Northbrook, IL 60062 -- (SBWire) -- 09/14/2023 --The foliar spray market is poised for substantial growth, according to a comprehensive research report titled "Foliar Spray Market by Type (Nitrogenous, Phosphatic, Potassic, and Micronutrients), Form (Powder and Liquid), Application (Horticultural Crops, Field Crops, Turfs & Ornamentals), Region (North America, Europe, Asia-Pacific) - Global Forecast to 2028," published by MarketsandMarkets. This report projects the global foliar spray market to expand from USD 7.3 billion in 2023 to USD 9.6 billion by 2028, with a compound annual growth rate (CAGR) of 5.5% during the forecast period.
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The adoption of foliar spray techniques in the agricultural industry is on the rise, driven by several advantages over traditional soil-based fertilization methods. One of the primary drivers of this market's growth is the escalating global population, which spurs the demand for food production. Foliar spray techniques offer a highly effective means to increase crop yields by precisely delivering nutrients and pesticides directly to the leaves of plants. Furthermore, foliar sprays are environmentally friendly, as they minimize waste and runoff, reducing the risk of pollution and environmental damage.
Key Findings and Drivers:
1. Micronutrients Segment Leading the Way:
The micronutrients foliar sprays segment is at the forefront of market growth. Advances in the agriculture industry have led to the widespread use of foliar treatments, which are more efficient than soil applications in enhancing plant processes, productivity, and nutrient delivery.
Consumers' increasing demand for high-quality and nutritious crops has boosted the use of foliar sprays, which improve crop quality by providing essential micronutrients.
Manufacturers are investing in research and development to create advanced foliar spray formulations that enhance nutrient uptake and absorption by plants, further driving market growth.
2. Liquid Foliar Sprays Gaining Prominence:
Liquid foliar sprays, composed of water and nutrients like nitrogen, phosphorus, potassium, and micronutrients, are driving the foliar spray market in 2023.
These sprays offer a quick nutrient boost directly to plant leaves, supporting rapid growth and stress management, bypassing soil-related nutrient uptake limitations.
Liquid foliar sprays contribute to overall plant health by providing a balanced and comprehensive nutrient profile, making them valuable tools for growers and gardeners.
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3. North America's High-Value Crop Demand:
North America is witnessing significant growth in the foliar spray market, primarily due to the increasing demand for high-value crops such as fruits, vegetables, and ornamental plants.
Foliar spraying helps enhance crop yields and quality, leading to higher profits for farmers. The adoption of foliar spraying is increasing as more farmers recognize its benefits.
Precision agriculture, incorporating foliar spraying, is becoming more prevalent in North America, further boosting the demand for these products.
Favorable government policies, innovative formulations, and the rising demand for organic food are also contributing factors to the growth of the foliar spray market in North America.
Key Players: Eurochem Group (Switzerland), Nutrien Ltd. (Canada), Yara (Norway), Israel Chemical Limited (Israel), Coromandel International Limited (India), and The Mosaic Company (US) are prominent players in the foliar spray market.
In conclusion, the global foliar spray market is set for robust growth, with micronutrient sprays and liquid formulations driving this expansion. Increasing awareness of foliar sprays' benefits, coupled with their environmentally friendly nature, positions them as a vital tool in modern agriculture. North America's demand for high-value crops and the adoption of precision agriculture practices are key growth catalysts for this market.
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Global Foliar Spray Market to Reach USD 9.6 Billion by 2028, Fueled by Micronutrient Sprays and Liquid Formulations
Foliar Spray Market by Type (Nitrogenous, Phosphatic, Potassic and Micronutrients), Form (Powder and Liquid), Application (Horticultural Crops, Field Crops, Turfs & Ornamentals), Region ( North America, Europe, Asia- Pacific) - Global Forecast to 2028