• Sat. Jul 31st, 2021
Agricultural Micronutrients

The population across the globe has been increasing at a rapid pace since the past few years. As per the United Nations Department of Economics and Social Affairs, the worldwide population is predicted to reach 9.8 billion by 2050. This surging population is further projected to create increasing requirement for food, owing to which there is pressing need for enhancing the productivity of agricultural fields. Since the arable area has also reduced now because of urbanizations and industrialization, the existing fields need to be highly efficient.

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Therefore, farmers these days are making use of products, including agricultural micronutrients, which can help enhance the productivity of fields. Plants utilized micronutrients in small quantities, and their unavailability can lead to reduced growth, plant abnormalities, and lower yield. In case plants are provided with adequate micronutrients, increased amount of water and nitrogen, which is also highly costly, maybe be wasted later on. It is because of such that the global agricultural micronutrients market is expected to advance at a significant pace in the years to come.

According to a P&S Intelligence, the agricultural micronutrients market is expected to attain a revenue of $9,009.2 million by 2023, increasing from $5,848.0 million in 2017, and is predicted to progress at a 7.5% CAGR during the forecast period (2018–2023). On the basis of type, the market is categorized into manganese, zinc, molybdenum, iron, and boron, out of which, zinc held the major share of the market in the past. This is because of the fact that zinc is among the major proteins and enzymes that are needed by plants for metabolic processes, such as elongation of the internodes and hormones.

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In conclusion, the demand for agricultural micronutrients is increasing due to the surging population and rising production of horticulture crops.