The foliar spray market is projected to reach from USD 7.3 billion in 2023 to USD 9.6 billion by 2028 growing at a CAGR of 5.5% from 2023 to 2028.
The global foliar spray market is set to witness significant growth, projecting an increase from USD 7.3 billion in 2023 to USD 9.6 billion by 2028, reflecting a steady CAGR of 5.5% during the forecast period. This optimistic forecast comes from the recently published 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," conducted by renowned market research firm MarketsandMarkets.
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Foliar spray, an innovative agricultural technique, is gaining widespread recognition in the industry due to its multifaceted benefits compared to conventional soil-based fertilization methods. One of the primary catalysts for the burgeoning foliar spray market is the escalating global demand for food, driven by the burgeoning world population.
The technique proves highly effective in enhancing crop yields, as it allows for precise nutrient and pesticide application directly to the plant's leaves. Additionally, its eco-friendliness, stemming from reduced waste and runoff, positions foliar spray as a sustainable alternative to traditional fertilization methods, mitigating the risk of pollution and environmental harm.
A comprehensive analysis of the foliar spray market reveals critical insights:
Micronutrients Foliar Sprays Segment Takes the Lead:
Advancements in the agriculture industry have thrust the micronutrients foliar sprays segment into the forefront of market growth. Whether employed individually or in combination with other micronutrients, foliar treatments exhibit superior efficiency over soil applications in enhancing plant internal processes, cell homeostasis, water relations, and productivity, even under abiotic challenges.
Moreover, the direct delivery of nutrients to leaves facilitates rapid absorption. With consumers increasingly demanding high-quality and nutritious crops, the use of foliar sprays has surged, significantly enhancing crop quality.
In light of this, farmers are increasingly recognizing the significance of micronutrients for plant growth and are embracing foliar sprays as an effective means of nutrient delivery. Manufacturers are also actively investing in research and development to develop advanced foliar spray formulations, driving market growth further.
Liquid Foliar Sprays Lead the Charge in 2023:
Liquid foliar sprays, comprising water and a mixture of essential nutrients like nitrogen, phosphorus, potassium, and micronutrients such as iron, manganese, and zinc, dominate the foliar spray market in 2023. These sprays, dissolved in water and directly sprayed onto plant leaves, provide a rapid nutrient boost precisely when needed, especially during periods of rapid growth or stress.
The bypassing of soil-related issues that can impede nutrient uptake in plant roots makes liquid foliar sprays highly beneficial. Furthermore, they contribute to overall plant health by providing a well-balanced nutrient profile.
Liquid foliar sprays prove invaluable for growers and gardeners seeking to optimize plant growth and health by delivering nutrients directly to the leaves, enabling plants to thrive and reach their full potential.
North America Witnessing Rapid Foliar Spray Market Growth:
North America is currently experiencing robust growth in the foliar spray market, attributed to the surging demand for high-value crops such as fruits, vegetables, and ornamental plants. The adoption of advanced farming techniques, including foliar spraying, has led to improved crop yields and quality, resulting in higher profits for farmers.
As awareness about the benefits of foliar spraying spreads among farmers, the demand for these products is steadily increasing. The adoption of precision agriculture practices, which utilize technologies such as GPS and sensors, also contributes to the rise in foliar spray demand, as it enables precise nutrient and pesticide application in specific field areas.
Moreover, the increasing demand for organic food, innovative formulation development, and favorable government policies further propel the growth of the foliar spray market in North America.
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Key Players in the Foliar Spray Market:
The foliar spray market boasts key players such as Eurochem Group (Switzerland), Nutrien Ltd. (Canada), Yara (Norway), Israel Chemical Limited (Israel), Coromandel International Limited (India), and The Mosaic Company (US).
These industry leaders are at the forefront of innovation, driving advancements in foliar spray formulations and promoting sustainable agricultural practices.
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