Strong demand for biofuels to drive micronutrients growth, new study finds

The global agricultural micronutrients market is expected to grow at a compound annual growth rate (CAGR) of more than 8% until 2020 due to a strong demand for biofuels, according to new research.

The report was published by UK-based research firm Technavio. It is called Global Agricultural Micronutrients Market 2016-2020 and provides an in-depth analysis of market growth in terms of revenue and emerging market trends.

The market research report also includes up to date analysis and forecasts for various application segments, including soil, foliar, fertigation, seed treatment, and others, according to Technavio.

‘Sustainable alternatives’

Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for agrochemicals and fertilisers research, said: “Farmers have increased their production of biofuel crops and have turned to nutrients to maximise yields.

“Therefore, the rise in the demand for biofuels is propelling the production of bio-crops such as sugarcane and is boosting the demand for agricultural micronutrients globally.

“Bioethanol and biodiesel are considered the most sustainable alternatives to the existing counterparts. Bioethanol is sourced from wheat, soybean, corn, rapeseed, and sugarcane. Biodiesel is sourced from Jatropha, sunflower, soybean, mustard, rapeseed, flax, canola, palm oil, hemp, and waste vegetable oils.”