 |
| Chelated Iron Agricultural Micronutrient Market Analysis |
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 micronutrient refers to iron compounds that are
combined with organic compounds to form soluble complexes that can be readily
absorbed by plants. Chelated iron complexes such as EDTA, DTPA, EDDHA, etc.
help in overcoming issues related to iron deficiency in plants. They are widely
used as fertilizers in crops cultivation to enhance their growth and
productivity. Chelated iron micronutrients play a crucial role in
photosynthesis, nitrogen fixation, and formation of chlorophyll in plants.
Their deficiency can lead to stunted plant growth and reduction in crop yields.
Thus, growing micronutrient deficiencies in soils and rising focus on improving
soil health have been driving the demand for chelated iron agricultural
micronutrients.
Market key trends:
The chelated iron agricultural micronutrient market is witnessing growing
adoption of soil fertigation and foliar spray techniques. Soil fertigation
involves applying fertilizers through irrigation systems while foliar spray
involves spraying iron formulas directly onto plant leaves. These techniques
are more effective compared to traditional soil application methods as iron can
be readily absorbed by plant roots and leaves respectively. Furthermore,
growing awareness about sustainable agriculture and the benefits of
micronutrients in improving long term soil health and fertility is prompting
farmers to increasingly utilize chelated iron products. This along with
implementation of strict regulations regarding usage of heavy metals in
fertilizers is expected to support market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the Chelated
Iron Agricultural Micronutrient Market Analysis is moderate due to high
capital investment requirement to compete with existing vendors. However, low
brand loyalty and switching costs provide opportunities to emerging players.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of substitute products in the market. Buyers can switch to
substitutes in case of increase in product prices by existing players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
the raw material suppliers have medium dependency on chelated iron producers.
Suppliers have limited threat of forward integration.
Threat of new substitutes: The threat of substitutes is moderate as there are
limited product differentiation and switching costs. Emergence of alternative
fertilizers are posing threats.
Competitive rivalry: Competition in the market is high among the major players.
Key Takeaways
The global Chelated Iron Agricultural Micronutrient Market is expected to
witness high growth, exhibiting CAGR of
10% over the forecast period, due to increasing demand for efficient
fertilizers to boost agricultural yield.
Regional analysis: North America is expected to dominate the global Chelated
Iron Agricultural Micronutrient Market owing to large area under cultivation
and high demand for micronutrients to improve soil fertility. Asia Pacific is
anticipated to exhibit the fastest growth rate during the forecast period with
increasing fertilizer consumption in China and India.
Key players: 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. BASF occupies the major
market share with its wide distribution network across major continents.