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Micronutrients are a category of elements that are required by living organisms in very minute quantities (less than 100 mg per day) for wellbeing and to perform physiological functions. Zinc, cobalt, molybdenum, and copper are some examples of micronutrients. These nutrients are very essential for organisms and deficiency of any of these nutrients causes several complications and deficiency diseases such as anemia, goiter, and night blindness. Vitamins also fall under this category of nutrients. These micronutrients can be obtained from both plant and animal based food sources such as fruits, vegetables, and fish oils and can also be obtained artificially in the form of supplements.
The COVID-19 pandemic has affected the global micronutrients market in a positive way.
Micronutrients play a vital role in maintaining health of humans as well as live-stock and crops. Rise in awareness about health and fitness among people and rapid growth in agricultural and live-stock industries have escalated the demand for micronutrients in the market. In case of the agricultural sector, deficiency of micronutrients causes several problems such as decline in productivity of crops and yellowing of leaves. Thus, growth in need for a steady production and better quality of crops drives the demand for use of micronutrients in fertilizers and sprays used in cultivation. As lack of micronutrients can cause serious health issues in human beings. Growth in health awareness among athletes has created demand for health supplements in diets to overcome nutrient deficiency. It not only prevents certain diseases but helps to maintain a higher level of immunity. They are extensively used by athletes to maximize their performance on ground. Thus, extensive use of micronutrients in agricultural products, medicines, and health supplements boosts growth of the market. However, higher cost and lack of awareness and relevant information about benefits and dosage of these nutrients among consumers in underdeveloped regions, especially among farmers limits growth of the market.
Asia-Pacific region held the major fraction of the global micronutrients market, owing to growth in the agricultural sector in emerging economies such as India and China. The market in North America and Europe is also expected to grow at a steady rate to meet escalating demand for crops with limited arable lands.
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