The global chelated-iron agricultural micronutrient market is expected to account for US$ 148 Mn by the end of 2021, and is anticipated to surge at a CAGR of 10.6% to reach US$ 406 Mn by the end of the decade.
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.
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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 agricultural micronutrient with nearly 2/5 share of the overall market in 2020, followed by North America with approximately 1/4 of the market share.
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Latin America is expected to exhibit highest CAGR during the forecast period, followed by MEA, which is expected to expand at a little lower CAGR. APAC is forecast to remain the most significant market, with highest absolute $ opportunity.
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.
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However, the absolute $ opportunity growth is expected to be highest in the cereals segment. Fruits and vegetable segment is expected to register second highest CAGR in terms of value.
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