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Agricultural Chelates Market Report 2024 - Agricultural Chelates Market Trends, Growth, And Demand
Agricultural Chelates Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to soil quality concerns, rise in global population, increase in commercial agriculture, expansion of precision farming, growing 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 growth in the forecast period can be attributed to expansion of organic farming, climate change challenges, focus on sustainable agriculture, government support for precision agriculture, increasing investments in agtech. Major trends in the forecast period include technological innovations in chelate formulations, technological advancements in agriculture, rising adoption of precision agriculture, increased use of micronutrients in crop production, technological advancements in chelate production.
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Market Drivers and Trends:
The rise in farm production expenditure is expected to propel the growth of the agriculture chelates market going forward. Farm production expenditure refers to the total amount spent by farms on various inputs and expenses related to agricultural production. Agricultural chelates are chemical compounds used in agriculture to improve the availability and uptake of important minerals by plants. For instance, according to the United States Department of Agriculture, a US-based government agency, in 2022, U.S. farms spent $195.5 billion on crop farms. Therefore, the rise in farm production expenditure is driving the agriculture chelates market.
Product innovations have emerged as the key trend gaining popularity in the agricultural chelates market. Major companies operating in the agricultural chelates market are developing innovative products to strengthen their position in the market. For instance, in August 2022, Innospec Inc., a US-based leading polyethylene wax producer, launched ENVIOMET C, an environmentally friendly chelating agent for agricultural applications. This product is readily biodegradable and aims to cater to the demands of customers who seek chelating agents that deliver exceptional performance while having minimal impact on the environment.
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Major Key Players of the Market:
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.
Agricultural Chelates Market 2024 Key Insights:
• The agricultural chelates market will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Farm Production Expenditure Boosts Agriculture Chelates Market
• Innospec's Enviomet C Redefining Agricultural Chelates
• Asia-Pacific was the largest region in the agricultural chelates market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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