Market Trends of Foliar Spray Industry
This section covers the major market trends shaping the Foliar Spray Market according to our research experts:
Growing Demand for 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 geographical 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 the Ministry of Agriculture and Farmers Welfare, during the fiscal year 2019, the volume of horticulture production in India was over 313 million metric metric ton. Fresh fruits were the most valuable horticulture product exported from India in the fiscal year 2020, with a value of over INR 54 billion. In that year, the South Asian country exported over 819 thousand metric metric ton 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.
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Asia-Pacific Region to Dominate the Market
- The 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 the 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. The food grain production was expected to hit a new high of 295.67 million metric ton in the 2019-20 crop year (MT). The Indian government planned 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 was the leading producer of fresh vegetables in the world in 2019, which amounted to 588.26 million metric ton. India is the second-largest producer of fresh vegetables.
- 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.
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