Demand for Agricultural Micronutrients Highest in Asia-Pacific

The production of high-value crops, such as vegetables, fruits, ornamental crops, and nuts, requires micronutrients. These horticulture crops use larger quantities of micronutrients than other agronomic crops on a per-hectare basis. Moreover, the increasing acquisition of farmlands by large corporates has led to the widescale adoption of such materials. Thus, the growing practice of horticulture farming will accelerate the agricultural micronutrients market at a 7.5% CAGR during 2018–2023. The market stood at $5,848.0 million in 2017, and it is expected to reach $9,009.2 million by 2023.

Additionally, the growing practice of contract farming, due to the rising support from governments in emerging economies, such as India, will fuel the adoption of such products globally. This type of farming involves an agreement between food processing companies and farmers to supply agricultural products at predetermined costs. Under this agreement, the companies need to provide extensive production support, including technical expertise and the supply of raw materials, such as seeds and micronutrients.

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Geographically, the agricultural micronutrients market was dominated by the Asia-Pacific region during the historical period, and the region is further projected to grow at the fastest pace during the forecast period. The low biofortification of crops and high deficiency of micronutrients in the soil, owing to continuous reaping and sowing cycles, are driving the demand for agricultural micronutrients in the region. Governments are also trying to create awareness among farmers regarding the advantages of micronutrients, thereby driving the regional market.

The growing practice of contract farming in India and other such countries is opening up wide opportunities for the players operating in the agricultural micronutrients market. Governments in these countries are taking initiatives and supporting the agricultural sector. Under the practice, an agreement is made between processing firms and farmers, where supply and products of agricultural products are carried out at predetermined costs. The buyer also has to provide some kind of production support to the farmer as per the agreement.

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The global population is on a rise and is resulting in the increased demand for food products, which, in turn, is leading to the growth of the agricultural micronutrients market. As per the United Nations Department of Economic and Social Affairs, the worldwide population is projected to grow to 9.8 billion by 2050, increasing from 7.6 billion in 2017. This surge in the global population is bound to create increased demand for food products, which will lead to increased adoption of agricultural micronutrients.

Hence, the market is being driven by the surging population and rising practice of contract farming.

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