The global chelated iron micronutrient market recorded a value of US$ 51.4 Mn in 2015, up from US$ 34.7 Mn in 2014.
New York, NY -- (SBWIRE) -- 11/16/2016 -- The market is estimated to expand moderately at a CAGR of 6.8% over the forecast period, 2015-2020. Chelated iron market accounted for 9,037.7 Kg in 2014, in terms of volume. The volume is expected to reach 12,194.5 Kg by 2020 end, at a CAGR of 5.3%.
Burgeoning global population and rising demand for high quality food will continue to fuel the market for crop micronutrients, as they enhance the nutritional levels of crop plants. Several government subsidies involving renounced fertilizer prices for farmers are anticipated to boost the demand for chelated micronutrients for crops. Chelated micronutrients are critical to plants' physiological and biochemical processes, among which plants need iron in the maximum quantity. Chelated iron micronutrients will thus continue to gain traction for enhanced plant growth and development.
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Growing awareness about beneficial attributes of iron chelates is expected to further drive their demand. Chelated iron, in addition to catalysing chlorophyll formation, aids mineral absorption, and excess nitrate and sulfate reduction. Moreover, it supports a few of the plants' enzyme and respiratory systems, and plays a key role in streamlining the functioning of symbiotic N2-fixing microbes. These characteristics of iron chelates will remain the key drivers popularizing them in the global market.
Furthermore, the market witnesses steady demand for chelated iron micronutrients, owing to higher probability of iron deficient crops, of acquiring chlorosis. Modern agriculture practices involve mixing of chelated micronutrients with fertilizers in order that soils are supplemented with sufficient amount of minerals. This has been playing a major factor positively influencing the market growth. Emerging markets for chelated iron are increasingly adopting upgraded farming that involves enriching soils with micronutrient-rich fertilizers. This is expected to remain a prominent factor fuelling the demand for iron chelates in developing markets.
The demand-supply ratio is however uneven due to expensive prices of chelated micronutrient-based products and volatile economic conditions of markets worldwide. This has been a longstanding challenge to robust market growth. In addition, an inefficient supply chain may pose a major restrain to overall market dynamics.
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Based on crop type, cereals contributed as the largest segment in 2014, with over 60% of the market share. The cereals segment reached revenues of US$ 21,030 thousand and volume of 5,289 Kg in 2014. Cereals are anticipated to remain the leading segment during the forecast period as well. Fruits and vegetables will also continue to be major segments, accounting for over 30% of the market share, each. 'Others' segment that includes turf glass, ornamental plants, and similar plant varieties will witness the highest CAGR of 9.3% over the forecast period.
By regional analysis, Asia Pacific represented the largest market for chelated iron micronutrients in 2014, accounting for nearly 45% of the market share in 2014. APAC will remain the dominant market over the forecast period as well, gaining the highest absolute $ opportunity by 2020 end. North America is projected to continue representing the second largest market for chelated iron micronutrients, with over 25% of the total market share. Latin America is expected to witness the fastest growth at a CAGR of 8.9% through to 2020, forming the most attractive market for chelated iron micronutrients. MEA will expand at a CAGR of 7.8%, owing to amplified demand for iron chelates.
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The global market for chelated iron micronutrients will remain competitive during the forecast period. The key market players include Agrium Inc., Yara International Ltd., AkzoNobel, BASF SE, Monsanto Company, Bayer CropScience AG, Sumitomo Chemical Co., Ltd., DuPont, Compass Minerals International Inc., Stoller USA, Inc., The Mosaic Company, BASF SE, Land O'Lakes Inc., Nufarm Limited, Nutra-Flo Company (K- Flo), ADAMA Agricultural Solutions Ltd., Syngenta International AG, ATP Nutrition, Baicor, L.C., Verdesian Life Sciences, LLC (QC Corporation), Brandt Consolidated Inc., Grow More Inc., Micnelf USA Inc, and Kay-Flo Company.