by Market Overview:
Chelated iron agricultural micronutrients play a vital role in plant growth and production of food crops and cereals. Chelated “iron agricultural micronutrients are iron compounds applied to soil or plant foliage which increases iron absorption in plants. These micronutrients are used to enhance crop quality and yield of various food crops, vegetables and cereals grown worldwide.
Market Dynamics:
Increasing demand and use of fertilizers: The use of fertilizers has increased significantly across major agriculture producing countries to supplement soil nutrients and boost crop yield. Chelated-iron agricultural micronutrients are widely mixed with NPK fertilizers for efficient uptake by plants. This rising fertilizer consumption is supporting the demand for chelated-iron micronutrients.
Growing organic farming: Organic farmlands have increased rapidly over the past decade globally. Chelated-iron agricultural micronutrients are widely used in organic farming practices as they release nutrients slowly and sustainably to fulfill plant requirements. This growth in organic farmlands is fueling consumption of chelated-iron micronutrients.
SWOT Analysis
Strength: Chelated-iron agricultural micronutrients are more soluble and stable compared to inorganic sources. They remain in the available form for long periods without interacting with other nutrients or soil components. Chelated micronutrients result in higher crop yields and quality.
Weakness: Chelated micronutrients are more expensive to produce than inorganic sources. Their effectiveness is dependent on soil properties like pH and presence of competing elements in the soil.
Opportunity: The global agricultural micronutrient market offers significant growth opportunities driven by rising demand for high-quality food crops and depletion of micronutrients from intensive farming. Increasing organic and bio-fertilizer demand also presents opportunities.
Threats: Stringent regulations regarding the use of chelating agents in agriculture pose threats. Variations in weather patterns affecting crop yields also impact market demand.
Key Takeaways
The Global Chelated-Iron Agricultural Micronutrient Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for nutrition-rich crops to meet the rising global population. The market size for 2023 was US$ 163.4 Mn.
Regional analysis: North America dominates the global market currently owing to large scale commercial farming in the US and Canada. Asia Pacific is expected to emerge as the fastest growing market due to rising agriculture in China and India.
Key players:
Key players operating in the chelated-iron agricultural micronutrient market are ADAMA Agricultural Solutions Ltd., Agrium Inc., Akzo Nobel N.V., Auriga Industries A/S, BASF SE, Bayer CropScience AG, Compass Minerals International Inc., E. I. DUPONT DE NEMOURS AND COMPANY, Land O’Lakes Inc. Monsanto Co., Nufarm Limited, Sumitomo Chemical Co., Ltd, Syngenta International AG, The Dow Chemical Co., The Mosaic Company, Yara International ASA, Other Companies.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
