Presently, the chelated iron agricultural micronutrient market is mainly driven by factors such as poor soil quality, increasing demand for quality food and government support to farmers in procuring high-grade fertilizers.
New York, NY -- (SBWIRE) -- 01/27/2017 -- 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.
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Presently, the chelated iron agricultural micronutrient market is mainly driven by factors such as poor soil quality, increasing demand for quality food and government support to farmers in procuring high-grade fertilizers. However, factors such as high product price, fluctuating economic conditions and supply-demand disruptions are expected to restrain the growth of the market.
Chelated iron agricultural micronutrient are those elements that are mixed with fertilizers to increase the minerals supplement in the soil as most soils in various parts of the world are being rapidly depleted of minerals. Companies are voluntarily fortifying fertilizers with chelated iron micronutrient to increase the productivity of crops.
By Region, Asia Pacific (APAC) was the largest market for chelated iron micronutrient with 44.8% share of the overall market in 2014, followed by North America with 24.8%. Latin America is expected to exhibit highest CAGR of 8.9% during the forecast period, followed by MEA, which is expected to expand at a CAGR of 7.8%. APAC is forecast to remain the most significant market, with highest absolute $ opportunity.
The global chelated iron agricultural micronutrient market is anticipated to expand at a CAGR of 6.8 % from 2015 to 2021, to reach US$51.4 Mn by 2020. In terms of volume, production of chelated iron agricultural micronutrient stood at 9,037.7 Kg in 2014 and is expected to reach 12,194.5 Kg by 2020, exhibiting a CAGR of 5.3%.
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The market is segmented by crop type into cereals, pulses & oilseeds, fruits & vegetables and others. The others segment is expected to witness highest CAGR during the forecast period, with 9.3% in terms of value. However, the absolute $ opportunity growth is expected to be highest in the cereals segment, which is projected to exhibit a CAGR of 6.6%. Fruits and vegetable segment is expected to register second highest CAGR of 7.1% in terms of value and 5.5 in terms of volume.
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