“The world’s population is expected to grow to almost 10 billion by 2050, boosting agricultural demand – in a scenario of modest economic growth – by some 50 percent compared to 2013.”, says the Food and Agriculture Organization (FAO, part of the United Nations. However, meeting this requirement might not be that easy, considering that the arable land is already being overexploited to feed the existing population. More crop cycles than the land in a particular area is suitable for, heavy chemical fertilizer and biocide usage, and general soil pollution are harming the fertility of farmlands.
These are some of the biggest reasons that, as per P&S Intelligence, will drive the agricultural micronutrients market from $5,848.0 million in 2017 to $9,009.2 million by 2023, at a 7.5% CAGR between 2018 and 2023. Moreover, the land available for agriculture is rapidly shrinking with the expansion of cities and setting up of industrial units. In addition, with the rising population, the per person availability of arable land is decreasing too, as in many countries, the land owned by a farmer is equally divided amongst their children.
On the basis of geographical scenario, the agricultural micronutrients market was dominated by Asia-Pacific in the past, and the demand for these products is also projected to increase in the coming years. This is owing to the high micronutrient deficiency in the soil and low biofortification of crops because of the continuous reaping and sowing cycles. In addition to this, governments of several countries are also taking various initiatives for educating farmers about adding micronutrients to soil. Within the region, China is expected to create largest demand for agricultural micronutrients in the years to come.
In conclusion, the demand for agricultural micronutrients is increasing due to the surging population and rising production of horticulture crops.
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