The global agricultural micronutrients market has been steadily growing in recent years, driven by the rising demand for high-quality crops and the necessity for sustainable agricultural practices. This growth is primarily fueled by the expanding global population and the corresponding increase in food demand. Additionally, the push for more efficient and sustainable farming methods has led to a greater reliance on agricultural micronutrients.
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Market Dynamics :
The increasing global population and the resulting rise in demand for food are key drivers of market growth The global agricultural micronutrients market is expected to continue expanding due to the increasing global population and the corresponding rise in food demand. To meet this growing demand, farmers are seeking ways to enhance crop yields and quality, leading to a greater reliance on agricultural micronutrients. According to the Population Reference Bureau (PRB), the global population is projected to grow by 75 million people annually, or 1.1% per year. This will result in a 33% increase, from an estimated 7.4 billion in 2017 to 9.9 billion by 2050.
Rising demand for higher crop yields with a growing focus on R&D by major companies
As the global population grows and arable land decreases, the demand for food continues to rise. The reduction in per capita arable land necessitates new technologies and measures to boost crop yield and quality. From 2020 to 2050, the world's population is expected to increase by 25%. This growing food demand must be met despite limited natural resources, such as arable land and water. Consequently, farmers worldwide face the challenge of increasing agricultural productivity by about 50% by 2050, compared to 2012 levels, to sustainably meet the needs of the expanding population. This challenge is driving a focus on research and development by major companies in the agricultural sector.
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Market Segmentation :
By Type : Boron, Copper, Iron, Manganese, Molybdenum, Zinc.
By Application : Fertigation, Foliar, Soil.
By Form : Chelated, Non- Chelated.
By Crop Type : Cereals, Fruits & Vegetables, Oilseeds & Pulses.
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Competitive Landscape
Nutrien Ltd., Nouryon, BASF SE, Coromandel International Limited, Hafia Group, Trade Corporation International, The Mosaic Company, Valagro SpA, Yara International AsA, and Stoller USA, Inc.
Related Reports :-
India Agricultural Micronutrients Market : https://www.datamintelligence.com/research-report/india-agricultural-micronutrients-market
Agricultural Microbial Market : https://www.datamintelligence.com/research-report/agricultural-microbial-market
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