The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Agricultural Chelates Market.
It was estimated prior to this unanticipated outbreak that the Agricultural Chelates Market was expected to grow at a CAGR of 7.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Agricultural chelates have a variety of applications into soil, foliar, and fertigation. They play an important role in agriculture, as they maximize the yield and improve the quality of agricultural products. Foliar sprays are commonly used to apply metal chelates as micronutrient fertilizers to provide plants with iron, copper, manganese, and zinc. The most commonly used chelates in agriculture are EDTA, EDDHA, and DTPA.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as EDTA, EDDHA, DTPA, IDHA, and others. EDTA is estimated to be fast growing segment of the market during the forecast period. EDTA chelates agent enable the plant to absorb high amount of micronutrients and provide an excellent binding capability when they are used with crucial micronutrients, such as iron, manganese, copper, and zinc, which results in an improved quality of crop growth, fueling the growth of the agricultural chelates market.
Based on the crop type, the agricultural chelates market is segmented as cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types. Fruits & vegetables held the largest share of the market in 2019, and is likely to maintain its leading position during the forecast period as well. It is estimated that there will be an increase in the consumption of fruits and vegetables in the upcoming years.
Based on the application type, the market is segmented as soil application, seed dressing, foliar sprays, fertigation, and others. Foliar spray is expected to be the fastest-growing segment of the agricultural chelates market during the forecast period. Foliar spray is an agricultural method in which water and agricultural chelates are applied to the plants through spray pumps, drones, tractor-mounted sprayers, and airplanes. This process offers a possibility to get the best use of yield, reduce the loss of nutrients, and also prevention from polluting the environment.
Also, the farmers usually prefer foliar spray techniques for the application of agricultural chelates, as it guarantees that the nutrients are uniformly applied and the agricultural input cost is reduced. Hence, the efficiency and reliability of foliar spray is offering substantial growth opportunities in the market during the forecast period.
In terms of regions, Europe held the largest share of the agricultural chelates market in 2019, and is estimated to govern the market during the forecast period. Due to the growing demand from the European countries, Spain and the Netherlands have an increased cultivated area, including greenhouse as well. Also, these countries have export demands for a wide range of crops, such as pulses, fruits, cereals, oilseeds, and cash crops. The growth of the crop is highly dependent on the type of soil, which varies from region to region. The lack of micronutrients in soils as reported across Europe is expected to drive the growth of the agricultural chelates market. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the key players in manufacturing agricultural chelates are-
- Aries Agro Ltd.
- BASF SE
- Greensmiths, Inc.
- Haifa Chemicals
- Nouryon
- Nufarm Ltd
- Syngenta AG
- The Andersons, Inc.
- The Dow Chemical Company
- Wilbur-Ellis Company Inc.