Agricultural Micronutrients Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2018-2024.” Increase in agricultural contribution and improvement of soil quality are key drivers for Global Agricultural Micronutrients Market.
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Market Dynamics –
The commercialization and growth of global agricultural micronutrients market over the past 25 years has been highly impactful. Due to the increase in the agriculture industry over the period of time with modernization and technological advancement has increased tremendously. There has been an increased demand of food due to the increase in the population worldwide. For instance, according to the Population Reference Bureau report it is estimated that the world population will reach up to 9.8 billion by the end of 2050. The extensive mining of micronutrients and over irrigation and increased use of chemical fertilizers are the key factors leads to the loss of micronutrients in the soil. Declining in the soil nutrients are the various application of micronutrients are expected to support the growth of agricultural micronutrient over the forecast period.
Global Agricultural Micronutrients Market Regional Analysis –
North America dominates the market with highest market share closely followed by Europe due to increasing modernization and shrinking of crop land. As the population base is increasing it led to the increase in the burden on the croplands to produce more and more to fulfill the demands of the consumers. Asia Pacific is expected to grow rapidly over the forecast period due to the presence of developing economies which are dependent on agriculture such as India, Brazil, Argentina nd others. These countries contributes a specific amount in the gross domestic product of the country, for instance, As per IASRI (Indian Agricultural Statistics Research Institute) in India, agriculture, forestry and fisheries accounts for 17% of total GDP. All the above-mentioned factors are expected to support the growth of agricultural micronutrients market over the forecast period.