Global Foliar Spray Market Overview
The key driver impacting the Foliar spray market is the growing usage of fertilizers to enhance agricultural production is likely to create massive demand for foliar spray. As per the Food and Agriculture Organization report (2020) estimations, the global consumption of the three primary fertilizer nutrients, which include nitrogen phosphorus expressed as phosphate (P2O5), and potassium described as potash, reached 186.67 million tonnes in 2016, raised by 1.4% from 2015 consumption levels. It was estimated that the demand for N, P2O5, and K2O annually grew by 1.5%, 2.2%, and 2.4%, respectively, during 2015-2020. The use of fertilizers is likely to create high demand for foliar spray as the foliar spray technique engages the usage of fertilizers directly to the plant's leaves, which results in enhancing the quality of crops. Moreover, increasing usage of advanced farming technology as part of Agriculture 4.0 and the emergence of mechanized irrigation systems and micro-irrigation contributes to Foliar spray market demand in the coming years. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Foliar spray market size was valued at about USD 6.35 billion in 2020 and is estimated to grow at a CAGR of around 5.5% during the forecast period 2021 to 2027.
The growing horticulture production in the developed economies is likely to augment the market demand in the forecast period. For instance, For instance, in accordance with the Ministry of Agriculture and Farmers Welfare of India, during the financial year 2019, the total horticulture production volume was around 313 million metric tons. The most important horticulture products that are exported from India were fruits in the fiscal year 2020, with a value of around 54 billion Indian rupees. In 2020, the South Asian country had exported around 819 thousand metric tons of fruits. This leads to the growing demand for Foliar Spray However, limited availability of land may hamper the market in the long run. Also, the environmental concerns regarding the use of chemical fertilizers negatively impact the market. Nonetheless, the current industry trends, such as the intensifying adoption of drones in precision farming and the growing application of big data in agriculture farms, are expected to offer several beneficial market opportunities to the key players.
The Foliar spray market is vast, with many local and global players. The market leaders make use of several business strategies like mergers, contracts, amalgamation, new product development, increasing product folio to enhance their customer base globally. The key players taken in the report are K+S Aktiengesellschaft, EuroChem Group AG, Nutrien, Yara International ASA, The Mosaic Company, Israel Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co., Ltd, Gujarat State Fertilizers & Chemicals Ltd., TRIBOdyn AG, Coromandel International Limited, and Haifa Chemicals Ltd.
Global Foliar Spray Market Share by Region (Representative Graph)
In this research report, the Foliar spray market is segmented by type, application, and region.
Analysis by Type:
By type, the report is categorized into nitrogenous, phosphatic, potassic, and micronutrients. The nitrogenous segment dominates the type segment with over 30% share in 2020. It is because nitrogen is the predominantly consumed nutrient among all the micro-and macro-elements needed for plant growth. Moreover, the rising demand for nitrogenous fertilizers from various farms as they help increase the yield when applied to any crops contributes to the growth of the nitrogenous segment in the forecast period.
Analysis by Application:
By application, the report is categorized into horticultural crops, field crops, turfs & ornamentals, and others. The horticultural crops segment dominates the application segment with over 30% share in 2020. It is due to the horticultural sector encompasses a wide range of crops, such as fruit crops, vegetable crops, tuber crops, medicinal & aromatic crops, and spices. Moreover, the rise in consumption of fruits and high export potential of fruits and vegetables has also led to increased production levels of these crops, contribute to the growth of the horticultural crops segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Foliar spray market, the North America region is expected to hold the second-largest market share of around 25% in the forecast period. It is due to the emphasis on technologically advanced farming techniques and products in the region. Moreover, the existence of a developed agricultural industry contributes to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Type
- Nitrogenous
- Phosphatic
- Potassic
- Micronutrients
By Application
- Horticultural Crops
- Field Crops
- Turfs & Ornamentals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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