According to a new market report published by Persistence Market Research titled “Global Market Study on Chelated-Iron Agricultural Micronutrient: Latin America to Witness Highest Growth by 2020”, the global chelated-iron agricultural micronutrient market is expected to account for US$36.9 Mn by the end of 2015, and is anticipated to expand at a CAGR of 6.8% to reach US$51.4 Mn between 2015 end and 2020.
Chelated micronutrients are formed by altering positively-charged cat-ions to negatively charged molecules. In the recent past, there has been a rapid depletion of micronutrients from the soil due to extensive use of chemical fertilizers, large scale irrigation facilities, mining of micronutrient reserves, and intensive cropping patterns. Chelated-iron agricultural micronutrients are mixed with fertilizers to increase the mineral supplement in the soil. The global chelated-iron agricultural micronutrient market is estimated to expand at a CAGR of 6.8% during the period from 2015 to 2021. The overall market is anticipated to be worth US$36.9 mn by the end of 2015 and further reach a valuation of US$51.4 mn by 2020.
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Growing Demand for Food Worldwide to Boost Global Chelated-Iron Agricultural Micronutrient Market
Micronutrients such as iron, zinc, copper, boron, molybdenum, manganese, and silicon are present in small amounts in the soil and are essential for plant nutrition. Continuous crop cultivation over the years, coupled with degradation due to physical factors, reduces the productivity of the soil.
The global chelated-iron agricultural micronutrient market will be driven by factors such as growing demand for food, government support to farmers for the procurement of high-grade fertilizers, and depleting soil quality. However, the overall market will be restrained by high product price and fluctuating economic conditions.
Latin America to Witness Fastest Growth in Global Chelated-Iron Agricultural Micronutrient Market
On the basis of crop type, the global chelated-iron agricultural micronutrient market has been categorized into fruits and vegetables, cereals, pulses and oilseeds, and others. During the period between 2015 and 2020, in terms of value, the others segment is expected to witness the fastest growth at a CAGR of 9.3%. Fruits and vegetables segment is estimated to expand at a CAGR of 7.1% during the same period.
Geographically, the global chelated-iron agricultural micronutrient has been segmented into five key regions: Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2014, Asia Pacific dominated the overall market with 44.8% market share. North America was the second-largest region in the market and held 24.8% market share. During the period between 2015 and 2020, Latin America is anticipated to exhibit the fastest CAGR at 8.8%, closely followed by Middle East and Africa. In terms of absolute dollar opportunity, Asia Pacific is expected to remain as the most significant market in the near future.
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Key Players in Global Chelated-Iron Agricultural Micronutrient Market
Some of the key players in the global chelated-iron agricultural micronutrient market are Yara International Ltd., Nutra-Flo Company (K- Flo), Agrium Inc., Compass Minerals International Inc., AkzoNobel, BASF SE, Bayer CropScience AG, Monsanto Company, Land O’Lakes Inc., ADAMA Agricultural Solutions Ltd., Nufarm Limited, Syngenta International AG, Sumitomo Chemical Co. Ltd., The Mosaic Company, Baicor L.C., ATP Nutrition, Brandt Consolidated Inc., Kay-Flo, Grow More Inc., Micnelf USA Inc., Verdesian Life Sciences, Stoller USA, Inc., LLC (QC Corporation) and DuPont. The key players are launching new products for soil enrichment. For example, Dow Chemical International Pvt. Ltd. has recently launched Nutrabuild, which will be available as a chelated fertilizer mix for standard micronutrients as well as non-chelated silicon micronutrient. The company claims that the product contains all critical micro-nutrients.
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