Market Trends of micronutrient fertilizer Industry
The rising pressure on the agriculture industry to meet the growing demand for food is expected to increase the area under field crop cultivation
- The global agricultural sector is currently facing many challenges. According to the UN, the world population may exceed 9 billion by 2050. This population growth may overburden the agricultural industry, which is already experiencing an output loss due to a lack of laborers and the shrinkage of agricultural fields caused by rising urbanization. According to the Food and Agriculture Organization, 70% of the global population is expected to live in cities by 2050. Due to the global loss of arable land, farmers now need to utilize more fertilizers to increase crop yields.
- The Asia-Pacific region is the world's largest producer of agricultural products. Agriculture is critical to the region's economy, as it employs about 20% of the total available workforce. Field crop cultivation dominates the region, accounting for about more than 95% of the total crop area in the region. Rice, wheat, and corn are the major field crops produced in the region, together accounting for about 24.3% of the total crop area in 2022.
- North America ranks as the second-largest arable region globally. Its farms cultivate a diverse range of crops, with a focus on field crops. Notably, corn, cotton, rice, soybean, and wheat are the prominent field crops, as highlighted by the USDA. In 2022, the United States commanded 46.2% of North America's crop cultivation area. However, the country witnessed a significant drop in crop acreage between 2017 and 2019, primarily due to adverse environmental conditions, leading to severe flooding in regions like Texas and Houston.
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The Asia-Pacific region accounted for the highest average micronutrient application rate of 5.20 kg/hectare
- Due to high rates of nutrient loss from high-yielding crops, the demand for micronutrients has risen significantly. Micronutrient deficiency is a problem that affects almost all regions across the world. Globally, the average micronutrient application in field crops was 3.92 kg/hectare in 2022. Accordingly, manganese, zinc, and copper were estimated to be major nutrients with higher application rates in field crops in 2022, accounting for 9.53 kg/ha, 6.63 kg/ha, and 6.34 kg/ha, respectively.
- Rapeseed/canola led the pack with the highest average micronutrient application of 5.20 kg/ha in 2022, followed by rice and sorghum at 4.42 kg/ha and 4.37 kg/ha, respectively. Different crops and regions respond differently to micronutrients. For example, copper and manganese deficiencies are common in wheat, while boron deficiency is observed in wheat, and molybdenum is lacking in the Asia-Pacific region. In rapeseed/canola, zinc, manganese, and copper are the primary deficiencies.
- In 2022, Asia-Pacific had the highest average micronutrient application rate of 5.20 kg/ha, followed by South America with 4.37 kg/ha and North America with 4.21kg/ha. Micronutrient use in crop production has increased significantly in recent years as farmers strive to increase yield per planted hectare. To improve soil health and crop productivity and satisfy a growing population, crop yields must increase to meet food production demands. As a result, the global demand for micronutrient fertilizers and agricultural production is experiencing the most significant rise.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The growing demand for fruits and vegetables drives the expansion of horticulture crop cultivation
- Asia-Pacific occupies the majority of the irrigation area globally, accounting for 66.8% in 2022
- Micronutrient deficiency in vegetable crops can have several detrimental effects.
