A recent 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, forecasts the global foliar spray market to experience substantial growth. It is expected to surge 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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Rising Global Population Drives Foliar Spray Market Growth
The adoption of foliar spray in the agricultural industry is on the rise, thanks to its numerous advantages over traditional soil-based fertilization methods. One of the main drivers behind this growth is the increasing global demand for food due to a rising population. Foliar spray techniques have proven highly effective in boosting crop yields by enabling precise application of nutrients and pesticides directly onto plant leaves. Additionally, foliar spray is considered more environmentally friendly compared to traditional soil-based methods due to reduced waste and runoff, resulting in a decreased risk of pollution and environmental damage.
Micronutrients Foliar Sprays Lead the Market
The foliar spray market is largely driven by the micronutrients foliar spray segment. This growth can be attributed to advancements in the agriculture industry. Micronutrients, when applied foliarly, efficiently improve plant internal processes, cell homeostasis, water relations, productivity under abiotic challenges, and provide nutrients directly to leaves for easy absorption. As consumers increasingly demand high-quality and nutritious crops, the use of foliar sprays has risen, enhancing crop quality by providing essential micronutrients. Manufacturers are investing in research and development to create advanced foliar spray formulations that offer superior nutrient uptake and absorption by plants, further propelling market growth.
Liquid Foliar Sprays Gain Prominence
In 2023, the liquid foliar spray segment dominates the market. Liquid foliar sprays typically consist of a water-nutrient mixture, including nitrogen, phosphorus, potassium, and micronutrients like iron, manganese, and zinc. These nutrients are dissolved in water and directly sprayed onto plant leaves, where they are rapidly absorbed and utilized. Liquid foliar sprays provide a quick nutrient boost, especially during periods of rapid growth or plant stress. By bypassing soil-related nutrient uptake limitations, liquid foliar sprays contribute to overall plant health and growth by delivering a balanced nutrient profile.
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North America’s Growing Demand for High-Value Crops
North America is witnessing significant growth in the foliar spray market due to increasing demand for high-value crops such as fruits, vegetables, and ornamental plants. This demand has driven the adoption of advanced farming techniques like foliar spraying, which enhances crop yield and quality, resulting in higher profits for farmers. As more farmers recognize the benefits of foliar spraying, the demand for these products is on the rise. Foliar sprays also improve crop health, increase yields, and reduce the need for additional inputs like fertilizers and pesticides, making them an integral part of precision agriculture, which utilizes technology like GPS and sensors to optimize crop production. As precision agriculture gains traction, the demand for foliar sprays continues to grow. Overall, North America’s foliar spray market is expanding due to the increasing demand for high-value crops, the adoption of precision agriculture practices, innovative formulations, the growing organic food market, and favorable government policies.
Key Players in the Foliar Spray Market
Prominent players in the foliar spray market include Eurochem Group (Switzerland), Nutrien Ltd. (Canada), Yara (Norway), Israel Chemical Limited (Israel), Coromandel International Limited (India), and The Mosaic Company (US).
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