The global chelated–iron agricultural micronutrient market was valued at US$ 44.98 Million in 2018, according to Global Chelated–Iron Agricultural Micronutrient Market Report, by Application (Cereals, Fruits & vegetables, Pulses & Oilseeds and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
Definition of Market/Industry:
Chelated–iron agricultural micronutrients are used in fertilizers for improving soil quality and providing essential nutrients to plants. They are gaining importance in the agriculture day by day and is likely to bring sustainability and stability in the production of grains, crops, oilseed, and pulses. Chelated fertilizers are easily absorbed by plant roots as they are organic in nature. Moreover, they get easily translocated within the plant as their function is half systemic. Chelated-iron micronutrients are ideal for alkaline soil and compatible with various types of fertilizers and pesticides.
Statistics: The global chelated-iron agricultural micronutrients market was valued at US$ 44.98 Mn in 2018 and is anticipated to reach US$ 81.78 Mn by the end of 2027, growing at a CAGR of 6.8% during the forecast period (2019 to 2027).
Drivers: Rising cases of malnutrition among the population due to inadequate intake of nutrients and vitamins are expected to fuel the market growth of chelated–iron agricultural micronutrient. According to a report published by “Down To Earth” in September 2019, Malnutrition was the predominant risk factor for death in children younger than five in every state of India in 2017, accounting for 68.2 percent of the total under-5 deaths, translating into 706,000 deaths (due to malnutrition). It was also the leading risk factor of loss of health among all age groups.
Expanding application of chelated fertilizers in enhancing grasses types such as ornamental plants and turf-grasses is expected to pose growth opportunities in chelated–iron agricultural micronutrient market over the forecast period.
Market Restraints Unfavorable government policies coupled with the changing climatic conditions and high cost of the chelated–iron micronutrient fertilizers are the major factor expected to hinder the market growth of chelated–iron micronutrient.
Market Trends Rising usage of chelated nutrients in the foliar application as they prevent leaves from drying is expected to accelerate the market growth. Moreover, chelated-iron agricultural micronutrients are also used in the plants such as grapes, tomato, sugarcane, pomegranate, oranges, gerbera, carnation, mango, etc. Therefore, such factors are projected to propel the market growth of chelated-iron agricultural micronutrients over the forecast period.
Competitive Section: Company Names
Few Recent Developments Land O’Lakes Inc. Key Development:
Sumitomo Chemical Co., Ltd.
Syngenta International AG
Segmentation By Application