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Published by Uma Rajagopal
Posted on February 15, 2022
Majorly influenced by a multitude of factors, including the condition of soil, rainfall, atmospheric changes, and the level of deforestation, deficiency of micronutrients in soil remains among the key concerns worldwide. While soil erosion is the key factor accounting for micronutrient-deficient soils, erosion is a continuous process that follows farming, which generates sustained demand for external micronutrients that serve to nourish soil.
Fairfield Market Research in its new ongoing research would present a detailed analysis of the global agricultural micronutrients market to reveal the performance of market over the course of next few years. Government support remains instrumental to market build-up as many governments have been taking it up as a priority to fortify soils with micronutrients not only to enhance their water uptake and boost crop yield but also to foster their strength and quality.
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Lack of Awareness to Remain a Longstanding Challenge to Market Growth
Wide usage of phosphate-based fertilizers is also an important factor that leads to micronutrient scarcity in farming soils, which further drives demand for agricultural micronutrients in global market. The market growth will however remain restricted because of the continued lack of adequate awareness about the significance of proper nutrient provision to crops, and availability and advantages of externally provided micronutrients. Lack of knowledge regarding proper dosage, and application methods is further likely to play out as a major impediment to the growth of agricultural micronutrients market.
Zinc Continues to be Preferred for Bio-fortification of Soil to Address Nutrient Deficiency in Humans
Bio-fortification of soil using zinc has been sought-after as it eventually aids in addressing zinc deficiency in humans who would consume the bio-treated crops. As a part of this method, zinc is injected in soil, or added as a foliar, which tends to add value to cereal-based nutrition. Excessive deficiency of essential micronutrients like zinc in soil can potentially cause deteriorated soil quality that ultimately results in lower crop productivity. The industry however cannot afford this in the wake of exploding global population, followed by exponentially soaring demand for agricultural yield to cater to the same.
Zinc biofortification has also come under several governmental initiatives as an effective human immunity-boosting technique. Governments in fact-developing nations like India are even considering supply of bio-fortified grains to indigent population in a bid to enhance nutrition security across India. Zinc biofortification is thus expected to gain stronger ground in agricultural micronutrients market over the period of near future.
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Asia Pacific Holds a Host of Opportunities for Agricultural Micronutrients Market Players
With concerns like food safety, security, nutrition, and immunity capturing the spotlight across Asian economies, the market will continue to experience a robust growth outlook across Asia Pacific. China and India, among the most populous nations, are being projected as important markets for faster penetration of agricultural micronutrients in the near future. While the Indian government has already mandated rice fortification with agricultural micronutrients like iron, folic acid, and vitamin B12 under all Social Safety Net Schemes by 2024 end, the method has been gaining traction as an effective one against anaemia, as well as other nutritional deficiency conditions. This is expected to primarily shape up the performance of agricultural micronutrients market in Asia Pacific. Cost efficiency will again be a vital factor.
Key Market Players
Nufarm, BASF SE, AkzoNobel N.V., Compass Minerals, Haifa Group, Yara International, and BMS Micro-Nutrients constitute some of the globally leading companies competing in global agricultural micronutrients market.
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