The chelated–iron agricultural micronutrient market comprises chelated iron compounds that are used as fertilizers to improve crop nutrition and yield. Chelated iron helps in iron transportation within the plants. It is used as a micronutrient supplement for a wide range of crops including cereals and grains, fruits and vegetables, oilseeds, and others. Chelated iron agricultural micronutrient fertilizers provide readily available iron to plants and help overcome iron deficiencies in alkaline and calcareous soils where iron is less available.
The global chelated–iron agricultural micronutrient market is estimated to be valued at US$ 179.57 Mn in 2024 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.
Growing Need to Improve Crop Yields (as mentioned in the heading, this is one of the drivers) – The need to increase crop yields to meet the rising demand for food owing to the increasing global population is one of the major factors driving the growth of the chelated–iron agricultural micronutrient market. Chelated iron micronutrient fertilizers play a pivotal role in enhancing crop growth and productivity by improving photosynthesis, enzyme activity, chlorophyll content, disease resistance, and nitrogen fixation. This helps farmers to obtain better yields from their farms.
Adoption of Precision Farming Techniques – The adoption of precision farming techniques such as variable-rate technology and site-specific crop management is increasing among farmers. Precision farming enables precise and targeted application of inputs including fertilizers at variable rates across the field as per the soil health and crop requirements. This reduces over-application and helps maximize returns on investment for farmers. Chelated iron micronutrients are easy to apply using precision farming equipment due to their higher solubility and availability for plant uptake.
The global Chelated–Iron Agricultural Micronutrient Market can be segmented based on crop type, chelating agent, application method, form, and region. The foliar sub-segment is expected to hold the largest market share owing to higher penetration and adoption as it helps in faster absorption of iron in the leaves and stems of plants.
Political: Stringent regulations regarding the use of micronutrients can impact the market growth. The governments support initiatives to improve agricultural productivity, thereby positively influencing the demand.
Economic: Rising incomes and improved economic conditions in developing regions boost the usage of chelated iron products to maximize crop yields. Technological advancements further spur the market.
Social: Growing global population increases the demand for food grains. Micronutrients play a vital role in ensuring food security. Further, awareness about balanced nutrition drives the adoption.
Technological: Advanced formulations such as nano-chelated products offer improved absorption and higher efficiency. Innovations in application techniques using drones and IoT also support the market expansion.
The Global Chelated–Iron Agricultural Micronutrient Market Size is expected to witness high growth. The global chelated–iron agricultural micronutrient market is estimated to be valued at US$ 179.57 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis comprises: The Asia Pacific region dominates the market and is projected to maintain its lead position over the forecast period. Countries such as India and China account for major shares due to extensive cultivation areas and large producer base.
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.
Abbott is a significant player owing to its diversified product portfolio and widespread distribution network. AgaMatrix focuses on self-monitoring blood glucose devices.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it