Trend of Biofortification of Micronutrients in Agricultural Micronutrients Market to Gain Fillip from Favorable Governments' Policies, Revenues to Climb to US$ 10.4 Bn by 2030: TMR
ALBANY, N.Y., March 4, 2021 /PRNewswire/ -- Biofortification of micronutrients for a range of agricultural crops has become a key approach for boosting their nutritional profile as well as in increasing the disease-resistance in plants. This also assists in biological growth of the plants. Fortification through manganese, iron, and zinc has helped agriculturists and food companies develop foods rich in micronutrients. The growing trend of biofortification in mungbean, wheat, maize, potato, and sweet potatoes has helped boost the valuation of the agricultural micronutrients market. The trend has gathered paced on the back of growing micronutrients' deficiency on human health especially among the women and pre-school children. Countries with incessant focus on boosting the agriculture sector such as India are witnessing large-scale food fortification to meet the needs of cereal-based nutrition for the populations. A case in point is zinc biofortification of wheat to fight against malnutrition and undernourishment.
The revenues of the agricultural micronutrients market are projected to surpass US$ 10.4 Bn by 2030, representing compound annual growth rate of ~8% during 2020 – 2030.
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Key Findings of Agricultural Micronutrients Market Study
The still-emerging COVID-19 pandemic outbreaks has spurred attention of agriculture industry and consumers toward food fortification in smallholder farming system. Growing popularity of biofortified crops among populations is driven by the growing concerns of disease-fighting diets among common populace world over. This has bolstered large-scale demand for and use of micronutrient fortification in wheat, mungbean, and numerous cereals that are consumed in daily diets in the agricultural micronutrients market. On the other hand, the fortification through zinc has also helped crops to ward-off diseases, helping farmers to augment the yield. A case in point is the popularity of manganese in plants.
Agrochemical companies are focused on expanding their portfolio of calcium, copper, and boron compounds. However, developing economies suffer from lack of affordable credit for farmers for buying the machinery used in fortification. An example is India. Nevertheless, the government is active in adopting policies that will help them overcome the constraints in near future. Other regions witnessing micronutrient deficiency are China, Turkey, and Indonesia.
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Micronutrient Deficiency Worldwide Boosts Market Prospects for Agricultural Micronutrients
Worldwide, there is a growing micronutrient deficiency especially in low- and middle-income countries. In developing economies also, zinc deficiency has been cause for concern on the growth of children and health of women. Thus, there is a growing need for sustainable crop production for meeting micronutrient deficiencies in women. Per the WHO report, the deficiency is akin to 'hidden hunger', and has assumed the problem of global proportion, even in developed nations. This has spurred the prospects of nutritionally-rich food.
Agricultural Micronutrients Market: Key Drivers and Avenues
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Agricultural Micronutrients Market: Competitive Dynamics
Specialty companies are expanding their portfolio of biodegradable chelates and micronutrients to meet the demands among agriculturists. Some agrochemical companies are focusing on natural bio-organic chelating agents. A growing number of players are keen on mergers, acquisitions, and constant product launches to consolidate their shares in the market. Some of the key industry players are:
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