The
world’s population is predicted to reach 9.8 billion by 2050 from 7.6 billion
in 2017, as reported by the United Nations Department of Economic and Social
Affairs. This huge increase in the population is expected to drive the demand
for food; therefore, the requirement for horticulture crops, food crops, and
cash crops would witness a surge in the coming years. Farmlands would
experience the effects of the increasing population that would mount a pressure
on improving their crop yield, which can be done by using agricultural
micronutrients. A report by the Food and Agriculture Organization (FAO), a
United Nations agency, reported that arable land area, which was 49.4 million
square kilometers in 2000, decreased to 48.6 million square kilometers in 2015.
It is predicted to decrease to 0.15 hectares per person by 2050 from 0.23
hectares in 2000 due to numerous factors, such as the shrinking income of
farmers and degradation of agricultural land.
A
study conducted by P&S Intelligence reported that growing at a 7.5% CAGR,
the agricultural micronutrients market would amass $9,009.2 million in
the coming years compared to the $5,848.0 million it garnered in 2017. Agricultural
micronutrients are essential minerals and elements that play an important role
in promoting the growth of plants and are required in small amounts. These micronutrients
are of many types, such as zinc, boron, iron, molybdenum, chlorine, nickel,
copper and manganese. In 2017, zinc alone accounted for over 25.0% of the total
revenue generated by micronutrient sales, as it is one of the most essential
plant growth promoters. Besides being one of the important constituents of
plant enzymes and proteins, it is also essential for metabolic processes.
Therefore, the demand for zinc has been witnessing an increase due to the
growing need for expediting plant growth across the globe.
Browse report overview with detailed TOC at: https://www.psmarketresearch.com/market-analysis/agricultural-micronutrients-market/report-sample
Lower
crop yield could be a result of soil deficiencies of micronutrients that are
essential for plant growth. In the past decade, these deficiencies have been
primarily established for zinc, followed by boron and molybdenum.
Zinc-deficient soil is present in Asia (India, Turkey, Indonesia, and China),
the north-western region of South America, and sub-Saharan Africa, as per the Institute
for Agriculture and Trade Policy. The low levels of nutrients limit the
physiologic and metabolic processes of crops, thereby affecting their growth
and ultimately the farms’ yield. A micronutrient imbalance has been created due
to constant mineral stripping occurring as a result of routine crop production.
As per an FAO report, unsustainable farming practices have resulted in zinc
deficiency in over 50.0% agricultural soils. This has posed a serious threat to
human health and survival as challenges to food security have increased.
Cereals
and grains, fruits and vegetables, oilseeds and pulses, rubber, cotton, tea,
sugarcane, coconut, and coffee are the major types of crops for which agricultural
micronutrients are used. The highest demand for these micronutrients was
generated by cereals and grains that accounted for more than 50.0% of the
revenue to the firms providing these to users. These micronutrients are heavily
employed in ensuring optimum growth and yield of cereals and grains. The demand
for micronutrients is set to only increase to feed the growing population,
which would continue to boost the demand for crops and thereby driving the agricultural micronutrients market.
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