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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chelated iron agricultural micronutrients play an important role in regulating plant growth and immunity. They help in photosynthesis, nitrogen fixation, and energy transfer in plants. Chelated iron micronutrients offer better absorption in soil as iron is bound to organic ligands which prevents it from reacting with soil elements.
Market key trends:
One of the key trends in the chelated iron agricultural micronutrient market is the shift towards organic farming. Conventional farming utilizes extensive chemical fertilizers and pesticides which harm the environment and soil quality over long term use. Chelated iron micronutrients are emerging as vital components for organic farming as they enhance soil fertility and plant health in a natural way. Many farmers are adopting organic techniques and using soil conditioners like chelated iron to grow crops sustainably without depleting the soil nutrients. This trend will significantly drive the demand for chelated iron agricultural micronutrients.
Market key trends:
One key trend in the Chelated Iron Agricultural Micronutrient Market Analysis is the growing demand for high-quality crops with increased micronutrient content. Chelated iron agricultural micronutrients help improve plant growth and boost crop yield by facilitating efficient absorption of iron by plant roots. They prevent iron deficiency in crops which can significantly impact crop quality and productivity. The increasing demand for nutrition-rich food crops is driving the need for chelated iron micronutrients.
SWOT Analysis
Strengths: Chelated iron agricultural micronutrients have high absorption rate in the soil and roots. They remain available to plants for a long time.
Weaknesses: High production cost of chelated iron micronutrients makes them expensive compared to other fertilizers. They also have shorter shelf life.
Opportunities: Growth in organic and sustainable farming provides market opportunities. Increasing exports of high-value crops also create demand.
Threats: Stringent regulations around the world regarding the usage of micronutrients pose threats. Volatility in raw material prices is also a challenge.
Key Takeaways
The global Chelated Iron Agricultural Micronutrient Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for high-quality, nutrition-rich food crops. In 2023, the market size for chelated iron agricultural micronutrient is estimated to reach US$ 179.57 Mn.
Regional analysis: Asia Pacific dominates the market and is expected to continue its lead over the forecast period. This can be attributed to the large production of food crops in countries such as India and China. North America is projected to exhibit strong growth driven by massive exports of premium quality fruits and vegetables from the region.
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.
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