Market Size of Agricultural Chelates Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.50 % |
| Fastest Growing Market | South America |
| Largest Market | Asia |
| Market Concentration | High |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Agricultural Chelates Market Analysis
The agricultural chelates market is valued at USD 968.9 million for 2022 and is projected to register a CAGR of 7.5% during the forecast period.
- Changing climatic conditions, decreasing availability of arable land, and increasing global population are raising food security concerns. As a result, there has been a significant rise in the use of chelating agents in the agriculture sector to improve crop yield and meet global food demand. Chelating agents help improve plant nutrient uptake by making certain nutrients available. This process can improve plant growth and development and increase crop yield and quality.
- Since soil is heterogeneous and complex, traditional micronutrients are readily oxidized or precipitated. Chelation keeps a micronutrient from undesirable reactions in solution and soil. Chelated fertilizers improve the bioavailability of micronutrients, such as Fe, Cu, Mn, and Zn, and, in turn, contribute to the productivity and profitability of commercial crop production. Chelated fertilizers have more potential to increase commercial yield than regular micronutrients when the crop is grown in low-micronutrient stress or soils with a pH greater than 6.5.
- With the rise of sustainable farming and the increasing awareness of the adverse environmental impact of synthetic chelating agents, there has been a rise in the demand for biodegradable chelating agents. Therefore, companies are capitalizing on customers' needs to uphold a leading position in the market.
- For instance, in 2022, Innospec, a US-based specialty chemical company, launched ENVIOMET® C biodegradable chelating agents. When released into the environment, ENVIOMET® C chelating agents rapidly biodegrade, reducing the possibility of forming persistent organic chelates with heavy metals, such as lead (Pb). This results in less risk of soil accumulation and underground water pollution.
- Therefore, the abovementioned factors are anticipated to stimulate market growth during the study period.
