The Global Foliar Spray Market was valued at USD XX million in 2020 and the market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Foliar Sprays are nutrients that are sprayed to plants in their vegetative and generative (flowering, fruit setting, and maturity) stages. COVID-19 has affected the maturity and harvest of crops, due to lockdown regulations and stay-at-home orders, a majority of farmers are scared to come out of their homes. Shortages of agricultural laborers have added to their woes. The lockdown has dealt a blow to the agricultural sector at a time when crops like paddy, maize, red jowar, chilies, tomato, and horticulture products like banana, watermelon, musk melon, sweet lime, grapes, pomegranate, and papaya are ready to be harvested. Owing to all the above factors the consumption and demand for the Foliar Spray market is decreased.
- Over the medium term, the major factor driving the market studied is a growing demand of foliar sprays from horticulture crops.
- On the flip side, the growing demand of organic fertilizers in agriculture coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Foliar Sprays from Horticulture Crops
- Foliar spray is a technique used to feed plants by applying liquid fertilizer directly to the leaves and thus plants can absorb essential elements through their leaves.
- Foliar applications are used to supply micronutrients more rapidly for the correction of severe deficiencies commonly induced during the early stages of growth and are temporary solutions to the problem.
- Foliar feeding has been widely used and accepted as an essential part of crop production, especially on horticultural crops. For example, Fruit trees can be treated by foliar application for an infestation of spider mites during the summer.
- The horticulture sector has become one of the major drivers due to the availability of less water, increasing small farms and it is more remunerative than the agricultural sector.
- India has a diverse range of climate and physioogeographical conditions, making it ideal for the cultivation of horticultural crops such as fruits, vegetables, flowers, nuts, spices, and plantation crops. As a result, India is now one of the world's leading producers of horticulture.
- According to Ministry of Agriculture and Farmers Welfare, during the fiscal year 2019, the volume of horticulture production in India was over 313 million metric tons. Fresh fruits were the most valuable horticulture product exported from India in fiscal year 2020, with a value of over 54 billion Indian rupees. In that year, the south Asian country exported over 819 thousand metric tonnes of fruits.
- Hence, owing to the above-mentioned factors, the application of foliar spray from horticulture crops is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for foliar spray during the forecast period. The region is witnessing a rise in demand for foliar spray from horticulture crops and growing application in the agriculture sector owing to the high consumption in countries like China, Japan, and India.
- According to India Brand Equity Foundation, for about 58 percent of India's population, agriculture is their primary source of income. Agriculture, forestry, and fishing had a Gross Value Added (GVA) of INR 19.48 lakh crore (USD 276.37 billion) in FY20. Food grain production is expected to hit a new high of 295.67 million tonnes in the 2019-20 crop year (MT). The Indian government plans to produce 298 MT of food grain in 2020-21. According to second advance estimates, India's horticulture crop production was reached a new high of 320.48 million metric tonnes (MMT) in FY20.
- The largest producers of foliar spray are located in the Asia-Pacific region. Some of the leading companies in the production of penoxsulam are ANDAMAN AG, Eurochem, Aries Agro Limited, Nutrient Technologies, and Yara among others.
- China accounts for 7% of total agricultural acreage globally while feeding 22% of the world population. China is the leading producer of fresh vegetables in the world in 2019 amounted to 588.26 million metric tons. While India is the second-largest producer of fresh vegetables totalled 132.03 million metric tons in the year 2019.
- Owing to the above-mentioned factors, the market for foliar spray in the Asia-Pacific region is projected to grow significantly during the study period.
The global foliar spray market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies are ANDAMAN AG, Nutrient Technologies, Yara, Aries Agro Limited, and EUROCHEM, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support