Chelated–Iron Agricultural Micronutrient Market is Estimated to Witness High Growth Owing to Increasing Application in Micronutrient Deficient Soils
Chelated–iron agricultural micronutrient refers to synthesized compounds that are used to treat iron deficiency in plants. It involves bonding iron to organic acids or compounds such as EDTA or EDDHA to increase its solubility in soil and uptake by plant roots. The product is used in fertilizers and assists plants in absorbing essential micronutrients. It enhances photosynthesis, metabolism and crop quality. With rising concerns over declining fertility of farmlands and the need to boost crop yields, the use of chelated iron supplements has increased significantly.
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.
Market Dynamics
The growing awareness about beneficial effects of chelated iron in improving soil health and boosting crop yields is a major driver propelling the chelated–iron agricultural micronutrient market. Its ability to enhance plant nutrient uptake translating to higher growth and production has boosted its popularity among farmers. Moreover, iron deficiency leads to chlorosis which stunts plant growth, reduces flowering and affects crop quality negatively. As chelated iron addresses this concern effectively, its demand is increasing from agriculture-based economies globally. Furthermore, rising cases of micro-nutrient deficient soils due to intensive cultivation practices has augmented product usage for replenishing lost soil fertility.
SWOT Analysis
Strength: Chelated-iron micronutrients have high bioavailability and are readily absorbable by plants. They prevent iron deficiency in crops and help boost yields. Farmers only need to apply small quantities of chelated iron to meet crop requirements. This makes iron supplementation economically viable.
Weakness: Chelated iron products are more expensive than conventional inorganic iron fertilizers. Many smallholder farmers in developing countries cannot afford these advanced micronutrients. The production process of chelating iron is complex and requires specialized technology and expertise not accessible to all manufacturers.
Opportunity: Micronutrient deficiencies plague millions of acres worldwide reducing agricultural productivity. There is immense scope to expand chelated iron usage and educate farmers about its benefits. Many governments and aid agencies are promoting micronutrient fortification programs. This will drive the adoption of chelated iron formulations.
Threats: Volatility in raw material prices can significantly impact production costs. An economic slowdown may compress the budgets of governments and farmers threatening demand. Substitutes such as synthetic organic acid chelates are emerging which could challenge the market share of traditional chelated iron products.
Key Takeaways
Global Chelated-Iron Agricultural Micronutrient Market Size is expected to witness high growth over the forecast period driven by rising micronutrient deficiencies worldwide. 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: Asia Pacific currently dominates the market and is expected to maintain its lead through 2030 expanding at an 8% CAGR. This is attributed to vast arable tracts and growing population in China and India putting pressure on domestic food production. Both nations have prioritized fertilizer subsidy programs boosting micronutrient consumption.
Key players: 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. These players are focusing on R&D to develop more effective and affordable iron chelates. Partnerships with farming co-operatives and distributors are expanding their rural outreach.
Explore More Related Article On This Topic: https://www.ukwebwire.com/chelated-iron-agricultural-micronutrient-market-trends/
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