LONDON–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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