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Chelated Iron Agriculture Micronutrient Market | Business Economic Outlook, Growth Share, Future Trends & Forecast 2031
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
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Analysts' Viewpoint on Chelated Iron Agriculture Micronutrient Market Scenario
The chelated iron micronutrients market is expected to witness increased sales performance owing to the ease of access to enhanced nutrient delivery systems and advancements in agriculture & allied sector with greater public sector intervention. The chelated minerals contain natural ingredients and offer more benefits than inorganic trace minerals. The research and development (R&D) synergies as capitalized by prominent players are facilitating the market sentiment of chelated iron agricultural micronutrients. Leading companies in the global chelated iron agriculture micronutrient market are focusing on sustainability goals, resulting in better soil health and balanced crop nutrition to grow their businesses.
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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.
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.
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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.
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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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