Global Foliar Fertilizer Market - 2023-2030

Overview

Global Foliar Fertilizer Market reached US$ 6.9 billion in 2022 and is expected to reach US$ 10.6 million by 2030, growing with a CAGR of 5.6% during the forecast period 2023-2030.

Nowadays farmers are becoming more aware of the advantages of foliar feeding. Foliar fertilizers can deliver essential nutrients directly to plants, bypassing potential nutrient uptake barriers in the soil. This improves nutrient absorption, enhances crop growth and can help plants overcome stress conditions. Hence, growing awareness of the benefits of foliar feeding act as a key trend for foliar fertilizer market growth.

Many governments in various regions are offering incentives and subsidies to promote the adoption of modern agricultural products, including foliar fertilizers. For instance, in India, in May 2023, The Union Cabinet approved a Rs 1.08 lakh crore for the fertilizer subsidy for the 2023-24 Kharif season, for ensuring the availability of fertilizers to farmers at subsidized, affordable and reasonable prices. These support measures aimed to boost agricultural productivity and ensure food security.

Market Dynamics

Rising Demand for Efficient Nutrient Absorption

Soils can vary in their nutrient content and availability, especially in different regions and climates. Few soils may be deficient in certain essential nutrients, limiting plant growth. Foliar fertilizers help bypass these soil limitations by providing nutrients directly to the plants, making it easier to maintain optimal nutrient levels.

In June 2023, ICL announced the launch of a new line of advanced foliar and fertigation solutions under the Nova brand of water-soluble fertilizers. This range includes Nova FINISH, Nova PULSE, Nova ELEVATE and Nova FLOW. These products help farmers deliver essential nutrients more effectively.

Foliar fertilization enables targeted application, which means that only the required nutrients are applied in the right amount and at the right time. This precision leads to higher nutrient use efficiency, as there is minimal wastage or leaching of excess nutrients. As concerns about environmental sustainability grow, the ability to optimize nutrient use becomes increasingly important.

Increased Need for Crop Productivity

According to the Food and Agriculture Organization (FAO), by 2050 farmers will need to produce 60 % more food to feed a world population of 9.3 billion. Foliar fertilizer ensures efficient delivery of nutrients to crops which results in higher yield. Foliar fertilizers allow the direct application of nutrients to plant leaves, where they can be rapidly absorbed and utilized by plants.

This targeted and efficient delivery enhances nutrient uptake and ensures that essential elements are available to the crops when they need them the most. Consequently, foliar fertilization optimizes nutrient use efficiency and supports healthy plant growth, leading to increased crop productivity.

Lack of Awareness and Education

In some regions, particularly in rural regions, farmers have limited access to advanced agricultural information and resources. Lack of proper extension services, educational programs and information dissemination can result in farmers being unaware of newer agricultural practices and products like foliar fertilizers.

Farmers who are not aware of the benefits and proper use of foliar fertilizers may be hesitant to adopt this fertilization method. Without understanding how foliar fertilizers can improve crop health and yield, they may stick to traditional soil-applied fertilizers, even if foliar fertilization could be more effective in certain situations. Hence, the lack of knowledge and awareness about foliar fertilizer restricts farmers from adopting it which restrains the market growth.

COVID-19 Impact Analysis

The pandemic caused disruptions in transportation and logistics. According to the European Commission supply chain disruptions caused by the COVID-19 pandemic and the bloc's ongoing energy crisis lead to high fertilizer prices. By its estimates, fertilizer prices have risen 149 percent year-on-year since September 2021. This rise in cost reduced the demand for fertilizers including foliar fertilizers. foliar fertilizer products that are imported from other countries or exported to global markets.

Russia-Ukraine War Impact

According to data from the industry association Fertilizers Europe, Russia and Belarus provide as much as 60% of the EU's fertilizer supply. Trade disruptions in the region impacted global fertilizer markets and lead to price fluctuations. Changes in fertilizer prices lead to restraint in the fertilizer market growth including foliar fertilizer.

Segment Analysis

The global foliar fertilizer market is segmented based on type, composition, form, nature, crop type, distribution channel and region.

Rising Demand For Nitrogen-based Foliar Fertilizer, as it Plays a Vital Role in Plant Growth

Nitrogen applied through foliar fertilizers can be quickly absorbed by plant leaves and transported to different parts of the plant, providing rapid results. This makes foliar-applied nitrogen an effective way to address immediate nutrient deficiencies or support plants during critical growth stages. YaraVita SAFE-N 300 is a concentrated liquid nitrogen fertilizer designed for foliar application which has extremely good wetting properties to ensure maximum uptake and very high crop safety.

Foliar fertilization with nitrogen can be more resource-efficient compared to soil applications, as it requires smaller quantities of fertilizer. This efficiency reduces the risk of nitrogen leaching into groundwater and minimizes environmental impact.

Geographical Analysis

Europe's Growing Fertilizer Industry

Europe is known for its extensive agricultural activity, with a diverse range of crops cultivated in the region. The region's agricultural industry demands a larger amount of specialty products which includes foliar fertilizer to boost crop growth. According to Fertilizers Europe, a trade association, Europe produced 18.3 million tons of nutrient fertilizer and consumed 17 million tons in 2021. Overall, 134 million hectares of agricultural land in the E.U. are fertilized.

In 2020, PhosAgro announced, it is set to supply Apaliqua NP 11-37 liquid complex fertilizers to farmers in Bulgaria and Hungary, Europe. Apaliqua NP 11-37 is a liquid nitrogen-phosphorus fertilizer that ensures superior phosphorus availability and uptake. The fertilizer is ideal for cereal crops heavily dependent on phosphorus and effective in providing foliar extra nutrition for winter and spring wheat.

Many European governments have implemented agricultural policies that encourage sustainable and efficient farming practices. For instance, In November 2022, The European Commission announced a series of measures to ensure the availability and affordability of fertilizers for farmers in the 27-member bloc.

Competitive Landscape

The major global players include: Haifa Negev Technologies LTD, ICL., IFFCO, SQM S.A., Yara, Baicor, LLC, Sustainable Agro Solutions, S.A.U, Miller Chemical & Fertilizer, LLC., J.R. Simplot Company, Plantin

Why Purchase the Report?

• To visualize the global foliar fertilizer market segmentation based on type, composition, form, nature, crop type, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of foliar fertilizer market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global foliar fertilizer market report would provide approximately 85 tables, 88 figures and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies