Chelated-iron agricultural micronutrients are chemical complexes that facilitate plants' absorption and utilization of essential trace elements. They enhance plant growth and protect crops from micronutrient deficiencies. Chelated forms of micronutrients offer superior and more consistent agronomic performance over inorganic forms.

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 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The increasing prevalence of micronutrient deficiencies in crops across the globe represents a major opportunity for the Chelated–Iron Agricultural Micronutrient market. Micronutrient deficiencies negatively impact crop quality and yields, resulting in significant economic losses. Chelated iron formulations help overcome micronutrient deficiencies in crops and maximize agricultural productivity. With the growing emphasis on sustainable agriculture to meet the rising global food demand, the demand for chelated iron micronutrients is expected to increase substantially over the forecast period.

Porter's Analysis

Threat of new entrants: The Chelated-Iron Agricultural Micronutrient Market already has strong brands with global presence. New entrants will face high costs to compete.

Bargaining power of buyers: Buyers have moderate power due to availability of substitutes. However, branded products command loyalty.

Bargaining power of suppliers: Suppliers have moderate power due to availability of raw materials from multiple sources.

Threat of new substitutes: Substitutes offering similar benefits with natural sources pose threat.

Competitive rivalry: Intense competition between existing players to retain market share.

SWOT Analysis

Strength: Chelated-Iron products have high absorption rates and are environment-friendly. Strong distribution network of key players.

Weakness: High production costs compared to other micronutrients. Requirement of specialized production facilities.

Opportunity: Rising health awareness and shift to organic farming practices will boost demand. Scope for product innovations.

Threats: Strict regulations over usage of micronutrients. Fluctuating raw material prices.

Key Takeaways

Global Chelated-Iron Agricultural Micronutrient Market Size is expected to witness strong growth due to the increasing demand for high-efficiency micronutrients. 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 7.4% over the forecast period 2023 to 2030.

North America dominates currently due to widespread adoption of precision farming. However, Asia Pacific is emerging as the fastest growing regional market, led by countries such as India and China. Asia Pacific region is expected grow at the highest CAGR during the forecast period. This is attributed to the rising population and arable land in countries such as India and China. Additionally, supportive government policies are promoting the use of micronutrients.

Key players: 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.

Explore More Related Article On This Topic: https://www.newsanalyticspro.com/chelated-iron-agricultural-micronutrient-market-size/