Metal ions are important minerals for plants. Plants in small amounts require them, so they are referred as micronutrients. Deficiency of minerals in the plants resulted into yellowing of leaves and retarded plant growth. Chelated compounds are more stable than non-chelated compounds. So, metallic chelates are widely used in agriculture as micronutrient fertilizers. The global agricultural chelates market will reach 789.41 million USD by 2025 from 494.51 million USD in 2018 with a CAGR of 6.91% during the period.
Growth by Region
Europe has the largest share in the market due to soil degradation and micronutrient deficiency in the crop. North America also has a major share in the market due to adoption of modern agricultural practices. Asia Pacific will grow at higher rate during the period owing to the establishment of bases of major players in this region.
Drivers vs Constraints
Increasing demand for high yield crops is major factor for the growth of the market. Rising government support for developing agricultural technology will also drive the market growth. However, environmental concerns over non-biodegradable chelates will hinder the market growth.
Industry Trends and Updates
Gratifying development of bio-degradable chelates.
Advanced technological developments in Agricultural Chelates.