with an in-depth TOC Global Agricultural Micronutrients Market Forecast 2019-2027.”
Micronutrients are essential minerals required by organisms for survival and growth. They are needed in minuscule amounts, and the requirements differ for every organism. Plants require specific micronutrients for sustainable development, which include chloride (Cl), boron (B), copper (Cu), zinc (Zn), iron (Fe), molybdenum (Mo) and Manganese (Mn). The growth of the plant gets stunt at the lack of one of these micronutrients, despite the others being present in adequate amounts. Agriculture has been an essential constituent of many countries, enhancing their economies. The increasing demand for food production due to the rising world population makes the production of micronutrients a vital part of agriculture.
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Deficiency of Micronutrients in the Soil Propels the Agricultural Micronutrients Market
The scarcity of micronutrients in the soil leads to a significant reduction in the production of crops. The rising adoption of high production technology, irrigation facilities, increasing cultivation of high yield varieties, results in substantial pressure on the nutritional quotient of the soil. The pH level of the soil influences the availability of micronutrients in the soil. As the pH value of the soil increases, the availability of the micronutrients in the soil decreases. To tackle these, various governments of the countries across the world have been encouraging the use of micronutrient fertilizers. The rising awareness among farmers has led to the adaptation of micronutrient fertilizers, along with the increasing demands for quality changes in food.
Increasing Benefits through Soil Application Mode
The changing climate characteristics and soil chemistry influence the reaction of crop towards applied micronutrients. The production of crops can be reformed by increasing organic matter and adding micronutrients, through soil application mode. Soil application mode has several benefits, like easy application, convenience in usage, and improvement in terms of fertility. However, the soil retains only a small amount of micronutrients due to oxidation of micronutrients. At the same time, it helps in cost reduction and uniform distribution of micronutrients. Plants and the soil application method utilize micronutrients like zinc, copper, and boron. The soil application method forms the largest segment in terms of the market due to the high zinc deficiency across the world.
The Asia Pacific is Witnessing a Steadfast Growth in the Global Agricultural Micronutrients Market
A well-established distribution network of agricultural micronutrients along with rising demands for food grains and nutrient deficiency in the soil, are driving the growth of the market in the Asia Pacific region. The micronutrient content in the soil is less in the countries across the region, due to which, the governments of these regions are encouraging the use of micronutrients for crop production. The rising awareness about micronutrients among farmers is another factor propelling the growth of the market.
Several players have emerged in the market to meet the demands of change in food quality, and the overall market. Some of them are The Mosaic Company Inc., Azko Nobel N.V., Haifa Chemicals, and Yara International. Azko Nobel N.V. invested in Sweden for expanding the capacity of its chelated micronutrients. The chelated micronutrients are used as vital ingredients in the agricultural market. The energy prices and wavering raw materials pose a threat to the growth of the company.
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