(I-BusinessNews.Com, March 03, 2020 ) The report “Metal Chelates Market by Type (Primary Nutrients, Secondary Nutrients, Micronutrients), Mode of Application (Soil, Foliar, Fertigation), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), and Region – Global Forecast to 2022″, The global market for metal chelates was valued at USD 357.0 Million in 2015, and is projected to grow at a CAGR of 8.54% from 2016, to reach USD 619.5 Million by 2022.
The market is driven by factors such as increasing awareness about the modern agricultural practices are shifting the demand for nutrients towards chelated metals. Decreasing soil quality and deficiencies of micronutrients in most part of the globe affect the agricultural production. This has also resulted in increasing demand for the chelated metals.
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On the basis of type, the metal chelates market is segmented into primary nutrients, secondary nutrients, micronutrients, and other nutrients (amino acid, humic acid & fulvic acid). The micronutrients was the largest segment in 2015, followed by primary nutrients. The micronutrients is also the fastest growing segment during forecast period.
The fruits & vegetables, on the basis of crop type, is projected to grow at a significant rate during the forecast period. As fruits and vegetables are the sensitive crops, they can get completely damaged due to the nutrient deficiencies in the soil. The awareness among farmers about the importance of nutrients for these crops, and the increasing demand for fruits and vegetables will drive the metal chelates market’s growth.
On the basis of mode of application, the global market is segmented into soil, foliar and fertigation. The foliar segment is projected to grow at the highest CAGR during the forecast period. Foliar is easy, economical and time-effective mode. Hence, the foliar mode has become popular among farmers.
The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period, owing to the increasing awareness about the modern agricultural practices. The growing demand for food is also driving the metal chelates market. Growth is majorly witnessed in China, India, Australia, and New Zealand, due to increase in the demand for, awareness about, and adoption of modern agricultural practices.
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The major restraints of the metal chelates market include the impact of non-biodegradable metal chelates. The market has a number of large and small-scale firms. Expansion and agreements were the key strategies adopted by market players to ensure their growth. Leading players in the global metal chelates market are BASF SE (Germany), Akzo Nobel N.V. (The Netherlands), Syngenta AG (Switzerland), Nufarm Limited (Australia), and Haifa Chemicals Limited (Israel).
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