Agricultural Micronutrients Market Estimated to Soar Higher By 2027
Agricultural Micronutrients- Drivers
There is a higher demand for good quality and uniform yield, due to increasing population across the globe coupled with deficiency of micronutrients in soils across regions, which is a major driving factor for growth of the micronutrients market. According to a research conducted by UN, the production of crops needs to be doubled with a view to meet the demand of the rising population by 2050. Increasing population, rising consumption of bio-fuels, food security and changing diets have been the major factors boosting demand for better quality, and uniform yield from the agricultural industry thus in turn boosting the global market for agricultural micronutrients.
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Agricultural Micronutrients- Restraints
Factors affecting the availability of micronutrients in soil include soil texture, pH effect, climatic variability and organic matter. Lower organic matter soil such as grey soil, muck or peaty soil is deficient in micronutrients. Sandy soil is more deficient in micronutrients than clay soil. Higher the pH, lower would be the availability of micronutrients in the soil. Soil moisture and temperature are also important aspects of soil. There would be deficiency of micronutrients in the soil when it is wet and cool. On the other hand, there would be no deficiency of micronutrients in warmer soils. Thus, the treatment of this deficiency in micronutrients across various terrains and regions has been the most important factor in increasing the yield and quality of crops. Inadequacy of micronutrients in the soil limits the growth of crops. If left untreated, this would not only directly affect crop development, but also reduce the efficiency of use of macronutrient fertilizers.
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Agricultural micronutrients- Regional Outlook
Asia Pacific held the largest market share in terms of demand for micronutrients. North America is the second-largest market in terms of demand for micronutrients, followed by Europe. Increasing demand for food, depleting arable land and micronutrient-deficient soils in regions like Brazil, Northern Africa, Indian subcontinent, China, Southern U.S., and Nordic countries are likely to drive the demand for micronutrients in the coming years.
Agricultural Micronutrients- Key Players
Yara International, Agrium Inc, Wolf Trax Inc., Coromandel International Ltd., BASF SE, and The Mosaic Company are some of the top players functioning in the agricultural micronutrients mark
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