The global agricultural micronutrients market is projected to exhibit significant growth, at a CAGR of around 8.4%, during the forecast period. Crop improvement is being considered as a flourishing area in the agriculture industry due to the shift towards a scientific approach in the agriculture technologies, rising concerns of poor crop yield and irregular reaping process of flowers and vegetables. The substantial growth in funding the US and other countries is propelling the market of the global agricultural micronutrients market during the forecast period.
Additionally, the market is being supported by products and research projects developed by companies operating in the agriculture industry. Companies such as BASF SE are procuring license agreements to develop micronutrients for agriculture products.
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An important milestone is predicted to be achieved by the middle of the 21st century, as the time when the population on the Earth will certainly reach a record high of over nine billion people. The enormous growth in the population will necessarily impose an unparalleled huge demand on the planet's resources. Asia-Pacific is the largest producer, exporter, and consumer of Asia-Pacific. The region has well-known agriculture research facilities for the development of effective and productive crops.
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Further, key countries of the region such as China, Japan, and Malaysia are contributing significantly to the agricultural micronutrients market due to surging demand for agriculture in countries. India has few major industries, with which the country drives its greater part of the economy, which includes textile, agriculture, and manufacturing. According to the India Brand Equity Foundation (IBEF), an estimated 283.37 million tons of food grain production recorded during 2018-2019. In addition, the total exports of agricultural products from India grew at a CAGR of 16.45% during 2010-2018. The country fulfills the food demand for various countries, including Russia, the US, and China.
Along with this, the current cycle of climate fluctuations that the planet is undergoing will pose a negative impact on natural ecosystems and will have environmental stresses on agricultural productivity. According to the researchers at the University of Bonn, the global food production could fall by over 20% by 2050, and at the same time, the global population is projected to reach 9.8 billion in 2050. Across Europe, the demand for organic food has increased in the past 10 years. The researchers are making efforts to create more productive yields that help farmers and food companies to attract more investment.
High investment is the key to meet the growing demand amongst European consumers for organic food. Such high investments and funding from the government drive the growth of the global agricultural micronutrients market.
Global Agricultural Micronutrients Market-Segmentation
- Others (Copper and Molybdenum)
By Crop Type
- Pulses and Oilseeds
- Fruits and Vegetables
- Others (Floriculture)
- Seed Treatment
- Others (Hydroponics)
Global Agricultural Micronutrients Market– Segment by Region
- United States
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
· AgXplore International, LLC
· Akzo Nobel N.V.
· Aries Agro Ltd.
· ATP Nutrition Ltd.
· Balchem Corp.
· BASF SE
· BMS Micro-Nutrients NV
· Compass Minerals International, Inc.
· COMPO EXPERT GmbH
· Coromandel International Ltd.
· Haifa Group
· Helena Agri-Enterprises, LLC
· Israel Chemicals Ltd.
· Nufarm Ltd.
· Plant Food Company, Inc.
· Stoller Group
· The Mosaic Co.
· VALAGRO S.P.A.
· Yara International ASA
· Zuari Agro Chemicals Ltd.
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