How Nutrient Imbalance in Soil Drives Agricultural Micronutrients Market?by Manish Kumar Digital Analyst
The world’s population is predicted to reach 9.8 billion by 2050 from 7.6 billion in 2017, as reported by the United Nations Department of Economic and Social Affairs. This huge increase in the population is expected to drive the demand for food; therefore, the requirement for horticulture crops, food crops, and cash crops would witness a surge in the coming years. Farmlands would experience the effects of the increasing population that would mount a pressure on improving their crop yield, which can be done by using agricultural micronutrients. A report by the Food and Agriculture Organization (FAO), a United Nations agency, reported that arable land area, which was 49.4 million square kilometers in 2000, decreased to 48.6 million square kilometers in 2015. It is predicted to decrease to 0.15 hectares per person by 2050 from 0.23 hectares in 2000 due to numerous factors, such as the shrinking income of farmers and degradation of agricultural land.
A study conducted by P&S Intelligence reported that growing at a 7.5% CAGR, the agricultural micronutrients market would amass $9,009.2 million in the coming years compared to the $5,848.0 million it garnered in 2017. Agricultural micronutrients are essential minerals and elements that play an important role in promoting the growth of plants and are required in small amounts. These micronutrients are of many types, such as zinc, boron, iron, molybdenum, chlorine, nickel, copper and manganese. In 2017, zinc alone accounted for over 25.0% of the total revenue generated by micronutrient sales, as it is one of the most essential plant growth promoters. Besides being one of the important constituents of plant enzymes and proteins, it is also essential for metabolic processes. Therefore, the demand for zinc has been witnessing an increase due to the growing need for expediting plant growth across the globe.
Lower crop yield could be a result of soil deficiencies of micronutrients that are essential for plant growth. In the past decade, these deficiencies have been primarily established for zinc, followed by boron and molybdenum. Zinc-deficient soil is present in Asia (India, Turkey, Indonesia, and China), the north-western region of South America, and sub-Saharan Africa, as per the Institute for Agriculture and Trade Policy. The low levels of nutrients limit the physiologic and metabolic processes of crops, thereby affecting their growth and ultimately the farms’ yield. A micronutrient imbalance has been created due to constant mineral stripping occurring as a result of routine crop production. As per an FAO report, unsustainable farming practices have resulted in zinc deficiency in over 50.0% agricultural soils. This has posed a serious threat to human health and survival as challenges to food security have increased.
Cereals and grains, fruits and vegetables, oilseeds and pulses, rubber, cotton, tea, sugarcane, coconut, and coffee are the major types of crops for which agricultural micronutrients are used. The highest demand for these micronutrients was generated by cereals and grains that accounted for more than 50.0% of the revenue to the firms providing these to users. These micronutrients are heavily employed in ensuring optimum growth and yield of cereals and grains. The demand for micronutrients is set to only increase to feed the growing population, which would continue to boost the demand for crops and thereby driving the agricultural micronutrients market.
Created on Aug 23rd 2019 12:51. Viewed 271 times.