Foliar Spray Market by Type (Nitrogenous, Phosphatic, Potassic, Micronutrients), Application (Horticultural Crops, Field Crops, Turfs & Ornamentals), and Region (Europe, North America, APAC, South America, RoW) - Global Forecast to 2023
The foliar spray market is projected to reach USD 7.61 billion by 2023, at a CAGR of 5.6% from 2018 to 2023.
The foliar spray market is projected to grow from USD 5.79 billion in 2018 to USD 7.61 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. Increased consumption of foliar spray in horticultural crops such as fruits and vegetables, high efficiency of foliar spray products, and increased awareness of foliar spray products in emerging markets are key factors driving the growth of the foliar spray market. However, the expansion of the organic fertilizer industry is acting as a restraint to the growth of the foliar spray market.
The nitrogenous type segment of the foliar spray market is expected to witness the highest growth from 2018 to 2023.
Based on type, the nitrogenous segment of the foliar spray market is expected to grow at the highest CAGR during the forecast period. Nitrogen is an important nutrient required for plant growth, as it helps in protein synthesis. Nitrogen-based fertilizers are used in large quantities and are applied to all major crops. Foliar spray technique helps in the uniform distribution of nitrogenous fertilizers to improve the yield of crops.
The horticultural crops application segment is projected to lead the foliar spray market between 2018 and 2023.
Based on application, the foliar spray market has been segmented into horticultural crops, field crops, turfs & ornamentals, and others. The horticultural crops application segment is projected to lead the foliar spray market from 2018 to 2023, owing to the increasing use of foliar spray products in horticultural crops. Horticultural crops such as fruit crops, vegetable crops, and tuber crops have become an indispensable part of the daily dietary intake of individuals. Increasing awareness regarding the nutritive value of horticultural crops has led to a considerable increase in their consumption levels. Subsequently, this has led to an increase in the production of horticultural crops, which, in turn, has contributed to the increased use of foliar spray fertilizers.
The Asia Pacific foliar spray market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific foliar spray market is projected to grow at the highest CAGR between 2018 and 2023. This growth can be attributed to active government initiatives for the agriculture sector, high demand for food, and rise in credit allocation for the food sector in emerging countries, such as India and China.
Breakdown of the profiles of primary participants:
By Company Type: Tier 1 - 30%, Tier 2 - 40%, and Tier 3 - 30%
By Designation: C-level - 51%, Director-level - 28%, and Others - 21%
By Region: Europe - 20%, Asia Pacific - 33%, North America - 27%, South America -7%, and Rest of the World - 13%
Major companies profiled in this report 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).
This report offers an overview of key market dynamics such as drivers, restraints, challenges, and opportunities influencing the growth of the foliar spray market. It also provides a detailed overview of the foliar spray market across 5 regions, namely, Asia Pacific, Europe, North America, South America, and Rest of the World. The report categorizes the foliar spray market based on type and application. A detailed analysis of leading players operating in the foliar spray market, in addition to key growth strategies, is also covered in the report.
Reasons to Buy the Report:
This report covers the following key aspects:
The size of the foliar spray market by 2023 and its CAGR during the forecast period (2018-2023)
Key trends in the foliar spray market
Factors expected to drive the growth of the foliar spray market during the forecast period
Challenges expected to impact the growth of the foliar spray market during the forecast period
Key players operating in the foliar spray market
Global report on the foliar spray market covers key regions, such as Europe, North America, Asia Pacific, South America, and Rest of the World, including major countries in these regions, such as the US, China, India, Brazil, and Germany