by The Chelated Iron Agricultural Micronutrient market is estimated to be valued at US$ 179.57 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chelated iron agricultural micronutrient is iron compound that has been chemically attached to organic or synthetic compounds for proper plant uptake and effectiveness. Chelated iron micronutrients are gaining popularity among farmers as they offer easier assimilation into plants. Chelated iron micronutrient helps in chlorophyll formation, ATP production, and electron transport which leads to better plant growth and higher crop yield. They also helps to prevent iron deficiency in soil.
Market Dynamics:
The growth of the chelated iron agricultural micronutrient market is driven by increasing awareness about food quality and safety among consumers. Consumers are increasingly demanding crops cultivated using micronutrients to ensure optimum nutrient intake. This is prompting farmers to adopt micronutrient fertilizers for higher productivity. Moreover, chelated iron has superior absorption properties as compared to inorganic iron salts. Chelated iron remains available to the plant for a longer duration and prevents iron deficiency in soil. This factor is also fueling adoption of chelated iron micronutrient. However, higher costs associated with chelated micronutrients as compared to conventional fertilizers may restrain market growth.
SWOT Analysis
Strength: Chelated iron agricultural micronutrient provides readily available iron to plants which improves their growth and yields. It remains stable in soil for extended periods and prevents iron from reacting with soil elements. Chelated form offers targeted delivery of iron to plants through root uptake compared to other forms.
Weakness: High production costs associated with chelation process makes chelated iron agricultural micronutrient expensive compared to other iron sources. Supply chain disruptions and raw material price volatility can increase production costs further.
Opportunity: Increasing global population is boosting demand for food which is driving adoption of micronutrients like chelated iron for higher crop yields. Growers are opting for chelated iron products to fulfill rising iron requirements of various crops and overcome iron deficiency issues in soils.
Threats: Availability of cheaper substitutes like inorganic iron poses pricing pressure on chelated iron agricultural micronutrient producers. Stricter environment norms regarding manufacturing processes can negatively impact supply growth.
Key Takeaways:
The Chelated Iron Agricultural Micronutrient Market Analysis is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for high-yielding and premium quality crops. Chelated iron micronutrient enhances photosynthesis in plants along with supporting root and plant growth, thus favoring its adoption by growers worldwide.
Regional analysis
Asia Pacific dominates the global chelated iron agricultural micronutrient market and is estimated to grow at the fastest rate during the forecast period. Increasing agricultural production and grower focus on boosting yields through micronutrient enrichment in major countries like China and India are driving the regional market. Other fast growing markets include North America and Western Europe, where growers are using chelated iron supplements to combat iron-deficiency induced weaknesses in crops.
Key players
Key players operating in the chelated iron agricultural micronutrient market are BASF SE, Dow, Valagro, Titan Biotech, Nouryon, Global Crop Improvement Company (Gcic), Adob, Yara, Syngenta, Global Calcium Pvt Ltd, Haifa Negev Technologies Ltd, Agro Egypt International, Compo Expert Gmbh, Trade Corporation International, Sipcam Inagra, Others. These players are focusing on new product development and expansion strategies to enhance their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
