Chelated-Iron Agricultural Micronutrient Market Headed by Growing Need for Boosting Crop Yield
The global Chelated-Iron Agricultural Micronutrient Market is estimated to be valued at US$ 163.4 Mn or 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 plant fertilizers that contain iron, which is chelated or complexed to an organic acid. This helps prevent the iron from becoming insoluble or tied up in the soil, thereby keeping it available for plant uptake. Chelated-iron micronutrients help boost crop growth and yield by improving plant photosynthesis and metabolic activities. They also play a key role in the absorption and utilization of other nutrients. The need for enhancing agricultural productivity to feed the growing global population has been driving demand for chelated-iron micronutrients.
Market key trends:
One of the key trends in the chelated-iron agricultural micronutrient market is the growing focus on precision farming and site-specific nutrient management. Precision farming enables targeted and variable-rate application of micronutrients only where they are needed by the crops. This eliminates over-application and reduces production costs for farmers. It also helps improve utilization of micronutrients and protects the environment by lowering mineral run-off. Another major trend is the increasing adoption of chelated-iron micronutrients as they remain stable in variable soil and water conditions. Chelation prevents iron from reacting with carbonates, phosphates and organic matter in soil and ensures sustained release of iron for optimal plant uptake. This drives greater consumption of chelated forms over conventional inorganic iron salts.
Porter’s Analysis
Threat of new entrants: The chelated-iron agricultural micronutrient market has moderate threat from new entrants due to presence of established brands and requirement of large investments and certifications to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and undifferentiated products however demand for high quality chelated products provides some pricing power to companies.
Bargaining power of suppliers: The bargaining power of suppliers is low due to fragmented supplier base and differentiated products where companies can switch between suppliers easily.
Threat of new substitutes: Threat from substitutes is moderate as there are few substitutes available however differentiated high quality chelated products provides some product loyalty among buyers.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional companies offering similar products.
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 high yield and quality crops. The Asia Pacific region is expected to dominate the market owing to large agricultural base and increasing awareness about benefits of micronutrients. China is the fastest growing market in the region.
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. Regional analysis related content comprises
The chelated-iron agricultural micronutrient market in North America is also expected to grow at a steady pace owing to mature markets in countries like US and Canada and focus on productivity and quality. Key players are focusing on emerging economies for growth and expansion opportunities in future.
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