PUBLISHER: The Business Research Company | PRODUCT CODE: 1413955
PUBLISHER: The Business Research Company | PRODUCT CODE: 1413955
“Agricultural Chelates Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agricultural chelates market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agricultural chelates? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The agricultural chelates market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Agricultural chelates are fertilizers designed to contain essential micronutrients such as iron, zInc., manganese, and copper, crucial for the growth and productivity of plants. The utilization of chelated micronutrients has proven to be an effective method for enhancing both crop yields and quality.
The primary types of agricultural chelates include EDTA (ethylenediaminetetraacetic acid), EDDHA (ethylenediamine-'-bis (2-hydroxyphenyl acetic acid), DTPA (diethylenetriamine pentaacetate), IDHA (imidodisuccinic acid), and other variations. EDTA-based fertilizers, incorporating ethylenediaminetetraacetic acid as a chelating agent, contribute to improving the efficiency of nutrient absorption in plants. Various crop types benefit from agricultural chelates, including cereals and grains, oilseeds and pulses, fruits and vegetables, among others. These chelates find applications in diverse settings, such as soil, foliar, hydroponics, and other agricultural applications.
The agriculture chelates market research report is one of a series of new reports from The Business Research Company that provides agriculture chelates market statistics, including agriculture chelates industry global market size, regional shares, competitors with agriculture chelates market share, detailed agriculture chelates market segments, market trends, and opportunities, and any further data you may need to thrive in the agriculture chelates industry. This agriculture chelates market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agricultural chelates market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The historical period's growth can be attributed to several factors, including concerns about soil quality, the global population's increase, the expansion of commercial agriculture, the adoption of precision farming, and a heightened awareness of crop nutrition.
The agricultural chelates market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to the expansion of organic farming, challenges posed by climate change, a heightened focus on sustainable agriculture, government support for precision agriculture, and increasing investments in agricultural technology (agtech). Key trends expected in the forecast period include technological innovations in chelate formulations, advancements in agricultural technology, a growing adoption of precision agriculture practices, an increased use of micronutrients in crop production, and technological advancements in chelate production.
The anticipated increase in farm production expenditure is poised to drive the growth of the agriculture chelates market in the foreseeable future. Farm production expenditure encompasses the total amount spent by farms on various inputs and expenses related to agricultural production. Agricultural chelates, chemical compounds used in agriculture, play a vital role in improving the availability and uptake of essential minerals by plants. For example, in 2022, U.S. farms expended $195.5 billion on crop farms, as reported by the United States Department of Agriculture (USDA), a key government agency. This substantial investment in farm production expenditure serves as a significant driver for the agriculture chelates market.
The increasing adoption of greenhouse farming is expected to contribute significantly to the growth of the agricultural chelates market. Greenhouse farming involves the cultivation of crops in protected structures, either fully or partially covered by transparent materials, to create optimal growing conditions while shielding crops from adverse weather conditions and pests. Agricultural chelates are utilized in greenhouse farming to enhance nutrient uptake and utilization efficiency by crops. High-performance chelated micronutrients, such as iron chelates, are commonly employed in agriculture to increase crop yields. For instance, according to Statistics Canada, the National Statistical Office of Canada, British Columbia's farms recorded the second-highest greenhouse area in the country in 2021, reaching 66.0 million square feet, reflecting a 14.0% increase from 2016. This province accounted for 20.0% of Canada's total reported greenhouse area. Therefore, the growing adoption of greenhouse farming is anticipated to be a significant driver for the growth of the agricultural chelates market.
Product innovations are emerging as a central trend in the agricultural chelates market, with major companies actively developing innovative solutions to fortify their market positions. A noteworthy example is the initiative by Innospec Inc., a prominent US-based polyethylene wax producer. In August 2022, Innospec Inc. introduced ENVIOMET C, an environmentally friendly chelating agent designed for agricultural applications. This product stands out for its readily biodegradable nature, aiming to meet the demands of customers seeking chelating agents that deliver exceptional performance while minimizing environmental impact. ENVIOMET C reflects the industry's commitment to sustainability and addresses the growing preference for eco-friendly agricultural solutions.
In August 2022, Balchem Corporation, a US-based industrial gas company, acquired Cardinal Associates Inc (Bergstrom Nutrition) for an undisclosed amount. As a result of this acquisition, Bergstrom Nutrition, a biotech firm specializing in chelated minerals and human-grade choline supplements for nutrition and healthcare applications, is integrated into Balchem's Human Nutrition and Health business segment, specifically within the Minerals and Nutrients business unit. This strategic move demonstrates Balchem's commitment to expanding its portfolio and capabilities in the agricultural chelates market through the acquisition of a company with expertise in chelated minerals.
In January 2023, Nouryon, a Netherlands-based chemical manufacturing company, completed the acquisition of ADOB for an undisclosed amount. This acquisition reinforces Nouryon's diverse crop nutrition portfolio and underscores its commitment to the agriculture and food sector. The strategic move enables Nouryon to expand its range of services and product offerings, enhancing its competitive position in the market. ADOB, a Poland-based company, is a provider of chelated micronutrients, fertilizers, and other specialized agricultural solutions. The acquisition aligns with the industry's focus on expanding capabilities and offerings to meet the evolving needs of agriculture.
Major companies operating in the agricultural chelates market report are Yara International ASA, Haifa Group, Nouryon Holding B.V., BASF SE, The Andersons Inc., Dow Inc., Nufarm Limited, ICL Group Ltd., Syngenta Group Co. Ltd., Aries Agro Limited, Akzo Nobel N.V., Valagro S.p.A., Deretil Agronutritional S.L., ATP Nutrition Ltd., Manvert S.L., BMS-Micronutrients NV, Mitsubishi Chemical Corporation, Innospec Inc., Shandong Iro Chelating Chemical Co. Ltd., Ava Chemicals Private Limited, Protex International, Agmin Chelates, COMPO EXPERT GmbH, LidoChem Inc., Andersons Plant Nutrient Group, CHS Inc., Wilbur-Ellis Holdings Inc., Van Iperen International B.V., ADOB Haifa Ltd., Aquapharm Chemical Pvt. Ltd.
Asia-Pacific was the largest region in the agricultural chelates market in 2023. Europe is expected to be the fastest-growing region in the global agriculture chelates market report during the forecast period. The regions covered in the agricultural chelates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the agricultural chelates market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The agricultural chelates market consists of sales of chelated fertilizers containing micronutrients. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.