Rockville, MD, Sept. 2, 2024 (GLOBE NEWSWIRE) — According to Fact.MR, a provider of market research and competitive intelligence, the global market Market for chelated micronutrient fertilizers It is estimated that it will reach a valuation of US$ 1,584.4 million in 2024 and is expected to grow at a rate CAGR of 8.6 % during the forecast period (2024 to 2034).
Chelated micronutrient fertilizers play an important role in promoting agricultural innovation. The unique combination of benefits sets them apart in meeting the varied and diversified needs of modern agriculture. This also improves the bioavailability of key nutrients needed such as iron, zinc and boron, allowing the plant to obtain these vital elements more effectively.
Due to this, chelated micronutrient fertilizers have been effectively applied in the wide agricultural practice covering row cropping, horticulture, and turf management. The demand for chelated products in the market encompasses a variety of market drivers emanating from the increasing awareness about crop nutrition and the importance of micronutrients.
The increasing need for micronutrients in crop nutrition and sustainable and environmentally friendly agricultural practices are driving a high demand for chelated micronutrient fertilizers, which have emerged as one of the key solutions to farmers’ needs for better yields with less environmental impact and more nutrition.
In response to this growing demand, JR Simplot introduced a new line of chelated micronutrient products. The company has also invested in digital agriculture technologies and developed new and improved precision agriculture tools that make nutrient application more efficient.
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Key findings from the market study:
- The global market for chelated micronutrient fertilizers is projected to grow at a rate of 6% CAGR and scope US$ 3.619,6 million By the year 2034
- The market created an opportunity for 2 billion US dollars growing at a CAGR of 0% Between 2019 and 2024
- North America is a major region estimated to hold a market share of 8% In 2034
- Zinc under this type of nutrients is estimated to grow at a CAGR of 8% creating an absolute opportunity for US$ 718.7 million Between 2024 and 2034
- North America and East Asia are expected to create an absolute $100 million opportunity. US$ 693.2 million collectively
“Demand for chelated micronutrient fertilizers is set to increase, driven by growing awareness of their benefits.” says an analyst at Fact.MR.
Key players driving innovation in the Chelated micronutrient fertilizer Market:
BASF; Bayer AG; Aries Agro Limited; Dow; Deepak Fertilizers; Yara International; JR Simplot Company; Nouryon; Deretil Agronutritional SL; Coromandel International; Helena Agri-Enterprises, LLC; Nufarm Limited; Haifa Group; Balchem; Van Iperen; Other notable actors.
Market development:
Crop optimization and digital farming technology will contribute to the growth of the market. It contains data information analysis, which will ensure that farmers use fertilizers based on data and that crops get the right amount of nutrients at the right time.
Due to demand, major companies around the world are showing increasing interest in research and development associated with chelated micronutrient fertilizers.
- In May 2023, Nouryon launched a new R&D center that will focus on developing advanced crop nutrition solutions and strengthen its R&D capabilities. This R&D center should contribute to the development of cutting-edge micronutrient products that improve crop health and quality, further consolidating and securing the company’s leading position in the specialty chemicals market.
- In June 2024, Coromandel International introduced advanced chelated micronutrients to support nutrient uptake in crops. The launch will facilitate the promotion of crop health and yield through improved nutrient uptake. This achievement demonstrates Coromandel’s desire to showcase the application of cutting-edge technologies in support of sustainable agriculture and nutrient deficiencies in crops.
Chelated micronutrient fertilizer Industry News:
- In 2023, JR Simplot Company launched chelated micronutrient solutions to improve crop health. It has also invested in digital agriculture technologies, introducing innovative precision agriculture equipment to improve fertilizer application efficiency.
- In May 2023, Nouryon opened a new R&D center to focus on revolutionary crop nutrition solutions. This R&D center aims to accelerate the development of improved micronutrient solutions that increase crop quality and health, reinforcing the company’s position as a market leader in specialty chemicals.
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Fact.MR, in its new offering, presents an unbiased analysis of the global chelated micronutrient fertilizer market, featuring historical data from 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential information on the basis of form (solid, liquid), nutrient type (Zn, B, Cu, Fe, Ca, S, Mn, Mg, others), applications (soil, foliar, fertigation, seed treatment, others), end-use (fruits, vegetables, oilseeds and legumes, cereals and grains) and across major world regions (North America, Latin America, Western Europe, Eastern Europe, Eastern Asia, South Asia & Pacific, Middle East & Africa).
Segmentation of fertilizers with chelated micronutrients:
By form:
By nutrient type:
- Zinc
- B
- Cu
- Faith
- California
- S
- Minnesota
- Mg
- Others (Mo,Na,Ni,CI)
By applications :
- Floor
- Foliar
- Fertigation
- Seed treatment
- Others
By end use:
- Fruit
- Vegetables
- Oilseeds and legumes
- Cereals and grains
- Others
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