The foliar spray market is projected to reach USD 7.61 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. High efficiency of foliar spray products and increased awareness of foliar spray products in emerging markets are key factors contributing to the growth of the foliar spray market. Foliar spray technique is used to apply liquid fertilizers on leaves of the plant. Liquid fertilizers are substances containing primary nutrients and micronutrients, which are applied to leaves and are absorbed by them. These liquid fertilizers are efficiently absorbed through the epidermis layer of leaves. Foliar spray is the most efficient technique of applying fertilizers to plants. It is used in various applications, such as horticultural crops, field crops, and turfs & ornamentals.
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The horticultural crops application segment is estimated to lead the foliar spray market in 2018. Horticultural crops have frequent labor requirements, which can be reduced by using the foliar spray technique. The cultivation of horticultural crops in greenhouses is also contributing to the increased application of foliar sprays. High-value fruit crops are generally grown in orchards; the foliar spray technique is used to spray a uniform quantity of fertilizers at regular intervals during different stages of crop growth. In addition, flower crops account for a significant share of the foliar spray market, as farmers aim to increase flower production to extract maximum profit.
The European region is the largest consumer of foliar spray. Governments of several countries in this region have formulated various policies against the periodic use of chemical fertilizers. However, organic fertilizers and bio-fertilizers are not as effective as chemical fertilizers. In such a scenario, foliar sprays are preferred, as they are more effective than conventional fertilizers and cause less damage to the environment.
Key players operating in the foliar spray market include EuroChem Group AG (Switzerland), Nutrien (Canada), K+S Aktiengesellschaft (Germany), Yara International ASA (Norway), Israel Chemicals Ltd. (Israel), The Mosaic Company (US), Gujarat State Fertilizers & Chemicals Ltd. (India), Coromandel International Limited (India), TRIBOdyn AG (Germany), Hebei Monband Water Soluble Fertilizer Co., Ltd. (China), and Haifa Chemicals Ltd. (Israel). Some of these companies are involved in the production of different types of foliar spray products. Key growth strategies adopted by leading market players include expansions, mergers & acquisitions, agreements, partnerships & joint ventures, investments, and new product developments.
EuroChem Group AG (Germany) has been focusing on acquisitions and expansions to strengthen its distribution network and increase its access to key markets in Eastern Europe and Latin America. In November 2017, the company formed a new subsidiary in Bulgaria, EuroChem Agro Bulgaria. This expansion strategy helped the company expand its distribution network and widen its presence in the European region. It also helped the company develop fertilizer production facilities in Bulgaria to facilitate the distribution of new premium products. In August 2017, EuroChem Group AG acquired Emerger Fertilizantes S.A., a privately-owned distributor of standard and premium fertilizers in Argentina. This acquisition strategy helped EuroChem strengthen its foothold in the foliar spray market in Latin America.
Yara International ASA (Norway), another key player in the foliar spray market, adopted strategies such as acquisitions and investments to enhance its market share and widen its customer base. In 2018, Yara International completed the acquisition of Tata Chemicals Ltd., Babrala urea plant, and its distribution business in Uttar Pradesh, India for USD 400 million. This acquisition strategy helped Yara International strengthen its presence in India, which is the second-largest fertilizer market worldwide. In 2016, Yara International invested USD 275 million to expand and modernize its Rio Grande plant, which is strategically located in southern Brazil. This investment strategy enabled the company to strengthen its presence in Latin America.
Key Target Audience:
• Manufacturers of Foliar Spray
• Traders, Distributors, and Suppliers of Fertilizers
• Agricultural Farms
• Government and Research Organizations
• Associations and Industrial Bodies
• Research and Consulting Firms
• R&D Institutions
• Environment Support Agencies
• Banks and Agricultural Finance Institutions
The objectives of this study are:
• To define, describe, segment, and forecast the foliar spray market based on type, application, and region
• To estimate and forecast the foliar spray market in terms of value (USD million/billion) and volume (kilotons)
• To estimate and forecast market segments with respect to 5 main regions, namely, Europe, North America, Asia Pacific, South America, and Rest of the World
• To identify and analyze key market dynamics such as drivers, restraints, opportunities, and challenges influencing the growth of the foliar spray market
• To analyze region-specific trends in Europe, North America, Asia Pacific, South America, and Rest of the World
• To strategically identify and profile key market players and analyze their core competencies
• To track and analyze recent developments such as expansions, mergers & acquisitions, agreements, partnerships & joint ventures, investments, and new product developments adopted by key players operating in the foliar spray market
