Chelated–iron agricultural micronutrients are organic compounds that are essential for optimal plant growth and yields. Chelated forms of iron are commonly used as fertilizers in organic farming to improve soil quality and prevent iron deficiency in crops. Some key use applications of chelated-iron products include foliar sprays and soil application for a wide range of fruits, vegetables, cereals, and other commercial crops.
The global 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 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
With consumers increasingly demanding organic and chemical-residue free foods in recent years, several governments and agricultural organizations worldwide are actively promoting sustainable and organic farming practices. The demand for organic food products has prompted many farmers to adopt organic cultivation techniques which restrict the use of synthetic fertilizers and focus on preventive soil and plant nutrition management using natural and chelated micronutrients. This growing shift towards organic agriculture is expected to drive significant market opportunities for chelated iron fertilizers and foliar nutrition products over the forecast period.
Market Dynamics:
One of the key drivers for the chelated–iron agricultural micronutrient market expansion referred from the heading is the increasing focus on organic agriculture. The demand for organic food products has boosted organic farmland and production globally. Various government policies and certification programs in countries such as the US, Germany, India etc. are encouraging more farmers to switch to organic practices. This growing organic agriculture sector relies majorly on natural and chelated formulations of essential plant micronutrients for effective soil management and prevention of deficiencies. Chelated iron products are highly effective and plant-available organic micronutrient sources suitable for organic fertilization and foliar feeding. Their usage helps organic farmers to fertigate crops efficiently without leaving chemical residues, thereby addressing the nutritional demands of organic cultivation.
Segment Analysis
The chelated-iron agricultural micronutrient market can be segmented based on type, mode of application and crop type. Based on type, the market is divided into chelated iron sulfate, chelated iron picolinate, chelated iron EDTA and others. Chelated iron sulfate segment holds the largest market share as it is highly water soluble which increases bioavailability. Based on mode of application, the market is bifurcated into soil application and foliar application. Soil application segment leads the market as it helps in preventing iron deficiency and increases crop yield. Based on crop type, the market is classified into cereals, fruits & vegetables, oilseeds & pulses and others. Cereals segment dominates the market due to large cultivation area and high demand for chelated-iron agricultural micronutrients to boost cereal production.
PEST Analysis
Political: Governments support use of chelated-iron agricultural micronutrients to boost agricultural production and ensure food security. Subsidies promote adoption of chelated iron fertilizers.
Economic: Rising agriculture production and income levels drive demand for high quality fertilizers to increase crop yields. Chelated iron micronutrients improve overall farming profitability.
Social: Growing global population increases food demand. Micronutrients address hidden hunger issue and ensure nutrition supply.
Technological: Advancements in fertilizer formulation enable development of highly soluble and stable chelated iron products. Precision farming techniques help optimize micronutrient application.
Key Takeaways
The global Chelated–Iron Agricultural Micronutrient Market Growth is expected to witness high growth. The global 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 7.4% over the forecast period 2023 to 2030.
Regional analysis comprises
The Asia Pacific region is the fastest growing and dominating market for chelated-iron agricultural micronutrients. Countries like China and India with largest agricultural land and production are major markets. Governments support drives adoption through subsidies and awareness programs.
Key players related content comprises
Key players operating in the chelated–iron agricultural micronutrient market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd.
*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.