SEATTLE--(BUSINESS WIRE)--The global chelated–iron agricultural micronutrients market was valued at US$ 44.98 million in 2018, and is expected to exhibit a CAGR of 6.8% over the forecast period (2019–2027).
Definition of Market/Industry:
Chelated-iron agricultural micronutrients are a rich source of iron and are primarily used in the form of fertilizer to enhance the fertility of the soil and provide nutrients to the soil which can be easily absorbed by the plant. Moreover, it also helps in balancing crop nutrition and facilitate the proper growth of the plant. They are available in pellets, granules or powder form. Granule and powder forms can be used with water as they are water-soluble.
The global chelated-iron agricultural micronutrients market was valued at US$ 44.98 Mn in 2018 and is anticipated to reach US$ 81.43 Mn by the end of 2027, growing at a CAGR of 6.8% during the forecast period (2019 to 2027).
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Rising demand for high yield crops due to increasing population and lack of agricultural land is projected to propel the market growth of chelated-iron agricultural micronutrients. High demand for chelated-iron agricultural micronutrients from low-rainfall areas coupled with the growing soil infertility across the globe is further projected to fuel the market growth.
Moreover, increasing initiatives taken by players operating in the market towards development of innovative products for enhancing crop yield is projected to boost the market growth of chelated-iron agricultural micronutrients. For instance, on August 4, 2015, Dow Chemical International Pvt. Ltd. (Dow India), launched its new product for soil enrichment, Nutribuild, which is available as a chelated fertilizer mix for standard micronutrients as well as non-chelated silicon micronutrient.
Rising adoption of modern agricultural practices across the globe coupled with the growing usage of fortified fertilizers with chelated micronutrients is projected to offer new growth opportunities to the market of chelated-iron agricultural micronutrients.
Furthermore, increasing government initiatives for encouraging agriculture in order to meet the demand for food subjected to a growing population is projected to fuel the market growth over the forecast period. For instance, in 2015, the Government of India launched the ‘Soil Health Card’ scheme to assist state governments in India to issue Soil Health Cards to all farmers in the country. The Soil Health Cards provide information to farmers on the nutrient status of their soil along with recommendations on the appropriate dosage of nutrients to be applied for improving soil health and its fertility.
High cost of raw materials is projected to hinder the market growth of the chelated-iron agricultural micronutrients. Furthermore, changing climatic conditions due to global warming is further projected to hamper the market growth of chelated-iron agricultural micronutrients.
Rising demand for high-quality fruits and vegetables among consumers is projected to add immense growth to the market over the forecast period. Moreover, growing awareness regarding good farming practices is expected to encourage farmers to adopt chelated fertilizers, hence propelling the market growth of chelated-iron agricultural micronutrients.
Shifting preference of people towards the beautification of cities and making green cities due to rising concern of global warming is projected to propel the market growth of chelated-iron agricultural micronutrients. Moreover, rising initiatives by the government for increasing plantation and reducing carbon footprint is also projected to boost the market growth of chelated-iron agricultural micronutrients.
Agricultural Micronutrient Producer
- ADAMA Agricultural Solutions Ltd.
- Agrium Inc.
- Akzo Nobel N.V.
- Auriga Industries A/S
- BASF SE
- Bayer CropScience AG
- Compass Minerals International Inc.
- E. I. DUPONT DE NEMOURS AND COMPANY
- Land O’Lakes Inc. Monsanto Co.
- Nufarm Limited
- Sumitomo Chemical Co., Ltd
- Syngenta International AG
- The Dow Chemical Co.
- The Mosaic Company
- Yara International ASA
- ATP Nutrition
- Baicor, L.C.
- Brandt Consolidated Inc.
- Grow More Inc.
- Micnelf USA Inc.
- Nutra-Flo Company (K- Flo)
- Stoller USA, Inc.
- Verdesian Life Sciences, LLC (QC Corporation)
Chemical Reagent Provider
- Merck KGaA
- Sigma-Aldrich Corporation
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- In June 2017, AkzoNobel announced to invest more than US$ 11.14 for capacity expansion of chelated agricultural micronutrients production in Sweden. This expansion is expected to increase capacity of AkzoNobel’s high performance iron chelates.
Taxonomy (Scope, Segments)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Fruits and Vegetables
- Pulses & Oilseeds