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 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 compounds in a chelated chemical form that enhances the uptake of iron by plants. Chelated iron supplements the iron needs of crops and overcomes iron deficiency conditions. It plays a vital role in photosynthesis, energy production and nitrogen fixation in plants.
Market key trends:
One of the key trends in the chelated iron agricultural micronutrient market is the development of nano-technology based products. Nanotechnology enables the development of nano-scale iron particles that have a much larger surface area for interactions. The nano-scale iron particles can be easily absorbed and utilized by plants. This enhances the efficacy of chelated iron micronutrients. Several seed treatment and foliar spray products now contain nano-scale iron to improve crop yields.
Segment Analysis
The Chelated Iron Agricultural Micronutrient Market Analysis is segmented on the basis of type and crop type. Based on type, EDTA chelating agent segment dominates the market and accounts for more than 35% of the total market share as EDTA provides better solubility and mobility of iron in soil. Based on crop type, cereals & grains segment dominates the market as iron deficiency is highly prevalent in cereals crops which requires chelated iron micronutrient for better yield.
Key Takeaways
The global chelated iron agricultural micronutrient market size is expected to reach US$ 179.57 Mn by 2023, expanding at a CAGR of 10% during 2023-2030. The rising demand for high crop yield to meet the growing global food demand is a major driver bolstering the market growth.
Regional analysis indicates that Asia Pacific dominates the global market and holds over 35% share owing to the large area under cultivation in countries such as China and India. North America is the second leading region and is projected to witness fastest growth during the forecast period led by the advanced agricultural practices in the US and Canada.
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. These players are focusing on new product launches and expansion in high growth markets to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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