PUNE, India, July 17, 2018 /PRNewswire/ --
According to a new market research report "Foliar Spray Market by Type (Nitrogenous, Phosphatic, Potassic, Micronutrients), Application (Horticultural Crops, Field Crops, Turfs & Ornamentals), and Region (Europe, North America, APAC, South America, RoW) - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 5.79 billion in 2018 and is projected to reach USD 7.61 billion by 2023, at a CAGR of 5.6% from 2018 to 2023. The increasing use of foliar spray products in applications, such as horticultural crops, field crops, and turfs & ornamentals, is expected to drive the growth of the Foliar Spray Market.
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Based on type, the nitrogenous segment is projected to lead the Foliar Spray Market during the forecast period.
The nitrogenous type segment is estimated to lead the Foliar Spray Market in 2018. The growth of this segment can be attributed to the increased use of nitrogenous foliar spray in different crop applications. Nitrogen-based fertilizers are used in large quantities and are applied to all major crops, including sugarcane, corn, and cereals. Foliar spray nitrogenous products are more efficient as compared to other fertilizers; these products help in protein synthesis and provide sufficient nutrients required for different plants.
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Based on application, the horticultural crops segment is projected to lead the Foliar Spray Market between 2018 and 2023.
The horticultural crops application segment is estimated to lead the Foliar Spray Market in 2018. Horticultural crops have frequent labor requirements, which can be reduced by using the foliar spray technique. The cultivation of horticultural crops in greenhouses is also contributing to the increased application of foliar sprays. High-value fruit crops are generally grown in orchards; the foliar spray technique is used to spray a uniform quantity of fertilizers at regular intervals during different stages of crop growth. In addition, flower crops account for a significant share of the Foliar Spray Market, as farmers aim to increase flower production to extract maximum profit.
The European region is projected to be the largest market for foliar spray between 2018 and 2023.
The European region is the largest consumer of foliar spray. Governments of several countries in this region have formulated various policies against the periodic use of chemical fertilizers. However, organic fertilizers and bio-fertilizers are not as effective as chemical fertilizers. In such a scenario, foliar sprays are preferred, as they are more effective than conventional fertilizers and cause less damage to the environment.
The growth of the Asia Pacific Foliar Spray Market can be attributed to the high demand for fruits, vegetables, and tuber crops. The increase in production of horticultural crops in the Asia Pacific region is expected to drive the demand for foliar spray products. In addition, rising investments in the agricultural sector are also contributing to the growth of the Foliar Spray Market in this region.
Key players operating in the Foliar Spray Market include EuroChem Group AG (Switzerland), Nutrien (Canada), K+S Aktiengesellschaft (Germany), Yara International ASA (Norway), Israel Chemicals Ltd. (Israel), The Mosaic Company (US), Gujarat State Fertilizers & Chemicals Ltd. (India), Coromandel International Limited (India), TRIBOdyn AG (Germany), Hebei Monband Water Soluble Fertilizer Co., Ltd. (China), and Haifa Chemicals Ltd. (Israel).
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