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Agricultural micronutrients include trace elements, amino acids,
fatty acids, vitamins, and minerals. They are used by farmers for increasing
the nutritional value of soil. The increasing demand for the nutritional
substances produced by farmers is likely to increase around the world. In order
to meet consumer demand, farmers are turning to synthetic means of obtaining
these micronutrients. This is an important trend that will most certainly
impact the global agricultural micronutrients marketplace during the forecast
period.
A growing instance of micronutrient deficiencies in the soil
coupled with the increasing concern over food security is a key factor
propelling the market growth of agricultural micronutrients. Increasing
the production of crops due to increasing population is another major factor
accelerating market growth. According to the United Nation, the world's
population is expected to increase by 2 billion persons in the next 30 years,
from 7.7 billion currently to 9.7 billion in 2050, and could peak at nearly 11
billion around 2100. The growing adoption of advanced farming practices along
with the increasing government support for promoting agriculture activities
across developing region is again expected to foster the market growth of the
agriculture micronutrient. Rising awareness regarding the benefits of
micronutrients among farmers is also expected to accelerate the market growth
over the forecast period.
North America is expected to gain significant growth over the
forecast period and this is attributed to the expanding agriculture industry in
the region. According to the Economic Research Service United States Department
of Agriculture, Agriculture, food, and related industries contributed $1.109
trillion to the U.S. gross domestic product (GDP) in 2019, a 5.2-percent share.
The output of America’s farms contributed $136.1 billion of this sum about 0.6
percent of GDP.
Key Developments:
In June 2017, Sumitomo Corporation, Japan, in collaboration with
Roshni Crop Sciences Pvt Ltd. launched a new generation of technology,
containing complex carbohydrates, essential plant micro-nutrients like Cobalt,
Manganese, Zinc, Boron, and Magnesium, and nutritional supplements not found in
ordinary N-P-K fertilizers.
In August 2017, Aries Agro launches five new specialty plant
nutrient products. This group includes Borocan, Coffeemin, Teamin, Knight, and
Antox.
In November 2019, IFFCO introduced its 'nano-technology' based
products - nano nitrogen, nano zinc, and nano copper for on-field trials as
part of its efforts to cut usage of chemical fertilizers and boost farmers'
income.
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