Chelated Iron Agriculture Micronutrient Market Outlook 2032
- The global chelated iron agriculture micronutrient market was valued at US$ 163.4 Mn in 2022
- It is estimated to grow at a CAGR of 7.3% from 2022 to 2032
- The global chelated iron agriculture micronutrient market is expected to reach a value of US$ 331.6 Mn by the end of 2032
Overview of Global Chelated Iron Agriculture Micronutrient Market
The chelated iron agriculture micronutrient is considered to be a prominent soil additive and is used to cure iron deficiencies in various plants in agricultural practices. It has applications in cereals, pulses & oilseeds, and others, with the majority of consumption seen in cereals.
Increase in Use of Chelated Iron Micronutrients by Agricultural Manufacturers to Increase Crop Productivity
The increasing premiumization of agriculture supplements is offering market growth opportunities in the chelated iron agriculture micronutrient market. Farmers are utilizing more advanced nutrient supplements or ingredients to increase their agriculture productivity. This change in consumer behavior is enabling manufacturers to use high-quality and premium ingredients. The North America market is valued at US$ 35.5 Mn in 2022 and is expected to reach US$ 69.6 Mn by the end of 2032 registering growth at CAGR 7.0% over the forecast period.
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The key application areas are cereals, pulses & oilseeds, vegetables & fruits, and others. The majority application is estimated in cereals with more than 30% of the global market share, followed by fruits & vegetables, pulses & oilseeds, and others. The fruits & vegetables application of chelated iron agriculture micronutrient is anticipated to register the highest growth over the forecast period with CAGR of 7.8%. The East Asia market for chelated iron agriculture micronutrient is valued at US$ 24.7 Mn in 2022 and is expected to reach US$ 52.8 Mn by the end of the forecast period registering growth at CAGR 7.9% over the forecast period, 2022-2032.
Micronutrients to Become Mainstream with Rising Influence of Technology
Increased technological influence and making all tasks as efficient as possible has been prominent trends in the twenty-first century, and the agriculture sector is not exempt from the effects of these developments. Although the use of chelated micronutrients in agriculture is not new, it has gradually become more mainstream. Farmers, manufacturers, and distributors have all acknowledged the benefits and value that micronutrients provide, and as a result, the use of chelated micronutrients has increased.
Innovative nutrient delivery systems, such as enzyme-micronutrient combination solutions that increase nutrient uptake and soil activity, are entering the market, and they, together with other technology and improvements, appear to have a promising future. For instance, Aries Agro Limited uses indigenous technology developed in-house by its R&D team. The chelation process was developed in the US and adapted to Indian conditions by Aries. The process involves enveloping metal nutrients with suitable chelating agents, forming an organometallic complex.
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Growing Applications of Chelated Iron Micronutrients to Fuel Market Growth
Chelated iron fertilizers are highly effective for applications in ornamental plants and turf grasses. With emerging economies moving toward the beautification of cities by creating green gardens and leisure parks, demand for chelated iron micronutrients globally has increased greatly in the recent past.
In addition, chelated iron micronutrients have been observed to be highly effective in soybean and alfalfa applications. The demand for quality cereals, fruits, and vegetables has increased globally due to the increasing purchasing power of consumers, resulting in the increasing demand for quality chelated fertilizers for various applications. For instance, Soygreen products developed by ATP Nutrition Ltd. with the Levesol technology for superior growth soybean in areas suffering from iron deficiency chlorosis (IDC) have reported an average yield increase of 8.2 bu/ac (105 trials).
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Key Players in Global Chelated Iron Agriculture Micronutrient Market
Some of the key players in the market include Agroplasma SL, Aries Agro Limited, ATP Nutrition Ltd., Aushadh Limited, BASF SE, Compass Minerals International Inc., CHS Inc., Napnutriscience, etc.
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