Agrarian Economies of East Asia to Witness High Proliferation of Agricultural Micronutrients by 2031
A recent research on the agricultural micronutrients market conducted by Fact.MR unveils critical trends and opportunities across various segments in terms of nutrient, crop, application, and region during the assessment period (2021-2031). The focus of the research is on offering unique market insights to help major players in developing cohesive strategies to acquire a competitive edge.
NEW YORK, Oct. 4, 2022 /PRNewswire/ -- The global agricultural micronutrients market is projected to grow at a consistent CAGR of 3.6% from 2021 to 2031. The market stood at a valuation of US$ 4.9 Billion in 2021. Growing investments in increasing the net yield of crops, coupled with the need to improve the quality of farm produce is likely to create significant growth opportunities for market players during the assessment period.
Ability of micronutrients to enable crops to generate high yields by enhancing the soil's minerals is estimated to push growth. These are set to be extensively used in agriculture and are considered to be crucial for the growth and development of plants.
Due to the growing need for higher crop yields that absorb more nutrients from the soil, micronutrient deficiency has increased. Deficiency of micronutrient in the soil due to floods, continuous yielding, and harvesting of crops are some of the key factor that are likely to boost the demand of agricultural micronutrients.
Further, micronutrients are available to plants in small amounts, and deficits in these nutrients can cause diseases in crops. Micronutrient imbalances and inadequacies affects soil all over the world. Urgent need to maintain the soil pH, temperature, and humidity, especially in emerging nations, is expected to drive the market for agricultural micronutrients in the next decade.
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Governments across the world are engaging in increasing the overall yield per hectare to get the maximum benefit out of cultivation. Increasing maximum yield per hectare is also important for maintaining the demand-supply equation.
For instance, according to Our World in Data, increasing agricultural productivity in Sub-Saharan Africa is one of the most pertinent issues for global policymakers. The repercussions of low agricultural produce can result into fatalities and poverty. Owing to growing focus on increasing the overall produce, use of agricultural micronutrients is being promoted by governments, which is likely to drive demand during the forecast period.
Asia Pacific accounts for over 40% of the agricultural micronutrients market share, and the region is likely to remain lucrative throughout the forecast period. Many countries in Asia Pacific are primarily dependent upon agriculture for stabilizing their economy, due to which, investments in agricultural products is high.
According to UNICEF, in East Asia and Pacific region, 80 million children between the ages of 5 and 19, and more than two out of every three in some nations, are currently overweight. Lack of nutrients in food products is a key concern for governments in the Asia Pacific region, due to which a large number of efforts are being taken up by governments. Owing to this factor, demand for agricultural micronutrients is expected to rise during the assessment period.
By nutrient, the zinc agricultural micronutrients segment is expected to generate the lion's share during the assessment period.
By application, the foliar segment is likely to remain lucrative and grow at a rapid pace during the assessment period.
During the historical period of 2016-2020, the global agricultural micronutrients market exhibited growth at a CAGR of 2.3%.
Tier-1 manufacturers in the global agricultural micronutrients market held nearly 35% of share in 2020.
The Asia Pacific agricultural micronutrients market is projected to grow 1.5x during the forthcoming years from 2021 to 2031.
Increasing focus of governments on addressing pertinent challenges such as malnutrition and obesity is likely to fuel growth in the market during the forecast period.
Growing awareness among consumers about the benefits of eating a nutritious diet is driving the use of agricultural micronutrients.
Micronutrient over-nutrition can lead to poisoning and other serious ailments, due to which, regulation is important, thereby hampering the use of agricultural micronutrients.
Agricultural micronutrients are expensive than traditionally used fertilizers, owing to which, their use is still limited in developing countries.
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Agricultural micronutrient producers are focusing on enlarging their distribution networks and increasing their investments in new manufacturing facilities. They are also expanding their portfolio of biodegradable chelates and micronutrients to meet the growing demand from agriculturists. Some agrochemical companies are also focusing on developing natural bio-organic chelating agents to boost their position in the market.
In March 2022, the Mosaic Company announced that it will be increasing its production capacity for micro essentials to 2.3 million tons to align its supply-demand equation.
Stoller USA, Inc. announced in 2021 that it will be focusing on developing zinc- and boron-rich agricultural micronutrient solutions to meet the specific needs of consumers in West America and Brazil.
Key Companies Profiled by Fact.MR
The Mosaic Company
Helena Agri-Enterprises, LLC
More Valuable Insights on Agricultural Micronutrients Market
In its latest study, Fact.MR offers a detailed analysis of the global agricultural micronutrients market for the forecast period of 2021 to 2031. This study also divulges key drivers and trends promoting the sales of agricultural micronutrients through detailed segmentation as follows:
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Key Questions Covered in the Agricultural Micronutrients Market Report
What is the estimated market size of agricultural micronutrients in 2021?
At what pace will worldwide agricultural micronutrients increase till 2031?
What factors are driving demand in the agricultural micronutrients market?
Which region is predicted to lead the worldwide agricultural micronutrients market between 2021 and 2031?
What are the elements driving agricultural micronutrients market sales during the forecast period?
What is the expected market estimation of the agricultural micronutrients during the forecast period?
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