The foliar spray market is expected to grow at a CAGR of over 5% during the forecast period. Major factor driving the market studied is growing demand of foliar sprays from horticulture crops. On the flip side, growing demand of organic fertilizers in agriculture coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Growing demand of bio-based foliar spray is predicted to offer various opportunities for the growth of the market over the forecast period.
- Foliar spray from horticulture crops application is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Foliar Sprays from Horticulture Crops
- Foliar spray is a technique used to feed plants by applying liquid fertilizer directly to the leaves and thus plants are able to absorb essential elements through their leaves.
- Foliar applications are used to supply micronutrients more rapidly for correction of severe deficiencies commonly induced during the early stages of growth, and are temporary solutions to the problem.
- Foliar feeding has been widely used and accepted as an essential part of crop production, especially on horticultural crops. For example, Fruit trees can be treated by foliar application for an infestation of spider mites during the summer.
- Horticulture sector has become one of the major drivers due to availability of less water, increasing small farms and it is more remunerative than the agricultural sector.
- Hence, owing to the above-mentioned factors, the application of foliar spray from horticulture crops is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for foliar spray during the forecast period. The region is witnessing rise in demand of foliar spray from horticulture crops and growing application in agriculture sector owing to the high consumption in countries like China, Japan and India.
- The largest producers of foliar spray are located in Asia-Pacific region. Some of the leading companies in the production of penoxsulam are ANDAMAN AG, Eurochem, Aries Agro Limited, Nutrient Technologies, and Yara among others.
- As per the final estimates by government of India of 2017-18, horticulture production stood at record 311.7 MT, which is 3.7% higher than the previous year and 10% higher than the past five years' average production.
- China accounts for 7% of total agricultural acreage globally, while feeding 22% of the world population.
- Owing to the above-mentioned factors, the market for foliar spray in the Asia-Pacific region is projected to grow significantly during the study period.
The global foliar spray market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are ANDAMAN AG, EUROCHEM, Aries Agro Limited, Nutrient Technologies, and Yara among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support