The 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 are iron supplements that are chelated, or bound to organic compounds, to provide plant-available forms of the essential micronutrient iron. Chelated forms of iron are more bioavailable to plants compared to non-chelated forms. They help overcome iron deficiencies in crops and support overall plant health and yield. Some key product forms include iron EDTA, iron EDDHA, iron HEDTA, and iron DTPA. The market is primarily driven by the growing demand for high-yielding crops and the need to overcome micronutrient deficiencies caused due to intensive cultivation practices and soil degradation.
Market Dynamics:
One of the key drivers for the Chelated Iron Agricultural Micronutrient Market Analysis growth is the increasing demand for organic and sustainable farming practices. Organic farming restricts the use of soluble synthetic fertilizers and relies more on natural chelated micronutrients to fulfill the nutritional requirements of crops. Moreover, the changing climatic conditions are deteriorating soil health and structure, reducing the availability of micronutrients. This is increasing the risks of various deficiencies in crops. Chelated iron products help boost crop resilience against stresses such as drought and enhance yields. Furthermore, innovations in delivery mechanisms of micronutrients, such as development of nano-chelates, are expanding the applications of chelated iron. Nano-chelates exhibit higher absorption and use efficiency in crops.
Segment Analysis
The chelated iron agricultural micronutrient market can be segmented based on chelate type into sodium iron EDTA, ferric ethylenediaminetetraacetate, iron DTPA, iron EDDHA, and others. Among these, the iron DTPA segment currently dominates the market due to its effectiveness over a wide range of pH levels in soil. It also has good stabilities in soil and foliage and less phytotoxicity than other chelate types.
PEST Analysis
Political: Government regulations regarding the use of fertilizers and micronutrients are becoming more stringent to reduce pollution. This is expected to boost demand for chelated varieties which are safer alternatives.
Economic: The agricultural industry is experiencing growth especially in developing nations which is positively impacting the overall micronutrient market size including chelated iron products.
Social: Rising health awareness and focus on micronutrient deficiencies in various populations is driving demand for iron fortified foods and supplements.
Technological: Advancements in formulation and application technologies have made chelated iron more stable, effective and convenient for use in different crops and soil/foliar conditions.
Key Takeaways
The global Chelated Iron Agricultural Micronutrient Market is expected to witness high growth, exhibiting 10.% CAGR over the forecast period of 2023 to 2030, due to increasing requirement to boost soil fertility and crop productivity.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period as well. Countries like China, India and Indonesia are experiencing rising fertilizer consumption supported by favorable government initiatives and growing cultivation areas.
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. Companies are focused on expanding their product portfolios and presence globally as well as enhancing application technologies.
Read More: https://www.rapidwebwire.com/chelated-iron-agricultural-micronutrient-market-demand/
