The Chelated–Iron Agricultural Micronutrient Market involve products that are chemically bound minerals essential for plant growth. Chelated iron aids in photosynthesis by acting as a cofactor in the chloroplasts. It also facilitates metabolism and energy production in plants. The growing demand for high-quality crops to feed the expanding global population has made micronutrient fertilizers indispensable. Farmers are increasingly realizing the benefits of chelated iron in boosting crop yield and quality.
The Global Chelated–Iron Agricultural Micronutrient Market is estimated to be valued at US$ 206.87 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Chelated–Iron Agricultural Micronutrient 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 companies are focusing on new product launches and geographical expansions to gain market share.
The key opportunities in the market include growing organic and sustainable farming practices. Chelated micronutrients are more suitable for organic farming as they have minimal environmental impact. They also help improve soil health over the long term.
There is significant growth potential in developing countries due to rising agricultural outputs, increasing cultivable areas, and growing awareness about micronutrient deficiencies. Asia Pacific is expected to be the fastest growing regional market owing to large-scale agricultural activities in countries like China and India.
Market Drivers
The high growth of the Chelated–Iron Agricultural Micronutrient Market can be attributed to rising focus on enhancing crop productivity. According to research, using chelated iron fertilizers can boost crop yields by 15-20% and improve quality attributes. They ensure optimal nutrient uptake by plants even in soils deficient in iron. This drives higher revenue for farmers. The product is also gaining traction due to benefits like minimal leaching and enhanced long-term effectiveness compared to inorganic iron salts. Sustainable agricultural practices and growth in global food demand will continue stimulating market expansion over the forecast period.
PEST Analysis
Political: Environmental regulations in various countries promote the use of chelated-iron as it provides for effective absorption of iron in plants reducing wastage from ineffective application.
Economic: The stable global economy benefits agriculture industry and promotes innovation in farm inputs and practices. Chelated-iron micronutrients help improve yields leading to higher farm incomes.
Social: Educational programs create awareness about micronutrient deficiencies in soils and plants. This fosters adoption of soil conditioners and micronutrient formulations like chelated-iron for better cultivation practices.
Technological: Advanced production technologies help develop efficient chelated-iron formulations that improve nutrient uptake. Precision farming systems facilitate site-specific application of micronutrients as per soil conditions.
Region of concentration in terms of value
North America dominates the market due to its large agricultural sector and growing organic farming practices that rely on nutritional supplements. Stringent environmental norms also support the use of chelated-iron as it reduces toxic run-off from fields.
Fastest growing region
Asia Pacific is projected to grow at the fastest pace during the forecast period due to rising population, rapid expansion of farmlands and increasing income levels in major economies that support agriculture modernization. Rising export- oriented agriculture additionally stimulates micronutrient adoption for enhanced productivity and quality farm output in the region.
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