Government Initiatives to Surge Crop Yield Per Hectare Necessitates Robust Agricultural Micronutrients Demand by 3.6% through 2031

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.

Key Takeaways:

Growth Drivers:

Restraints:

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Competitive Landscape:

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.

For instance,

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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:

By Nutrient:

By Crop:

By Application:

By Region:

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Key Questions Covered in the Agricultural Micronutrients Market Report

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