The Agricultural Micronutrients Market is Driven by Rising Demand...

The Agricultural Micronutrients Market is Driven by Rising Demand for High-yield and Quality Crops

Posted 2024-02-16 13:18:00

The Global agricultural micronutrients market is estimated to be valued at US$ 5.19 Bn in 2024 and is expected to exhibit a CAGR of 27% over the forecast period 2024 to 2031.

The global agricultural micronutrients market is witnessing notable growth influenced by the effects of geopolitical landscape. The ongoing Russia-Ukraine conflict has disrupted supply chains and international trade, impacting fertilizer exports from these countries. Ukraine is a leading exporter of fertilizers like ammonium nitrate while Russia is one of the largest producers of potash, a crucial potassium fertilizer. With exports constrained due to the war, prices of fertilizers have substantially increased worldwide. This has driven farmers to seek alternative solutions to fulfil crop nutrition needs including greater use of micronutrient fertilizers. Meanwhile, trade sanctions and tensions between major economies have led to shifting of export reliance for fertilizers. The volatility in fertilizer costs and supplies underscores the need for farmers to supplement macronutrients with micronutrients to maximize yields. Governments and industry players must work to build resilient and diversified supply networks as well as promote local production to insulate agriculture from geopolitical disruptions. Demand for soil and plant tests will also rise to optimize micronutrient applications based on field-specific needs. Overall, the current geopolitical environment highlights the importance of micronutrients for sustainable agriculture going forward.

The key driver fueling the growth of the Agricultural Micronutrients Market Size is the rising demand for high-yielding and quality crops from a burgeoning population. Micronutrients play a pivotal role in maintaining optimal plant health and enhancing crop yield and produce quality. When applied correctly through fertilizers, micronutrients stimulate plant metabolic activities resulting in improved growth, higher resistance to diseases and pests, and greater yields. Furthermore, the shifting focus of farmers toward sophisticated soil management practices and precision agriculture is propelling the adoption of micronutrient fertilizers. Agricultural consultants and national programs promoting balanced fertilization are also contributing to the growing popularity of micronutrient supplements.

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