How is Surging Population Creating Demand for Agricultural Micronutrients?

The population across the globe has been increasing at a rapid pace since the past few years. As per the United Nations Department of Economics and Social Affairs, the worldwide population is predicted to reach 9.8 billion by 2050. This surging population is further projected to create increasing requirement for food, owing to which there is pressing need for enhancing the productivity of agricultural fields. Since the arable area has also reduced now because of urbanizations and industrialization, the existing fields need to be highly efficient.

Therefore, farmers these days are making use of products, including agricultural micronutrients, which can help enhance the productivity of fields. Plants utilized micronutrients in small quantities, and their unavailability can lead to reduced growth, plant abnormalities, and lower yield. In case plants are provided with adequate micronutrients, increased amount of water and nitrogen, which is also highly costly, maybe be wasted later on. It is because of such that the global agricultural micronutrients market is expected to advance at a significant pace in the years to come.

Other than this increasing population, the rise in horticulture and increasing production of high-value crops are also expected to lead to the surging requirement for agricultural micronutrients in the near future. Crops including vegetables, nuts, and fruits need larger quantities of agricultural micronutrients than other plants. Hence, as the demand for such food products is rising, the need for advanced agricultural practices is increasing as well. According to a United Nations agency, Food and Agriculture Organization, in 2016, about 1,941.1 million tons of fruits and vegetables were produced in 2016. Now, with the increasing population, this number is rising as well, thereby creating growing need for agricultural micronutrients.

According to a P&S Intelligence, the agricultural micronutrients market is expected to attain a revenue of $9,009.2 million by 2023, increasing from $5,848.0 million in 2017, and is predicted to progress at a 7.5% CAGR during the forecast period (2018–2023). On the basis of type, the market is categorized into manganese, zinc, molybdenum, iron, and boron, out of which, zinc held the major share of the market in the past. This is because of the fact that zinc is among the major proteins and enzymes that are needed by plants for metabolic processes, such as elongation of the internodes and hormones.

On the basis of geographical scenario, the agricultural micronutrients market was dominated by Asia-Pacific in the past, and the demand for these products is also projected to increase in the coming years. This is owing to the high micronutrient deficiency in the soil and low biofortification of crops because of the continuous reaping and sowing cycles. In addition to this, governments of several countries are also taking various initiatives for educating farmers about adding micronutrients to soil. Within the region, China is expected to create largest demand for agricultural micronutrients in the years to come.

In conclusion, the demand for agricultural micronutrients is increasing due to the surging population and rising production of horticulture crops.