The production of high-value crops, such as vegetables, fruits, ornamental crops, and nuts, requires micronutrients. These horticulture crops use larger quantities of micronutrients than other agronomic crops on a per-hectare basis. Moreover, the increasing acquisition of farmlands by large corporates has led to the widescale adoption of such materials. Thus, the growing practice of horticulture farming will accelerate the agricultural micronutrients market at a 7.5% CAGR during forecast period. The market stood at $5,848.0 million in 2017, and it is expected to reach $9,009.2 million by 2023.
Additionally, the growing practice of contract farming, due to the rising support from governments in emerging economies, such as India, will fuel the adoption of such products globally. This type of farming involves an agreement between food processing companies and farmers to supply agricultural products at predetermined costs. Under this agreement, the companies need to provide extensive production support, including technical expertise and the supply of raw materials, such as seeds and micronutrients.
Individual farmers and horticulture firms provide micronutrients like zinc, boron, manganese, and molybdenum to the plants through the soil, leaves, and water. These substances can be directly mixed in the soil, injected into irrigation systems, or directly fed to the leaves, by spraying them in the liquid form. In the coming years, cultivators will widely adopt the fertigation mode of application, i.e., injection the fertilizers into the irrigation system, as this mode minimizes the risk of soil-borne diseases, contracted by plants through the roots, reduces the water consumption, controls the release of fertilizers, decreases the soil erosion rate, and enhances the nutrient absorption by plants.
Geographically, North America and Asia-Pacific will together dominate the agricultural micronutrients market in the coming years. This can be ascribed to the presence of established agrochemical companies, high adoption rate, and considerable product knowledge among the locals. Furthermore, P&S Intelligence projects that the APAC region will exhibit the fastest growth in the foreseeable future on account of the escalating income levels, amplifying food consumption, and surging spending capacity of the people of India, Indonesia, and China.
Thus, the growing demand for fruits, vegetables, nuts, and ornamental plants will boost the adoption of agricultural micronutrients in the future.
Source: www.psmarketresearch.com
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