Government Initiatives toward Expanding Green Cover Pushing Chelated-Iron Agricultural Micronutrient Consumption: Fact.MR Report
Rockville, MD, July 03, 2024 (GLOBE NEWSWIRE) — A newly published report by proficient research analysts at Fact.MR, a market research and competitive intelligence provider, reveals that revenue from the sales of chelated-iron agricultural micronutrients is evaluated to reach US$ 178.2 million in 2024. The global Chelated-Iron Agricultural Micronutrient Market has been projected to expand at 7.5% CAGR from 2024 to 2034.
Governments in several developed as well as potentially high-growth countries are contributing to an indirect increase in the demand for chelated-iron agricultural micronutrients with their initiatives for creating greenery. They are actively working to increase the number of leisure parks and green gardens, which is fostering demand growth for agricultural micronutrients as fertilizers in turf grasses and ornamental plants.
There is a higher preference for inorganic chelated-iron agricultural micronutrients than organic ones. This popularity is due to their low cost, efficacy, and adaptability. Easy accessibility and pocket-friendly prices of inorganic compounds, such as iron chloride and iron sulfate, are contributing to their increased sales. The water solubility of these micronutrients makes them an ideal option for use in irrigation systems on farms. As such, the compatibility of these micronutrients with soil is contributing to their increased preference across regions.
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Key Takeaway from the Market Study:
- The market for chelated-iron agricultural micronutrients is approximated to reach a value of US$ 367.3 million by 2034-end.
- North America is projected to capture a share of 24.3% of the global market by the end of 2034.
- Demand for chelated-iron agricultural micronutrients in Japan is evaluated to accelerate at a CAGR of 8% from 2024 to 2034.
- Sales of chelated-iron agricultural micronutrients in South Korea are forecasted to rise at 8.3% CAGR through 2034.
- The cereals segment is analyzed to increase at a CAGR of 7.6% and reach a value of US$ 106.2 million by 2034.
“Market players should leverage opportunities created with the incentives offered by governments in several countries such as China, India, and others to develop customized chelated-iron agricultural micronutrients according to different needs,” says a Fact.MR analyst.
Chelated-Iron Agricultural Micronutrient Industry News:
Key players in the chelated-iron agricultural micronutrient industry are employing various strategies to expand their regional presence and increase revenue streams. These strategies include partnerships, collaborations, agreements, and portfolio expansion.
In June 2021, Syngenta International increased its production capacity for chelated micronutrients in Europe, enhancing their availability as essential components in the agricultural sector.
High Emphasis on Alignment with Sustainability Goals in Farming Practices in the United States
Sales of chelated-iron agricultural micronutrients in the United States are analyzed to rise at a CAGR of 7.9% and reach US$ 40.7 million by the end of 2034. Focus on soil health and balanced crop nutrition are pushing more farmers to align with sustainability goals. Market players such as The Mosaic Co. and Winfield United are actively involved in R&D activities to produce more effective agricultural micronutrients matching these needs.
Leading Players Driving Innovation in the Chelated-Iron Agricultural Micronutrient Market
Some of the prominent manufacturers of chelated-iron agricultural micronutrients are BASF SE, Yara International Ltd., Agrium Inc., DuPont, Bayer CropScience, Monsanto Company, AkzoNobel, Syngenta International, Nutrien, Compass Minerals International, ADMA Agricultural Solutions, The Mosaic, Verdesian Life Sciences, Brandt Consolidated, Stoller USA, and Grow More.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the chelated-iron agricultural micronutrient market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (organic, inorganic), crop type (cereals, pulses & oilseeds, fruits & vegetables, others [ornamental plants, turf glass, others]), and sales channel (online, offline), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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