June 19, 2024

Chelated-Iron Agricultural Micronutrient Market, Chelated-Iron Agricultural Micronutrient Market, Overview, key trends, Key Takeaways

Market Overview

Chelated-Iron Agricultural Micronutrient products provide iron to plants in a form that can be easily absorbed. These products ensure optimal plant growth and maximize crop yields as iron is an essential micronutrient required by plants. Chelated micronutrient products offer advantages like enhanced efficacy owing to the chelated iron being readily available for plant uptake compared to inorganic sources of iron.

Market key trends

One of the key trends in the chelated-iron agricultural micronutrient market is the shift towards the use of chelated iron sources over inorganic iron sources. Chelated sources ensure better absorption of iron by plants compared to inorganic salts as the metal ion is protected within the chelating agent. This allows higher plant availability and utilization of micronutrients. Further, factors such as poor and alkaline soils hamper iron availability from inorganic sources for plant uptake. Thus, chelated iron micronutrient fertilizers which make iron highly soluble and available for plant absorption are gaining increasing preference among farmers.

Segment Analysis

The global chelated-iron agricultural micronutrient market is segmented by product type into chelated iron polysaccharides, polysaccharide iron complex, ferric glycinate complex, and others. Among these, the chelated iron polysaccharides segment held the largest market share in 2022 owing to its higher iron content and solubility compared to other products. The product offers enhanced bioavailability and is less prone to precipitation as compared to inorganic micronutrient formulations. Thus, the chelated iron polysaccharides segment is expected to remain the dominant segment over the forecast period.

Key Takeaways

The Global Chelated-Iron Agricultural Micronutrient Market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing concerns about nutritional deficiencies in crops and the need to improve crop yields.

Regional analysis – North America held the largest share of the global chelated-iron agricultural micronutrient market in 2023 accounting for around 30% of the overall market share. The region is expected to continue its dominance during the forecast period. Asia Pacific is expected to witness the fastest growth over 2023-2032 on account of the rapidly expanding agriculture industry and rising awareness among farmers in the region.

Key players analysis РKey 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).

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it