A recent market study published by Persistence Market Research (PMR) provides a revenue figure of US$34.7 mn for the global market for chelated iron micronutrients in 2014. By 2020, the chelated iron micronutrients market will grow to an annual revenue figure of US$51.4 mn, expanding at a CAGR of 6.8% from 2015 to 2020.
According to PMR analysts’ estimates, the volume production of chelated iron agricultural micronutrients amounted to 9,037.7 kg in 2014, which is estimated to grow to 12,194.5 kg by 2020. For the period from 2015 to 2020, the volume production of chelated iron agricultural micronutrient is expected to register a compounded annual growth rate of 5.30%.
Metallic chelates are composites of metal ions that attach to an organic molecule. Chelated micronutrients are chemical complexes that are of paramount importance in agriculture to fulfill micronutrient deficiencies. For plants, both agricultural and non-agricultural, metal ions are important minerals required in small amounts for normal growth. As such, these metal ions are referred to as ‘micronutrients’. These nutrients need to be supplied to the plant due to a variety of reasons, the common of which are soil pH fluctuation, climate, and complications related to specific crops.
For example, iron deficiency is common in sugarcane produced on calcareous soil and citrus orchards and magnesium deficiency is common in plantation crops such as tobacco and cardamom.
Therefore, metallic chelates are extensively used in agriculture to supply plants with essential micronutrients such as iron, zinc, manganese, and copper.
PMR looks into the direct and indirect factors that have influenced the use of chelated-iron agricultural micronutrients over a period:
Intensive farming practices and the use of modern fertilizers have caused depletion of micronutrients from the soil needed for normal plant growth and high crop yield.
The use of chelated iron agricultural micronutrients with fertilizers helps increase mineral supplement in the soil.
Iron deficiency in plants is a reason for chloros, wherein poor synthesis of chlorophyll causes yellowing of leaves. This deficiency also affects lignin formation, nitrogen reduction and fixation, and energy transfer in plants.
Economic growth in emerging economies has led to the use of modern farming practices, which entail the use of micronutrient-enriched fertilizers for the best results.
Increasing purchasing power in emerging nations is continually increasing the demand for high-quality crop yield. This is necessitating the use of supplement products such as chelating fertilizers to cater to these need.
In Asia Pacific, economic growth in countries such as China and India led the region to account for 44.8% of the overall chelated iron agricultural micronutrient market in 2014. The region is expected to be a significant market for chelated iron agricultural micronutrients for most part of the period from 2015 to 2020.
The above mentioned factors have collectively given a strong 0impetus to the global market for chelated iron agricultural micronutrient, thus opening up avenues for further research and development of the product.