Foliar Spray is a technique of feeding plants by directly spraying liquid fertilizer to the leaves of the plants as opposed to putting it into the soil such that the plants are able to absorb essential nutrients through their leaves in a very short time. Though they are not a substitute for healthy soil, it can still be beneficial for plants suffering from certain nutrient deficiencies.
The global foliar spray market was USD 5.74 billion in 2018 and is estimated to reach USD 8.29 billion by 2025 at a CAGR of 5.39% during the forecast period
Growth by Region
Europe holds the largest market share in 2018 followed by North America owing to the various policies against the periodic use of chemical fertilizers and also because foliar sprays are more effective than conventional fertilizers and cause less harm to the environment. However, the Asia-Pacific region is projected to grow at the highest CAGR due to the limited availability of agricultural land coupled with high demand for food during the forecast period.
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Drivers vs Constraints
The global foliar spray market is mainly driven by increasing usage of foliar spray products in multiple applications such as horticultural crops, field crops and also turfs and ornamental plants. In addition to that, increased awareness of foliar spray products in emerging markets are also the major factors in driving the growth of its market. However, the market is hindered by the expansion of the organic fertilizer industry.
Industry Trends and Updates
EuroChem Group AG, an agrochemical company had invested more than USD 4.13 million in development of production sites and also 4 large warehouses of mineral fertilizers and agro-centres in various regions of Russia. The company also plans to invest more than USD 40 million in the development of the distribution network as well as modernization of production of high-tech fertilizers.
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Nutrien Ltd., a Canadian fertilizer company had entered into a definitive agreement with SDIC Mining Investment Co. Ltd. to sell common shares of Arab Potash Company (APC) for gross proceeds of USD 502 million. The agreement is estimated to be completed within the fourth quarter of this year.