Metal Chelates Market: By Product Type (Micronutrients, Primary nutrients, Secondary nutrients, Others), By Crop Type (Fruits and vegetables, Oilseeds and pulses, Cereals and grains, Others), By Mode Of Application (Foliar,Soil, Fertigation, Others), and Geography

   

Metal Chelates Market size was valued at USD 432.0 million in 2022 and is projected to grow at a CAGR of 8.45% from 2023-2029. Metal chelates are the chemical substances, which contain chelating agents with a metal ion. Metal chelates are used as soil additives to provide the micronutrients that are necessary for plant growth. Organic substances such as hydroxamate siderophores are natural chelating agents present in the soil field. However, these natural chelates are insufficient to improve the crop yield. Synthetic chelating agents such as EDTA are most commonly used due to their versatile nature and broad scope of use. On the other hand, there are a few factors that can hinder the metal chelates market growth such as dearth of awareness about metal chelates in underdeveloped regions, unfavorable effects related to excess use of chelating agents and effect of non-biodegradable metal chelates. In addition, launching of new novel products having less side effects are projected to bring huge growth opportunities for the key players operating in metal chelates market. Another market driving factor is chelated nutrients use in animal feed. Global metal chelates market is growing at a significant CAGR owing to changes in agricultural practices for better yield. Moreover, companies focusing on the research and development for the innovation of newer metal chelate products with reduced adverse effects. For instance, Haifa chemicals developed water-soluble metal chelate fertilizers Haifa Micro which is rapidly dissolved in water. In addition collaborations and product launching by the companies is a key strategies followed by market players to increase the revenue share in market. For instance, in June 2017, Sumitomo Corporation launched Foliar Blend super fertilizer containing micronutrients with chelating agents in collaboration with Roshini Crop Sciences Pvt Ltd.