The Global Agricultural Micronutrients Market was valued at USD xx million in 2018, USD xx million in 2018, and is estimated to reach USD xx million by 2026, with a CAGR of xx% during the period (2019-2026).
Micronutrients are essential for plant growth and play an essential role in balanced crop nutrition.
Lack of any of the micronutrients can limit soil growth even when all other nutrients are present in adequate amounts.
The market is driven by several factors such as micronutrient deficiency, growing food demand, shrinking farmland and focus on agricultural productivity.
But the market is restrained by factors such as lack of awareness, diagnosis issues, and micronutrient toxicity.
The demand for food is increasing as the population works rapidly. To meet the requirement of a growing population, agriculture production is expanding by using new and improvised techniques.
Growing urbanization and less availability of arable land are motivating farmers to adopt efficient crop protection techniques such as the application of micronutrients.
Within the 13 billion hectares of total land, only 1.6 billion is under farmland production; 36% of that land is in Europe, the Middle East, and Africa, 39% in the Asia Pacific, 15% in North America and the remaining 10% in Latin America.
The most potent forces driving demand for agriculture micronutrients include the need for crop intensification. FAO estimates suggest that ~80% of crop production growth by 2050 is expected to come from higher yields.
However, the land available for farming will also have to expand, which is difficult in the present scenario.
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