June 15, 2024
Chelated-Iron Agricultural Micronutrient Market

The global Chelated–Iron Agricultural Micronutrient Market is estimated to Propelled by increasing focus on sustainable agriculture practices

The global Chelated–Iron Agricultural Micronutrient Market represents a highly specialized segment in the agricultural sector committed towards improving crop productivity and quality through supplementation of essential micronutrients in balanced proportions. Chelated iron plays a vital role in photosynthesis, enzyme activity, respiration and nitrogen fixation in plants. With growing emphasis on adoption of sustainable agriculture practices, farmers are increasingly incorporating chelated iron into their fertilization programs to combat soil depletion and maximize yields.

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 key trends:
The increasing focus on sustainable agriculture practices is a major trend driving the demand for chelated iron agricultural micronutrients. Depleting soil fertility levels due to intensive cultivation practices have underscored the need for replenishing essential micronutrients in soils. Chelated iron formulations effectively overcome soil suppression issues and ensure steady supply of iron to crops. As farmers actively incorporate regenerative practices such as precision nutrient application, soil testing and fertility management, the adoption of chelated iron micronutrients is set to rise substantially over the forecast period. Furthermore, initiatives by governments and international organizations towards promoting organic and sustainable farming techniques will further propel the chelated-iron agricultural micronutrient market.

SWOT Analysis

Strength: Chelated-iron micronutrients are highly soluble and easily absorbed which helps in eliminating iron deficiency in crops. This results in increased farm productivity and better yield.

Weakness: High manufacturing cost makes chelated-iron products more expensive compared to other conventional fertilizers. This can limit its adoption among small and marginal farmers.

Opportunity: Increasing awareness about micronutrient deficiency and importance of balanced fertilization present an opportunity for chelated-iron manufacturers. Rapid growth of organic farming also provides new opportunities.

Threats: Availability of cheaper substitute fertilizers pose pricing challenge. Environmental regulations regarding chemical usage can also impact market growth negatively.

Key Takeaways

Global Chelated-Iron Agricultural Micronutrient Market Size is expected to witness high growth over the forecast period. 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 dominates the global market with over 30% share owing to large agricultural production in countries like China and India. Increasing cultivation of high-value crops is driving demand in the region. North America and Europe are other major markets adopting micronutrient products to optimize soil fertility.

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.