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Booming Population To Propel Agricultural Micronutrient Demand

11-19-2021 09:49 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Booming Population To Propel Agricultural Micronutrient

The United Nations Department of Economic and Social Affairs (UNDESA) forecasts that the global population will reach around 9.7 billion by 2050, and it could further surge to approximately 11 billion by 2100. The population boom will create an excessive demand for food crops in the forthcoming years. The population explosion would, therefore, put immense pressure on the agriculture community to augment the volume of the crops produced. To keep up with the mounting pressure, farmers are already using agriculture micronutrients in abundance.

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Additionally, the burgeoning demand for horticulture and high-value crops, such as fruits, vegetables, nuts, and ornamental crops, will aid the agricultural micronutrients market in advancing at a CAGR of 7.5% during 2018–2023. According to P&S Intelligence, the market was valued at $5,848.0 million in 2017, and it is expected to generate $9,009.2 million revenue by 2023. Horticulture crops require a larger volume of micronutrients, on a per hectare basis, as compared to other agronomic crops.

Moreover, the surging popularity of contract farming will boost the adoption of agricultural micronutrients in the forthcoming years. Governments across the world are introducing several initiatives to support the concept of contract farming. This agricultural practice involves an agreement between food processing firms and farmers for producing and supplying farm products at predetermined prices. Under the terms of the contracts, crop buyers have to provide a certain degree of production support, such as technical expertise and raw materials (seeds, fertilizers, and biocides), to farmers.

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Geographically, Asia-Pacific (APAC) dominated the agricultural micronutrients market in the preceding years, and it is expected to retain its dominance in the upcoming years. This can be ascribed to the low biofortification of crops and high deficiency of micronutrients in the soil due to continuous sowing and reaping cycles in the region. Moreover, the rising number of government initiatives for educating farmers about the benefit of adding micronutrients to the soil and mounting income level of the people of India, Indonesia, and China will boost the consumption of such agents in the forthcoming years.

Thus, the booming global population and increasing practice of contract farming will create a huge requirement for agricultural micronutrients.

P&S Intelligence
Phone: +1-347-960-6455

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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