As stated by in our extensive report, providing insights on type, mode of application, crop type, geography,global agricultural chelates marketaccounted for USD 1.81 billion in 2020.
Substances added in agricultural fertilizers to enhance the performance are called agricultural chelates. These agricultural chelates fertilizers have has the power to improve the crop output. Agricultural chelates such as EDTA, DTPA, and EDDHA, among others, are used in agricultural applications. Micronutrient fertilizers like iron, zinc, copper, manganese is often cheated by these agricultural chelates. The use of these chelates can improve the performance and efficiency of micronutrients.
Even when all other nutrients are present in acceptable proportions, a deficiency of any one of the micronutrients in the soil can limit growth. It has been found that many of the micronutrient requirements of plants can be provided by Agricultural Chelates. Corn, bush beans, cucumbers, and citrus groves are just a few of the agricultural crops that utilize these chelates. Fertilizer additions, seed dressing, foliar sprays, and hydroponics are a few of its applications. Deficiency of micronutrients within the soil because of high- yielding crop production and high usage of chemical fertilizer are the factors expected to drive growth of the agricultural chelates market.
Agriculture chelates have the largest market value within the Asia-Pacific area, which is dominated by China, India, and Australia. Farmers are driven to grow crops with larger yields as a result of the region's rapidly growing population and increasing demand for food, which has increased demand for Chelates.
As people are becoming more environmentally aware, use of organic fertilizers might be a threat to the growth of agricultural chelates market in the future. Unexpected events like Covid-19 could also be a restraint. However, despite the emergence of Covid-19 pandemic, many countries in the Asia-Pacific have maintained a good agricultural output. In India, the first time in 17 years, agriculture's contribution to GDP has surpassed nearly 20% which makes India a big market for agricultural chelates.
Some of key players in agricultural chelates market are Yara International, BASF SE, Nouryon, The Dow Chemical Company,Shandong Iro Chelating Chemicals, and ICL. Yara International dominates the market with 10% market share and AkzoNobel N.V holds the second position with % market share. These players remain on top because they engage in huge number of mergers and acquisitions along with maintaining their huge product portfolio.