The Chelated-Iron Agricultural Micronutrient Market is estimated to be valued at US$ 163.4 Mn in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chelated-iron agricultural micronutrients are iron compounds that are chemically bound to organic chelating agents like EDTA or DTPA. This chelation process enhances the solubility and absorption of iron by plants. Chelated iron is commonly used as fertilizers and soil amendments in organic and conventional agriculture to treat iron deficiencies in crops. It helps boost crop yield and quality by ensuring adequate iron supply throughout the growth cycle. Rapid expansion of organic farmlands and rising awareness about micronutrient malnourishment of soil are main drivers of demand.
Market Dynamics:
The Chelated-Iron Agricultural Micronutrient Market is driven by the growing organic food production worldwide and high prevalence of micronutrient deficiencies in agricultural soils. According to the Research Institute of Organic Agriculture, the organic agricultural land has grown from 37 million hectares in 2008 to 71.5 million hectares in 2018. Organic foods prohibit the use of synthetic pesticides and fertilizers, creating strong demand for natural chelated micronutrients. Additionally, intensive cultivation practices and lack of micronutrient application over the years have depleted key soil nutrients like iron in many regions. This has led to rising iron deficiencies in crops. Chelated iron products effectively treat these deficiencies and improve plant health and yields.
Segment Analysis
The chelated-iron agricultural micronutrient market is segmented based on type into chelated copper, chelated zinc, chelated manganese, chelated iron, and other chelate types. Among these, the chelated iron segment dominates the market due to its wide usage and high demand from crops. It meets the iron requirement of the crops adequately which boosts its growth.
PEST Analysis
Political: Government regulations regarding the amount of micronutrients that can be applied to crops can impact the market. Subsidies and strategies by agricultural bodies also affect the demand.
Economic: Growing economy and GDP growth allows farmers to invest more in agricultural inputs like micronutrients which fuel the market growth. Rising crop production and exports propel the demand.
Social: Growing population increases global demand for food which necessitates the usage of micronutrients for better crop yields.
Technological: New technologies have allowed developing highly effective chelated micronutrients which are convenient and cost-efficient for farmers to apply in fields.
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 global food demand and growing emphasis on improving soil fertility. Regionally, North America dominates the market currently due to large agricultural production in the US and Canada. Asia Pacific is expected to witness fastest growth owing to rising agricultural exports from China and India.
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, ATP Nutrition, Baicor, L.C., Brandt Consolidated Inc., Grow More Inc., Kay-Flo, Micnelf USA Inc., Nutra-Flo Company (K- Flo), Stoller USA, Inc., Verdesian Life Sciences, LLC (QC Corporation)
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