Micronutrient Deficiency in Soil - Primary Factor Driving Growth of Global Agricultural Micronutrients Market
Micronutrient deficiency in soil is a common problem across the globe. However, it differs depending on factors such as soil condition, atmospheric changes, deforestation, and rainfall. Soil erosion, a negative byproduct of farming, results in depletion of micronutrients from soil, which is driving need for agricultural micronutrients. Moreover, fertilization through use of excess phosphate also contributes to scarcity of micronutrients as phosphate reduces supply of agricultural micronutrients such as zinc, copper, and iron to crops through soil. This is primarily driving the need of using agricultural micronutrients, in turn favoring growth.
Government Support to Favor Demand of Agricultural Micronutrients
Concerns regarding crop and human health have pushed industry professionals worldwide to mull over fortifying crops with essential agricultural micronutrients. Governments are working towards battling micronutrient deficiency by promoting fortification of crops in a bid to provide healthy yield and quality output. For instance, Indian government, under PM Kisan scheme, will provide INR 6000 every year in three installments to marginal and small farmer families to promote agriculture. This motivated farmers to focus on producing quality yield using different techniques such as fortifying crops with agricultural micronutrients. During 2019-2020 around 16.40 lakh hectares of land has been treated with agricultural micronutrients. Adding agricultural micronutrients not only enhance water uptake and crop yield but also results in stronger and healthier crops. Underpinned by their intrinsic benefits combined with favorable government support, agricultural micronutrients are likely to witness significant demand in the coming years.
Zinc Bio-Fortification Gaining High Ground in Global Agricultural Micronutrients Market
Zinc bio-fortification has been gaining high ground as an alternative to treat zinc deficiencies in human beings. Bio-fortification of agricultural micronutrients such as zinc is added as foliar and is injected in soil to enhance cereal-based nutrition. Moreover, declining underground water table and micronutrient deficiency in soil has given a boost to inject zinc. Additionally, absence of agricultural micronutrients such as zinc has a negative impact on crop output, in turn questioning food security. Importance of zinc in enhancing human immunity is yet another aspect fuelling zinc bio-fortification. Zinc deficiency has resulted into large number of deaths worldwide, among adults as well as children. For instance, According to WHO, around 8,000,000 individuals die every year due to deficiency of zinc, among which about 4,50,000 are children. UNICEF analysis shows that deaths from pneumonia and diarrhea are mainly due to zinc deficiency. In this backdrop, government bodies are promoting bio-fortification of zinc to boost immunity. For instance, Indian government recently announced to supply bio-fortified grains to indigent people - a remarkable move to boost nutrition security, which is expected to boost zinc bio-fortification in the country.
Asia Pacific to Showcase Rapid Growth Potential in Global Agricultural Micronutrients Market
Demand for agricultural micronutrients in emerging economies of Asia Pacific is expected to witness a spike in the years to follow on the back of increasing need of food security and immunity boost. Moreover, micronutrient deprivation is another factor fuelling demand for agricultural micronutrients across the region. Emerging economies such as China and India are likely to account for a significant share in the APAC agricultural micronutrients market. Increasing population count coupled with rising need of nutritional output from crop yield is expected to translate into to a significant jump in sales of agricultural micronutrients in the coming years.
India, on the other hand, is showing increased inclination towards use of agricultural micronutrients. Rice fortification in the country has increased since past few years in a bid to battle anemia. Government of India has made it mandatory to fortify rice by adding agricultural micronutrients such as B12, folic acid and iron across all Social Safety Net Schemes by end of 2024. This process being cost-efficient, effective and a preventive method, it is being considered as a complementary strategy to reduce nutritional problem of the country. This factor is likely to shape the market for agricultural micronutrients in Asia Pacific, making it a lucrative region with potential growth opportunities.
Awareness, however, is an important aspect that is likely to hinder growth of the global agricultural micronutrients market. Lower awareness of agricultural micronutrient benefits, as compared to macronutrients is resulting in barriers with respect to their usage. Additionally, inadequate knowledge of dosage and proper application of micronutrients coupled with availability of counterfeit products is another challenge likely to impede the growth of the global agricultural micronutrients market.
Some of the key players in the global agricultural micronutrients market include Compass Minerals, BASF SE, Haifa Group, Nufarm, BMS Micro-Nutrients, Yara International and AkzoNobel N.V.
Key Elements Included In The Study: Global Agricultural Micronutrients Market
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