Foliar Spray Market Overview
The market size of foliar spray was estimated to be USD 9.79 billion in 2022, which is projected to increase to USD 9.7 billion by 2030, growing at a CAGR of 5.6%. The CAGR in the forecast period 2022-2030.
Foliar spray is the most efficient method to provide liquid fertilizers to plants. By this method, liquid fertilizers are applied to the leaves. The liquid fertilizers provide micronutrients to the plants and are absorbed through the epidermis of the leaves. Foliar sprays are applied to the plants during the vegetative or the generative stages. Foliar sprays increase plant yield, increase resistance against plant diseases and improve the quality of the plants.
An increase in the cultivation of crops and other agricultural activities, especially in developing countries, and the increasing adoption of modern farming practices have led to increased demand for foliar sprays and a consequent increase in the foliar sprays market size. More innovations in the technology to manufacture foliar sprays by the leading companies and more RD investments to produce more effective foliar sprays are also major growth drivers.
Insufficient supply of raw materials to manufacture foliar sprays and high research and development costs associated with foliar sprays are growth dampeners. Concerns about toxicity and strict environmental regulations also slow the market growth of foliar sprays. Low-cost alternatives also pose a threat to market growth.
Key Players
Some of the prominent players in the global foliar spray market are Coromandel International Limited (India), Yara International ASA (Norway), GSFC Ltd (India), Nutrien Ltd (Canada), EuroChem Group AG (Switzerland), K+S KALI GmbH (Germany), Israel Chemicals Ltd (Israel), the Mosaic Company (US), TRIBOdyn AG (Germany), Haifa Group (Israel), Lima Europe NV (Belgium), and Hebei Monband Water Soluble Fertilizer Co., Ltd (China).
Market Segmentation
The foliar spray market overview is divided into nitrogenous, potassic, calcium, phosphatic, and other categories based on product type. The nitrogenous segment holds the largest share in the market and is projected to register the highest CAGR in the forecast period. This is mainly because of the high demand for nitrogenous fertilisers because they increase crop yields.
Based on application, the foliar spray market is divided into field crops, horticultural crops, turfs, ornamentals, and others. The horticultural crops segment accounts for the largest market share and is projected to register the highest CAGR in the forecast period. This is because horticultural crops include a wide range of fruits, vegetables, tuber crops, medicinal crops, and aromatic crops, which are widely grown, used, and exported. The rising consumption of fruits and vegetables is another major reason.
Regional Insights
The global foliar spray market is divided into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.
Europe has the largest foliar spray market share, followed by North America, due to the developed agricultural industry and advanced farming practises in these regions. However, the Asia Pacific region is projected to register the highest CAGR for the foliar spray market size in the forecast period due to the focus on increasing the agricultural output to meet the demands of the rising population, especially in India and China, and the presence of many major foliar spray companies in the region.
Industry News
- Foliar Spray manufacturer TRIBOdyn AG opened its new manufacturing facility in Northeim in November 2017. This facility increased the company’s export capacity of foliar sprays
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