The Latin American agricultural chelates market size is expected to reach USD 84.23 million in 2024 and reach USD 117.75 million by 2029, growing at a CAGR of 6.93% from 2024 to 2029.
Degradation of soil increased modern farming practices, and demand for chelated iron micronutrients are key factors driving the market. The high growth potential in emerging markets and untapped regions provides market players with new growth opportunities.
Micronutrients are essential in agriculture for increasing the yield and enhancing the quality of agricultural produce. Though required in very small quantities, these essential elements are consumed by plants to carry out important bodily functions. They are effectively supplied by complexes containing chelated compounds, these compounds being more stable than their non-chelated compounds. The most commonly used chelates are EDTA, DPTA, and EDDHA. Micronutrients such as iron, zinc, copper, manganese, calcium, and magnesium can be chelated easily, while the other nutrients cannot be readily chelated.
Latin America Agricultural Chelates Market Drivers:
The driving factor of the market is the increasing demand for high-yielding quality crops. These chelate compounds also help in removing toxicity due to excess micronutrients and play an important role in helping plants overcome micronutrient deficiency, thereby increasing profits by overcoming agricultural economies. Increasing demand for biofuels is further expected to aid market growth. Rapid depletion of crude oil deposits and rising environmental concerns regarding the harmful effects of petroleum products on the environment are further aiding the research to find a sustainable alternative. Bioethanol and biodiesel are considered one of the sustainable alternatives.
Both of these products are derived from biofuels such as waste vegetable and waste vegetable oils. Therefore, an enlarged interest in biofuels has prompted the interest in food grains and crops, which will fuel the demand for agricultural micronutrients. Factors such as the high cost associated with chelating agents and increasing environmental concern over non-biodegradable chelates are major constraints limiting the market growth. However, with increasing emphasis on research and product development by companies to produce organic and biodegradable chelates, the advantages associated with increasing adoption of hydroponics technology are boosting the growth of the agricultural chelates market.
This research report on the Latin American agricultural chelates market is segmented and sub-segmented into the following categories:
Latin America Agricultural Chelates Market - By Type:
The EDTA agricultural chelates type is projected to grow the most. EDTA chelate isolates metal ions, such as calcium ions and ferrous ions, and forms weak bonds with metal nutrients, such as zinc, iron, and copper. EDTA chelates, being comparatively less expensive and easily available, also help to treat harmful lead poisoning in the soil by removing toxins, such as lead, cadmium, and mercury. These factors have further helped the demand for EDTA chelates.
Latin America Agricultural Chelates Market - By Application:
Soil application in the agricultural chelates market is growing as soil nutrition is necessary to increase the productivity of crops. Crops witness a usual deficiency of iron and therefore chelated iron micronutrients are applied in the soil to provide the required amount of nutrition for an enhanced crop production.
Latin America Agricultural Chelates Market - By Crop:
Bioethanol and biodiesel are considered the most sustainable alternatives to the conventional fuel. Bioethanol is sourced from wheat, soybean, corn, rapeseed, and sugarcane, whereas biodiesel is sourced from Jatropha, sunflower, soybean, mustard, rapeseed, flax, canola, palm oil, hemp, and waste vegetable oils. The absolute growth opportunity is expected to be highest in the cereals segment followed by fruits and vegetables.
Latin America Agricultural Chelates Market – By Country:
Latin America is expected to be a promising region for oxygen therapy devices and is expected to witness rapid growth in the coming years. Furthermore, a growing economy and government initiatives are further going to aid the case of agricultural chelates.
KEY MARKET PLAYERS:
BASF SE, Haifa Chemicals, Syngenta AG, AkzoNobel N.V, Nufarm Ltd, Chemicals Co. Ltd. These are mail market players which is dominating to the Latin America agricultural chelates market.
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