Agricultural Chelates Market Overview
The Global Agricultural Chelates Market is expected to grow at 6.7% CAGR from 2018-2023 and it is estimated that the global market was valued at USD 507.36 million in 2018 and is relied upon to reach USD 701.68 million by 2023. Degradation of soil, increased modern farming practices, and demand for chelated iron micronutrients are key factors driving the market. The high growth potential in emerging markets and untapped regions provides market players with new growth opportunities.
Micronutrients are essential agriculture for increasing the yield and enhancing the quality of agricultural produce. Though required in very small quantities, these essential elements are consumed by plants to carry out important bodily functions. They are effectively supplied by complexes containing chelated compounds, these compounds being more stable than their non-chelated compounds. The most commonly used chelates are EDTA, DPTA and EDDHA. Micronutrients such as iron, zinc, copper, manganese, calcium and magnesium can be chelated easily, while the other nutrients cannot be readily chelated.
The driving factors of the market are the increasing demand for high yielding good quality crops. These chelate compounds also helps in removing toxicity due to excess micronutrients and play an important role in helping plants overcome micronutrient deficiency, thereby increasing profits by overcoming agricultural economies. Increasing demand for biofuels is further expected to aid market growth. Rapid depletion of crude oil deposits and rising environmental concerns regarding harmful effects of petroleum products on environment are further aiding the research to find a sustainable alternative. Bioethanol and biodiesel are considered one of the sustainable alternatives. Both of these products are derived from bio fuel such as waste vegetable and waste vegetable oils Therefore, an enlarged interest for biofuels has prompted the interest for food grains and crops, which will fuel the demand for agricultural micronutrients. Factors such as the high-cost associated with chelating agents and increasing environmental concern over non-biodegradable chelates are major constraints limiting the market growth. But with increasing emphasis on research and product development by companies to produce organic and biodegradable chelates and advantages associated with increasing adoption of hydroponics technology are boosting the growth of agricultural chelates market.
Agricultural Chelates Market Forecast Report (2018-2023)
The Global Agricultural Chelates Market is expected to grow at 6.7% CAGR from 2018-2023 and it is estimated that the global market was valued at USD 507.36 million in 2018 and is relied upon to reach USD 701.68 million by 2023.
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Agricultural Chelates Market Segmentation
The global market for agricultural chelates market is segmented by type, application and crop type. On the basis of type, it is segmented into EDTA, EDDHA, DTPA and IDHA. The EDTA agricultural chelates type is projected to grow the most. EDTA chelate isolates metal ions, such as calcium ions and ferrous ions, and forms weak bonds with metal nutrients, such as zinc, iron, and copper. EDTA chelates being comparatively less expensive and easily available also helps to treat harmful lead poisoning in the soil by removing the toxins, such as lead, cadmium, and mercury. These factors have further helped the demand for EDTA chelates.
On the basis of application, it is segmented into Soil, Seed Dressing, Foliar Sprays and Hydroponics. Soil application in the agricultural chelates market is growing as soil nutrition is necessary to increase the productivity of crops. Crops witness a usual deficiency of iron and therefore chelated iron micronutrients are applied in the soil to provide the required amount of nutrition for an enhanced crop production. On the basis of Crop, it is segmented into cereals and grains, oilseeds and pulses, and fruits and vegetables. Bioethanol and biodiesel are considered the most sustainable alternatives to the conventional fuel. Bioethanol is sourced from wheat, soybean, corn, rapeseed, and sugarcane, whereas biodiesel is sourced from Jatropha, sunflower, soybean, mustard, rapeseed, flax, canola, palm oil, hemp, and waste vegetable oils. The absolute growth opportunity is expected to be highest in the cereals segment followed by fruits and vegetables.
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific and Africa and Middle East, with Asia-Pacific being the largest user of agricultural chelates. EDTA is the most widely used chelating agent, while organic chelates are gaining increasing importance in the North American agricultural chelates market. With agricultural chelates being widely used in the horticulture industry, the growth of agricultural chelates is expected to be the highest in Mexico.
The major companies dominating this market for its products and services are
- Deretil Agronutritional,
- AkzoNobel N.V.,
- Shandong IRO Chelating Chemicals Co. Ltd.,
- BASF SE,
- Protex International,
- Haifa Chemicals,
- lagro SPA
- Syngenta AG,
- Van Iperen International Acelity L.P., Inc. (U.S.),
- and Nufarm Ltd.
BASF SE, Haifa Chemicals, Syngenta AG, AkzoNobel N.V., and Nufarm Ltd. collectively accounted for the largest portion of the agricultural chelates market.
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