Market Leaders: Eurochem Group (Switzerland), Yara (Norway), Nutrien Ltd. (Canada), Israel Chemical Limited (Israel), Coromandel International Limited (India), and The Mosaic Company (US) in Foliar Spray Market
The foliar spray market is projected to reach USD 9.6 billion by 2028 from 7.3 billion in 2023, growing at a CAGR of 5.5% from 2023 to 2028. The advancements in technology and the growing demand for organic and sustainable agriculture practices are advantageous factors for market leaders in the foliar spray industry. These developments have made it easier for companies to develop more efficient and effective foliar sprays that can deliver nutrients to plants more effectively. The increasing demand for environmentally friendly products has opened new opportunities for market leaders to develop innovative and eco-friendly foliar spray formulations. As the recognition of the benefits of foliar sprays continues to increase among farmers and gardeners.
The key players in the foliar spray market include Eurochem Group (Switzerland), Nutrien Ltd. (Canada), Yara (Norway), Israel Chemical Limited (Israel), Coromandel International Limited (India), and The Mosaic Company (US). The key strategies the leading market players adopted include new product launches, mergers, partnerships, and expansions. For instance, In July 2022, Nutrien Ltd. (Canada) announced it entered into an agreement to acquire Brazilian company Casa do Adubo S.A. (Casa do Adubo). The acquisition includes 39 retail locations, under the brand Casa do Adubo, and 10 distribution centers, under the brand Agrodistribuidor Casa.
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BASF SE
In September 2020, BASF SE (Germany) announced the acquisition of Glu-L technology from Agrimetis, a privately held biotechnology company. The Glu-L technology is a unique platform for producing various chemicals from renewable raw materials. This acquisition will enable BASF to provide more sustainable solutions to its customers and contribute to the development of a more sustainable agricultural and turf industry.
Israel Chemical Limited
Israel Chemical Limited (Israel) is a leading global specialty minerals and chemicals company that is headquartered in Israel. The company specializes in the extraction, processing, and marketing of minerals and chemicals, primarily for agriculture, food, and engineered materials applications. ICL's portfolio of products includes fertilizers, bromine and bromine derivatives, flame retardants, potash, phosphates, and other specialty chemicals. The company's products are used in a wide range of applications, including agriculture, water treatment, food preservation, flame retardants, and industrial processes. In January 2023, ICL signed a strategic partnership agreement with General Mills. It will be the strategic specialty phosphate solutions supplier to General Mills. The long-term agreement will begin in June of 2023 and will initially be focused on supply in North America, with the potential for international expansion.
Coromandel International Limited
Coromandel International Limited (India), is India’s second-largest phosphatic fertilizer company manufacturing a wide range of fertilizers. The company manufactures and markets fertilizers and pesticides. The company is primarily engaged in the manufacture and distribution of fertilizers, crop protection chemicals, and specialty nutrients. The company offers a wide range of fertilizer products, including phosphatic fertilizers, nitrogenous fertilizers, and specialty fertilizers, which are used to enhance crop productivity and improve soil health. The company has a wide distribution network that includes a chain of retail centers, rural outlets, and warehouses, ensuring timely and efficient delivery of its products to farmers. In May 2022, Coromandel International Limited acquired a 45% equity stake in Baobab Mining and Chemicals Corporation (BMCC), a rock phosphate mining company based in Senegal, Africa. This investment will strengthen Coromandel's ability to produce its own raw material and ensure a stable and long-term supply of a key ingredient. When operating at maximum capacity, the facility can supply up to one-third of the company's rock phosphate needs.
Related Reports:
Foliar Spray Market by Type (Nitrogenous, Phosphatic, Potassic and Micronutrients), Form (Powder and Liquid), Application (Horticultural Crops, Field Crops, Turfs & Ornamentals), Region ( North America, Europe, Asia- Pacific) - Global Forecast to 2028
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