Chelated-iron agricultural micronutrients are chemical compounds that help plants absorb iron from the soil. They are essential micronutrients that improve crop quality and yield. The increasing awareness among farmers about micronutrient deficiency management and benefits of chelated iron fertilizers is driving the demand in the market.
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 accelerating the growth of the chelated-iron agricultural micronutrient market is the increasing demand from emerging economies in Asia Pacific and Latin America. Rapid population growth and rise in per capita income in countries like India, China, Brazil etc. has increased the demand for food. This has prompted farmers in these regions to adopt advanced farming techniques for higher crop production. Chelated iron micronutrients play a vital role in addressing iron deficiency issues commonly found in tropical soils, thereby boosting yields. Many market players are focusing on expanding their distribution footprint in emerging nations, which is expected to drive the consumption of chelated-iron fertilizers over the forecast period.
Segment Analysis
The global chelated-iron agricultural micronutrient market is dominated by the chelated iron segment. Chelated iron products are organic compounds that combine iron with compounds like amino acids, proteins, or complexing agents to produce efficiently absorbable forms of iron. As chelated iron is easily absorbed by plants, it works efficiently even at lower application rates. This contributes to the minimal environmental residues and low production costs, thereby making chelated iron popular among farmers.
Key Takeaways
The global Chelated–Iron Agricultural Micronutrient Market Growth is expected to witness high growth during the forecast period of 2023 to 2030. 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:
North America has emerged as the fastest growing region in the global chelated-iron agricultural micronutrient market. The growth in North America can be attributed to factors such as rising awareness regarding organic farming practices and the productivity benefits of micronutrients. Furthermore, the increasing demand for high-quality food products is also supporting the adoption of chelated-iron agricultural micronutrients in the region.
Key players:
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.
For more insights, read- https://www.newsanalyticspro.com/chelated-iron-agricultural-micronutrient-market-trends-size-and-share-analysis/
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