The foliar spray market is projected to reach USD 7.61 billion by 2023, at a CAGR of 5.6% between 2018 and 2023. High efficiency of foliar spray products and increased awareness of foliar spray products in emerging markets are key factors contributing to the growth of the foliar spray market. Foliar spray technique is used to apply liquid fertilizers on leaves of the plant. Liquid fertilizers are substances containing primary nutrients and micronutrients, which are applied to leaves and are absorbed by them. These liquid fertilizers are efficiently absorbed through the epidermis layer of leaves. Foliar spray is the most efficient technique of applying fertilizers to plants. It is used in various applications, such as horticultural crops, field crops, and turfs & ornamentals.
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). Some of these companies are involved in the production of different types of foliar spray products. Key growth strategies adopted by leading market players include expansions, mergers & acquisitions, agreements, partnerships & joint ventures, investments, and new product developments.
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EuroChem Group AG (Germany) has been focusing on acquisitions and expansions to strengthen its distribution network and increase its access to key markets in Eastern Europe and Latin America. In November 2017, the company formed a new subsidiary in Bulgaria, EuroChem Agro Bulgaria. This expansion strategy helped the company expand its distribution network and widen its presence in the European region. It also helped the company develop fertilizer production facilities in Bulgaria to facilitate the distribution of new premium products. In August 2017, EuroChem Group AG acquired Emerger Fertilizantes S.A., a privately-owned distributor of standard and premium fertilizers in Argentina. This acquisition strategy helped EuroChem strengthen its foothold in the foliar spray market in Latin America.
Yara International ASA (Norway), another key player in the foliar spray market, adopted strategies such as acquisitions and investments to enhance its market share and widen its customer base. In 2018, Yara International completed the acquisition of Tata Chemicals Ltd., Babrala urea plant, and its distribution business in Uttar Pradesh, India for USD 400 million. This acquisition strategy helped Yara International strengthen its presence in India, which is the second-largest fertilizer market worldwide. In 2016, Yara International invested USD 275 million to expand and modernize its Rio Grande plant, which is strategically located in southern Brazil. This investment strategy enabled the company to strengthen its presence in Latin America.
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
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