PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498769
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498769
Selenium-rich Agricultural Products Market size was valued at USD 210.90 million in 2023, expanding at a CAGR of 4.10% from 2024 to 2032.
Increasing consumer awareness about the health benefits of selenium, such as its antioxidant properties and role in preventing certain diseases, is driving the need for selenium-rich agricultural products. The rise in chronic diseases like cancer and cardiovascular diseases, which selenium is believed to help mitigate, boosts the market as consumers seek functional foods for better health. Collaborations with health organizations, research institutions, and agricultural bodies can enhance product development and market penetration. However, stringent regulations regarding food fortification and nutritional claims can pose challenges for market entry and product approval.
Selenium-rich Agricultural Products Market- Market Dynamics
Increasing Chronic Disease Across the World
The increasing prevalence of chronic diseases worldwide is a significant public health concern. Chronic diseases, such as heart disease, cancer, diabetes, and respiratory illnesses, are the leading causes of death and disability globally. Simultaneously, the number of people with multimorbidity is expected to rise from 7.8304 million in 2020 to 14.968 million in 2050, a 91.16% increase. The spread of Western dietary habits and sedentary lifestyles through globalization has led to higher rates of chronic diseases in developing countries, which are also grappling with infectious diseases.
Selenium-rich Agricultural Products Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.10% over the forecast period (2024-2032)
Based on product type segmentation, grains were predicted to show maximum market share in the year 2023
Based on application segmentation, Human-Centric was the leading type in 2023
Based on distribution segmentation, offline was the leading type in 2023
Based on technology segmentation, Biofortification was the leading type in 2023
Based on nature segmentation, organic was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Selenium-rich Agricultural Products Market is segmented based on Product Type, Application, Distribution, Technology, Nature, and Region.
The market is divided into two categories based on application: Human-Centric, and animal-centric. In 2023, the sector that focused on people had the biggest share. The increase can be attributed to people becoming more proactive about their health. A lack of selenium can result in biochemical alterations that impair healthy bodily functioning, infertility, and viral infection episodes. As a result, the demand for agricultural goods high in selenium has increased overall in recent years.
The market is divided into two categories based on distribution: Offline, and Online. In 2023, the offline sector had the biggest share. The expansion might be attributed to the widespread existence of retail establishments in both urban and rural regions. In contrast to e-commerce, these stores require a physical location to generate revenue. Conversely, e-commerce services necessitate a well-established infrastructure, robust internet access, a populace that embraces technology, cell phones, and improved seller relations.
Selenium-rich Agricultural Products Market- Geographical Insights
North America is a sizable market, with the United States and Canada driving demand because of their strong agricultural practices and increased knowledge of the health advantages of selenium. The area gains from cutting-edge agriculture methods and a heavy emphasis on functional foods and dietary supplements. business. North America's largest market, the United States, is fueled by strong consumer demand for functional foods and dietary supplements. States like California and the Midwest's agriculture industries are using selenium enrichment into their production methods.
Some of the key players in the Selenium-rich Agricultural Products market include Agrium Inc., Balchem Corporation, BASF SE, Archer Daniels Midland Company, Cargill Incorporated, GrainCorp Limited, Kemin Industries, Inc., Proteon Pharmaceuticals S.A., Phibro Animal Health Corporation and Zinpro Corporation. It is anticipated that the market would keep expanding due to rising health consciousness, improving economies in developing nations, and constant product innovation by major players. Biotechnology and agrochemical companies may develop genetically modified crops or produce selenium-enriched fertilizers and agricultural inputs to enhance selenium uptake by plants. Nutraceutical and Supplement businesses focusing on producing selenium supplements or nutraceuticals targeted at human consumption to address selenium deficiency or promote health benefits associated with selenium consumption.
In October 2023, the study was conducted by Queensland Brain Institute (QBI) researcher Dr. Tara Walker, meals containing trace elements like selenium may be able to mitigate the cognitive effects of stroke on the brain. The study also suggests that by slowing down the ageing process in older brains, diets high in selenium may improve memory and learning in general.
In April 2021, according to a study in the journal eLife, mice given selenium supplementation showed some lifetime benefits, including protection against diet-induced obesity. According to the study, selenium treatment limits methionine, which in turn causes a decrease in IGF-1 (hormone) signaling. Thus, scientists are trying to apply these advantages to people.
GLOBAL SELENIUM-RICH AGRICULTURAL PRODUCTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Nanjing Yuanwang
Eankn International
Luoyang Fuhai Agricultural
Bioarmor
Vitalac Industries
Redmond Agriculture
Coopers Specialty Feeds
Farmann
Zinpro Corporation
Others