Rising Population, High Demand for Biofuels Enhancing Growth Global Agriculture Micronutrients Market

pmr-logo1As far as agriculture micronutrients are concerned, there is still a lack of awareness in a large part of the world. Yet, the market for the same is growing steadily and is expected to continue the trend at a CAGR of 8.3% from 2016 to 2024. The agriculture micronutrients market was valued at US$6.5 bn in 2015 and is expected to reach a valuation of US$13.3 bn by 2024. The biggest problem faced by the agriculture sector today is the reduction of cultivable land due to desertification, low rainfall, the loss of soil quality, and the loss of land for urbanization. Add to it the increasing need to cater to the constantly growing demand for food. This has created a huge demand in the agriculture micronutrients market.

Surging Demand for Food Supply amidst Declining Cultivable Land

Rising urbanization and worsening climatic conditions have led to a decrease in the soil quality and cultivable land. This has called for the use of agriculture micronutrients to increase the quality and quantity of yield so as to fulfill the ever rising demand for food grains. There is a massive demand for agriculture micronutrients arising from Asia Pacific since over half of the world’s population resides in this region and hence it accounts for more than 50% of the volume consumption.

As for other regions, the North America agriculture micronutrients market is expected to expand at a 7.9% CAGR by value in the forecast period while Europe is expected to grow steadily at a 7.2% CAGR, with a 13.7% value share in the global market in 2015. The cereals segment accounted for a 34.5% revenue share in 2015 and is expected to dominate the global agriculture micronutrients market registering an 8.5% CAGR during the forecast period.

Rising Demand for Bioethanol and Biodiesel

Other than food grains, cash crops are also high in demand owing to their widespread use, especially in the manufacturing of biofuels. This increasing demand for crops for the production of biofuels has catapulted the demand for agriculture micronutrients. With the search for fuel alternatives, bioethanol and biodiesel are being actively pursued as sustainable alternatives to conventional fuels.

Government regulations are enforcing the addition of ethanol and other renewable fuels to conventional fuels so as to reduce the proportion of gasoline and make the shift toward alternate fuels. The Environment Protection Agency (EPA) has proposed increasing the ethanol blend in gasoline to 18.8 bn gallons in 2017, up 4% from 18.11 bn gallons for the previous year. The EPA has set a target of 24 bn gallons as proposed in the 2007 law. This is anticipated to result in the rise in demand for biofuels and in turn in the global agriculture micronutrients market.

Biofuels are sourced from various plants such as soybean, corn, mustard, palm oil, and waste vegetable oils. There is a growing demand for agriculture micronutrients in order to increase the yield of these plants and this trend is expected to stay put throughout the forecast period.

Key players in the global agriculture micronutrients market include Monsanto Co., Auriga Industries A/S, The Dow Chemical Co., Micnelf USA Inc., Brandt Consolidated Inc., ATP Nutrition, Land O’Lakes Inc., Agrium Inc., BASF SE, and Nufarm Limited.

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