Future Prospects of Sustainable Agriculture Propelling Chelated-Iron Agricultural Micronutrient Market Growth
The Chelated-Iron Agricultural Micronutrient Market is estimated to be valued at US$ 163.4 Mn in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chelated-iron agricultural micronutrients are essential plant nutrients that help in increasing crop yield and quality. They are applied to soil or directly to leaves of agricultural crops to overcome nutrient deficiencies.
Market Dynamics:
Growing focus on sustainable agriculture practices and organic farming is driving the demand for chelated-iron agricultural micronutrients. Farmers are increasingly adopting organic and natural solutions like chelated micronutrients to boost soil fertility and maximize agricultural output without harming the environment. Additionally, the need to improve crop nutrition for higher productivity amid changing climate is propelling the chelated-iron agricultural micronutrient market growth over the forecast period.
Market key trends:
The global Chelated-Iron Agricultural Micronutrient Market is witnessing high demand growth on account of increasing need for improving soil fertility and maximizing agriculture productivity. Chelated iron helps improve crop quality and yield by preventing iron deficiency in soil. Its chelated structure protects iron from reacting with other elements in soil, ensuring sustained availability to plants. The growing practice of micronutrient deficiency testing of soil before planting is further driving the sales of chelated iron in agriculture.
SWOT Analysis
Strength: Chelated iron has superior absorption properties compared to inorganic iron as it remains soluble and biologically available to plants. It prevents iron locking in soil.
Weakness: High production cost of chelated iron makes it more expensive than inorganic micronutrients.
Opportunity: Rising awareness about benefits of micronutrient deficiency management and soil testing opens up new growth avenues.
Threats: Volatility in raw material prices and stringent environment regulations for iron production pose challenges.
Key Takeaways
The Global Chelated-Iron Agricultural Micronutrient Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing need to boost crop yield and address soil micronutrient deficiency concerns.
Regional analysis: North America dominates currently due to large scale commercial agriculture and developed infrastructure for soil testing. Asia Pacific is witnessing fastest growth aided by growing population, rapid agriculture mechanization, and government efforts to promote micronutrient usage.
Key players: Key players operating in the Chelated-Iron Agricultural Micronutrient market are ADAMA Agricultural Solutions Ltd., Agrium Inc., Akzo Nobel N.V., BASF SE, Bayer CropScience AG, Compass Minerals International Inc., E.I.DUPONT DE NEMOURS AND COMPANY, Sumitomo Chemical Co., Ltd, Syngenta International AG, The Mosaic Company, Yara International ASA.
Read More:
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Russian
Romaian