Italy Foliar Fertilizer Market Size, Share & Trends Analysis Report By Product Type (Mix Nutrients, Alage-based, Humic Acid-based), By Crop Type (Horticultural Openfield, Turf & Ornamental), And Segment Forecasts, 2022 - 2030

Italy Foliar Fertilizer Market Size, Share & Trends Analysis Report By Product Type (Mix Nutrients, Alage-based, Humic Acid-based), By Crop Type (Horticultural Openfield, Turf & Ornamental), And Segment Forecasts, 2022 - 2030

Italy Foliar Fertilizer Market Growth & Trends

The Italy foliar fertilizer market size is anticipated to reach USD 149.50 million by 2030, registering a CAGR of 4.9% over the forecast period, according to a new report by Grand View Research, Inc. The growing consumption of fertilizers for effective and increased agricultural productivity is anticipated to drive the market over the forecast period. Increasing demand for specialty crops that enhance lives by providing nutritional nourishment and decreasing carbon footprint is expected to boost the demand for foliar fertilizer in horticulture open-field application. In addition, turf & ornamental crop type is expected to increase over the forecast period.

The Italian ornamental plants sector has been playing a vital role in the agricultural sector, in terms of productivity. Furthermore, Italian ryegrass can produce leafy, palatable, high quality, forage, and its yield response to nitrogen. The Italian fertilizers market is fairly concentrated with a number of manufacturers focusing on regional markets. Haifa Negev technologies Ltd., EuroChem Group, and AkzoNobel are some of the largest players involved in the manufacturing of products. The majority of these companies have established exclusive agreements with distributors to cater to various end-users. The supply chain plays a significant role in the production and transportation of fertilizers.

The growth of the market is highly dependent on the adoption of efficient supply chains. Industry participants are facing various problems concerning production, logistics, and operations. Unfortunately, Italy was first the country, which faced the COVID-19 crises in the European region. The COVID-19 pandemic wreaked havoc in the fertilizer industry, which led to a slowdown in businesses, momentary pause of cross-border trade, and logistics delay, resulting in a huge impact on the overall operations of companies and farmers in the first few weeks of 2020 and even during the second wave of COVID-19. However, stockpiling of goods and a favorable initiative by the country’s government to incorporate fertilizer products in the essential category have helped maintain stability in the market.

Italy Foliar Fertilizer Market Report Highlights

• Based on product type, the mix of nutrients segment accounted for the maximum revenue share in 2021 due to the increasing requirement for tailored foliar fertilizer products to provide complete nutrition to plants
• The other bio-stimulant product type segment is likely to grow at the fastest CAGR from 2022 to 2030. They are gaining attention owing to their ability to improve the metabolism of plants, resulting in improved crop yield
• The horticulture open-field segment accounted for the largest revenue share in 2020. The growth is attributed to the high export potential of vegetables and fruits, which has further contributed to a surge in the efficient production of the aforementioned crops and thus triggering the market growth
• Key manufacturers are adopting strategies including mergers, acquisitions, product portfolio, and geographical expansion to gain a higher market share
• For instance, in January 2021, ICL Group acquired Fertiláqua, a specialty plant nutrition company. This initiative taken by the former company was aimed at expanding its organic fertilizers sales by utilizing a strong market presence and distribution capabilities