July 18, 2024
Chelated–Iron Agricultural Micronutrient Market

The global Chelated-Iron Agricultural Micronutrient Market is driven by increasing use of chelated-iron agricultural micronutrients

Chelated-iron agricultural micronutrients are compounds formed when iron ions are bound to organic ligands such as Amino acids or protein hydrolysates. These micronutrients play a vital role in plant metabolism and enhancing crop quality. Chelated forms of iron ensure better absorption of iron by plant roots compared to inorganic forms which are prone to precipitation. They prevent iron deficiency in crops and increase yield. With rising global population and growing demand for food grains, there is a need to maximize crop production which is driving the use of chelated-iron agricultural micronutrients.

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:

One of the key trends in the chelated-iron agricultural micronutrient market is the development of organic and sustainable formulations. Conventional inorganic iron fertilizers can harm the soil and environment on excessive usage. Moreover, consumers are becoming aware of harmful effects of chemical residues in food. To address these concerns, manufacturers are focusing on producing chelated micronutrients from natural plant and animal extracts. These organic micronutrients not only minimize soil and water pollution, but also improve plant health and quality in a sustainable way. Their adoption is expected to increase significantly over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as manufacturing chelated iron requires established production facilities and distribution networks. However, moderate growth opportunities attract new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have many product alternatives but suppliers have product differentiation based on formulation and application.

Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials suppliers play a vital role. Suppliers can change prices as raw materials have no substitutes.

Threat of new substitutes: The threat of new substitutes is low. Chelated iron has enhanced bioavailability over inorganic forms. Developing new substitutes require extensive research.

Competitive rivalry: The competition is high among established players. Companies compete based on innovation, quality, and pricing.

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.

Regionally, North America dominates accounting for over 30% share in 2023 due to widespread cultivation of high-value crops and advanced agricultural practices. Europe and Asia Pacific are also lucrative markets growing at 8-9% annually. Asia Pacific is expected to witness the fastest growth during the forecast period. Factors such as the rising population, growing focus on food security, and increasing cultivation of high-value crops are driving demand. China, India, and Southeast Asian countries will be major contributors to regional growth.

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. Companies compete based on innovation, quality, and pricing. Strategic partnerships and new product launches remain core strategies of key players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it