The India agricultural micronutrients market size was USD 538.4 million in 2021. The market is projected to grow from USD 571.6 million in 2022 to USD 1,057.6 million by 2029, growing at a CAGR of 9.19% during the forecast period (2022-2029). This information is published by Fortune Business Insights™, in its report titled, “India Agricultural Micronutrients Market, 2022-2029.”
The increasing population, advent of advanced technologies, and government backing empower the usage of micronutrients to refine crop health and yield. This is expected to surge the demand for agricultural micronutrients in the coming years.
Commotion in Supply Chain during COVID-19 to Impact Market Value of Agricultural Micronutrient in India
The market faced a considerable influence of the pandemic. The COVID-19 pandemic has interrupted the supply chain of agricultural input in India involving that of micronutrients. A critical scarcity of labor, limitation on inter-state movement, and limited exports were a few of the unanticipated hindrances that the stakeholders across the value chain of agricultural micronutrients observed.
However, the Government of India has been extremely helpful and offered exceptions from time to time to diminish the loss caused by the pandemic. The financial relief program “Aatmanirbhar Bharat Abhiyan” declared by the government has prime improvements on agriculture and related sectors, which are set to bring a prominent change in the agriculture economy.
The report offers a systematic study of the market segments and a methodical review of the market overview. A considerate examination of the current market trends as well as impending prospects are mentioned in the report. Additionally, it offers a comprehensive review of the regional insights and how they hold the largest India agricultural micronutrients market share. The COVID-19 effects have been debated in the report to aid investors and business owners with an enhanced perception of the possible jeopardies present in the market. The report further discusses the important players and their fundamental tactics to remain in the dominating position.
Type, Source, Application, and Crop Type are studied
Based on type, the market is divided into zinc, boron, iron, molybdenum, manganese, and others. Zinc is expected to dominate the segment owing to rising zinc deficiencies caused in people and its surging awareness. Based on source, the market segmented into chelated and non-chelated. Based on application, the market is segmented into soil, foliar, and fertigation. Based on crop type, the market is segmented into cereals, pulses and oilseeds, fruits and vegetables, and others.
Growing Micronutrient Deficiencies in Agricultural Soils of India to Endorse Market Growth
In India, concentrated farming pooled with fluctuations in environmental conditions, such as a rise in global warming, is a prime factor that contributed to the reduction of micronutrients in soil. Henceforth, crop cultivation in micronutrient deficient soils has severely impacted the crop yield, resulting in crop damages. Moreover, the absence of timely soil testing has hindered sustainable production of agricultural crops in India. This is expected to bolster the India agricultural micronutrients market growth.
Collaborations among Companies to Increase Business Prospects in Global Market
Fundamental players in the market are incessantly rooting for tactics to endorse their products and institute their positions in the market. One such tactic is to unveil novel agricultural micronutrient products by uniting with other companies to extend their reach to end-users.
June 2020: Indian Council of Agricultural Research (ICAR) signed a Memorandum of Understanding (MoU) with IFFCO for collaborative research and development of new agricultural products for farmers in the region.