Agricultural Micronutrients Market – Drivers and Forecasts by Technavio

November 15, 2017

LONDON–(BUSINESS WIRE)–#Agrochemicals—Technavio
analysts forecast the global
agricultural micronutrients market to grow at a CAGR of over
8% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global agricultural micronutrients market for
2017-2021. Agricultural micronutrients are essential elements that are
used in minimal quantities to provide the crops with the required
nutrition to ensure the proper growth of crops, higher yield of
good-quality crops, and the protection of crops from deficiency and
other plant abnormalities.

The global agricultural micronutrients market is expected to witness
rapid growth during the forecast period. The market is driven by various
factors, such as growing nutrient deficiencies in crop and export of
food products between regions, in order to meet the standard quality.
Another major factor that is driving the growth of the agricultural
micronutrients market is the depletion of arable land due to the
increasing population and industrialization. The remaining arable land
has to be used extensively to produce crops for the growing population,
which is fulfilled by the increased use of agricultural micronutrients.

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global agricultural micronutrients
market:

Poor quality of soil
Rising consumption of biofuels
Increasing population across the globe

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Poor quality of soil

The agricultural micronutrients market has witnessed a steady growth
because of the deficiency in the soil and depletion of agricultural
lands. The quality of the soil is degrading due to various factors, such
as intensive cropping, extensive use of chemical fertilizers, extensive
irrigation facilities, and mining of micronutrient reserves. These
factors are leading to the depletion of arable lands.

Hitesh Bhatia, a lead agrochemicals
and fertilizers research analyst at Technavio, says, “Not all
types of soil are suitable for agriculture and are depleted from many
nutrients that are required to grow healthy crops. The symptoms of poor
soil quality should be recognized, which will urge the use of
micronutrients to cope up with the quality and to enhance the
productivity to meet the demand.”

Rising consumption of biofuels

The demand for biofuels is increasing due to the rapid depletion of
crude oil deposits and the growing environmental concerns regarding
petroleum and its impact on the environment. The government in various
countries is trying to reduce the dependency on conventional fuels for
energy, economic, and environmental reasons.

“Bioethanol and biodiesel are optimal substitutes. Bioethanol is
produced from corn, wheat, soybean, and sugarcane, and biodiesel is
derived from sunflower, mustard, coconut, jatropha, jojoba, rapeseed,
cotton, maize, linseed, palm, and cassava,” adds Hitesh.

Increasing population across the globe

The increasing population across the globe is driving the demand for
food grains. The increase in the population will drive the demand for
food, which requires agricultural
micronutrients. The government of various countries, like China and
India, are developing new policies to accelerate the productivity of
food.

The population in India reached 1.32 billion in 2016 compared to that of
2015. The increase in the disposable income of the population in
developing countries has increased the consumption of agricultural
products, leading to an increase in the demand for agricultural
micronutrients, like zinc and manganese, to meet the increasing demand
for food.

Top vendors:

Agrium
Akzo Nobel
BASF
FMC
Yara

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