PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438087
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438087
According to Stratistics MRC, the Global Selenium-rich Agricultural Products Market is growing at a CAGR of 5.8% during the forecast period. The Selenium-rich Agricultural Products Market refers to the sector that involves the cultivation, production, and trade of crops and food items naturally abundant in selenium-an essential trace element vital for human and animal health. Selenium plays a crucial role in various biological functions, including antioxidant defense systems and thyroid hormone metabolism. Consumption of these products is associated with potential health benefits, including enhanced immune function and a reduced risk of certain diseases.
According to Food and Agriculture Organization, salt stress threatens 6%+ of the world's land (Parihar et al., 2015). Halophytes and glycophytes are salt-tolerant and salt-sensitive plants, respectively. Halophytes may tolerate 500-1000 mM NaCl in the soil.
Rising demand for nutrient-rich foods
Consumers are increasingly prioritizing health-conscious choices, seeking foods that offer comprehensive nutritional benefits. Selenium, recognized for its crucial role in supporting the immune system and functioning as a potent antioxidant, aligns with the growing awareness of holistic well-being. As individuals adopt healthier dietary patterns, there is a heightened interest in agricultural products enriched with essential minerals like selenium. This demand is further fueled by the contemporary emphasis on wellness and the consumption of nutrient-dense foods. As a result, farmers and producers are responding to this market shift by cultivating crops with elevated selenium content, meeting the evolving preferences of consumers who actively seek out agricultural products contributing to their overall nutritional needs.
Regulatory challenges
The incorporation of selenium into agricultural practices faces hurdles related to stringent regulatory standards and approvals. Governments and regulatory bodies establish guidelines to ensure food safety, and the introduction of selenium-enriched agricultural products requires adherence to these regulations. Obtaining necessary approvals for selenium supplementation methods and establishing permissible selenium levels in crops can be a complex and time-consuming process. Compliance with these standards is crucial for market entry and consumer acceptance. These elements are hampering the market growth.
Expansion of organic and sustainable agriculture
With an increasing global focus on environmentally friendly and ethical farming practices, there is a growing demand for agricultural products that align with organic and sustainable principles. Selenium, an essential micronutrient, fits seamlessly into these conscientious farming systems, as it contributes to soil health and crop resilience. Organic and sustainable agriculture emphasizes natural methods of enhancing nutrient content in crops, creating an opportune environment for selenium enrichment.
Supply chain complexity
Integrating selenium-rich products into existing agricultural supply chains poses logistical challenges that can impede market growth. The preservation of selenium content throughout the entire supply chain, from farm to consumer, requires careful handling and storage. Ensuring the stability of selenium levels in the agricultural products during transportation, processing, and storage demands a well-coordinated and controlled supply chain. This complexity is further amplified by the potential need for segregated handling of selenium-enriched crops to prevent contamination and maintain quality. However, the intricacies of managing multiple production lines and distribution channels for selenium-rich agricultural products may result in increased operational costs and supply chain inefficiencies, impacting the overall competitiveness of these products in the market.
Disruptions in the supply chain, labor shortages, and logistical challenges emerged as significant hurdles during the pandemic. Restrictions on movement and disruptions in international trade affected the availability of inputs crucial for selenium enrichment practices, impacting overall production. Fluctuating consumer behavior, economic uncertainties, and altered spending patterns influenced the demand for premium or fortified products, including selenium-rich agricultural offerings. The pandemic-induced economic downturn also led to financial constraints for both producers and consumers.
The vegetables segment is expected to be the largest during the forecast period
Vegetables segment is expected to hold the largest share during the forecast period due to increasing consumer awareness about the health benefits associated with selenium consumption. As health-conscious trends gain momentum, there is a growing demand for nutrient-dense foods, and vegetables have become a focal point in meeting this demand. Vegetables are an essential component of a balanced diet, and their enrichment with selenium aligns with the rising interest in holistic well-being. Furthermore, producers are actively implementing selenium supplementation techniques in vegetable cultivation to offer selenium-rich varieties to consumers.
The animal nutrition segment is expected to have the highest CAGR during the forecast period
Animal Nutrition segment is expected to have the highest CAGR over the projection period as awareness of selenium's crucial role in livestock health becomes more prominent. Selenium is an essential micronutrient for animals, contributing to immune function, reproductive health, and overall well-being. As farmers increasingly prioritize animal nutrition to enhance productivity and produce high-quality products, there is a rising demand for selenium-enriched animal feed. This segment's growth is further propelled by a heightened awareness of the link between selenium levels in animal products and their potential health benefits for consumers.
Asia Pacific region dominated the largest market share over the projection period. Growing populations, increasing disposable incomes, and a rising awareness of health and nutrition have fueled a surge in demand for foods with enhanced nutritional profiles. Government initiatives promoting soil health and the production of nutrient-rich crops also contribute to the market's expansion in the region. Furthermore, as selenium-deficient soils are prevalent in certain areas of Asia Pacific, there is a proactive approach to selenium supplementation in farming practices.
Europe region is projected to witness profitable growth throughout the extrapolated period. With a strong emphasis on food safety, nutrition, and sustainable agricultural practices, European regulatory bodies have been supportive of initiatives that enhance the nutritional content of crops. Stringent standards and guidelines ensure the quality and safety of agricultural products, fostering consumer trust. Additionally, the European Union's commitment to soil health and sustainable farming practices aligns with the need for selenium supplementation in certain regions with selenium-deficient soils.
Key players in the market
Some of the key players in Selenium-rich Agricultural Products market include Agrium Inc, Archer Daniels Midland Company, Balchem Corporation, BASF SE, Cargill, Incorporated, GrainCorp Limited, Kemin Industries, Inc., Phibro Animal Health Corporation, Proteon Pharmaceuticals S.A. and Zinpro Corporation.
In July 2023, ZoomAgri has raised a $6 million series A round for its hardware-software system that digitizes the inspection and traceability process for agricultural commodities. The round brings ZoomAgri's total funding to date to $11 million.