The population across the globe is rising at a substantial rate; for example, the United Nations Department of Economic and Social Affairs stated that the world population in 2017 was 7.6 billion and is predicted to reach about 9.8 billion by 2050, advancing by 30.9% during this time period. This surging population is predicted to create rising demand for food and horticulture crops in the near future. Apart from this, the increase in world population will also result in the need for improvement of the crops produced from farmlands. All these factors are leading to the requirement for optimum utilization of the existing farmlands and maximizing their yield.

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This can be achieved by making the use of agricultural micronutrients. Agricultural micronutrients are important elements which are utilized by plants in small quantities, and they aid in enhancing the quality of agricultural products. As per a report by P&S Intelligence, in 2017, the global agricultural micronutrients market generated a revenue of $5,848.0 million and is expected to attain a value of $9,009.2 million by 2023, advancing at a 7.5% CAGR during the forecast period (2018–2023). The different application modes of agricultural micronutrients are foliar, soil, and fertigation. Among these, the soil application made the most of agricultural micronutrients in 2017.

Different types of agricultural micronutrients are manganese, zinc, molybdenum, iron, and boron. Out of these, zinc was utilized by most in 2017 and is further expected to be the most in demand during the forecast period. This is because zinc is a key constituent of several proteins and enzymes in a plant and is important for metabolic processes, such as the elongation of the internodes and production of hormones. Agricultural micronutrients are used for various crop types including oilseeds and pulses, cereals and grains, and fruits and vegetables. The largest demand for micronutrients was created for the production of cereals & grains in the past.

When geographic scenario is taken into consideration, Asia-Pacific made the most use of agricultural micronutrients in the past and is expected to create the highest demand for these products during the forecast period as well. The major reason for this is the high deficiency of micronutrients in the soil and low biofortification of crops because of the continuous sowing and reaping cycles. Furthermore, the governments of various countries in the region is focusing on educating the farmers regarding the benefits of adding micronutrients to the soil. China is predicted to generate the largest revenue of $1,485.2 million for the agricultural micronutrients domain in 2023.

In the recent years, the production of high-value crops, including vegetables, fruits, and nuts, has increased considerably. For example, a United Nations agency, Food and Agriculture Organziation stated that the worldwide production of fruits and vegetables in 2016 was 1,941.1 million tons, which was a 15.9% increase from 1,674.2 million tons in 2010. These crops need greater quantities of micronutrients in every hectare as compared to other crops. This introduction of micronutrients in the traditional methods of farming, which were practised for horticulture, has emerged as a key trend in the agricultural micronutrients market.