April 12, 2024
Foliar Spray Market

Global Foliar Spray Market Is Growing Steadily By Innovation In Foliar Nutrients Formulation

The global foliar spray market involves spraying liquid fertilizers, pesticides, and other agricultural chemicals directly onto the leaves of crops. Foliar sprays help deliver nutrients, trace elements, organic materials, and other crop-protection aids in the most direct and effective way possible by simply foliar absorption. As compared to traditional root fertilization, foliar sprays facilitate faster absorption and utilization of the applied substances. A wide range of foliar sprays available including nitrogen-based, phosphorus-based, potassium-based, and micronutrients such as magnesium, sulfur, iron, manganese, and zinc.

The Global Foliar Spray Market is estimated to be valued at US$ 7.30 BN in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the global foliar spray market are ANDAMAN AG, Nutrient Technologies, Yara, Aries Agro Limited, and EuroChem. Key players are focusing on innovation in foliar nutrients formulation to improve absorption and effectiveness. For instance, ANDAMAN AG offers foliar nutrients in the form of suspensions and water-soluble powders.

The growing Foliar Spray Market Demand for high-value crops and emphasis on sustainable agriculture is driving the adoption of foliar sprays. Foliar sprays help optimize nutrient uptake from soil and boost crop productivity. Several field trials have demonstrated the advantages of foliar nutrition over traditional soil applications especially in vegetable, fruit, and plantation crops.

Major players are expanding their footprint in developing markets of Asia Pacific and Latin America. The regional players are collaborating with global innovators to transfer new foliar spray technologies. Countries like India and Brazil are offering lucrative opportunities due to the large agricultural land and government support for adoptive fertilization practices.

Market key trends

One of the key trends in the global foliar spray market is the growing popularity of nano-nutrition. Nano foliar sprays enable efficient delivery of nutrients through stomata and cuticle membranes into plant cells. Nano-carriers protect nutrients from environmental degradation and facilitate controlled release. Companies are engaged in researching different nano-formulations to enhance nutrient use efficiency and crop resilience. This emerging technology is expected to revolutionize foliar nutrition over the coming years.

Porter’s Analysis

Threat of new entrants: The global foliar spray market requires huge capital investments and faces stringent regulations which acts as entry barriers for new players.

Bargaining power of buyers: The market has large number of buyers including farmers and landscaping services providers. However, the switching costs for buyers are low, increasing their bargaining power.

Bargaining power of suppliers: There are a large number of suppliers for raw materials like fertilizers, insecticides and nutrient solutions in the market. This gives buyers more options to choose suppliers offering competitive prices.

Threat of new substitutes: While organic fertilizers pose as substitutes, conventional foliar sprays have advantages in terms of easy application and higher nutrient uptake. Substitutes therefore do not greatly impact the market.

Competitive rivalry: The market comprises large multinational companies as well as small regional players. Companies compete based on product differentiation, pricing strategies and expansion to new markets.

Geographical Regions

The global foliar spray market value is concentrated highly in Asia Pacific region majorly due to large area under cultivation and rising adoption of modern farming practices in countries like India and China. Europe and North America also account for significant shares owing to well-established agricultural sectors.

The fastest growing region for the foliar spray market is expected to be Latin America over the forecast period. Countries like Brazil, Argentina and Colombia are witnessing expansion of agricultural land as well as increased focus on boosting crop yields, driving demand for foliar sprays in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it