Foliar fertilizers are supplements which increase the intake and uptake efficiency of nutrients from the soil and benefit plants by providing immediate nutrition. Foliar fertilizers market will see an upward swing in the coming years. These fertilizers are fuelling market growth on their ability to enable respiration, water absorption, and cellular activities, which supports the healthy growth of plants. Furthermore, in foliar feeding, nutrient uptake efficiency is eight times more as compared to nutrients applied directly to soil.
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Attributed to these facts, the global foliar fertilizers market is anticipated to grow with an average growth rate of 4.3% throughout the forecast period (2019-2029), reveals Fact.MR’s newest study. Despite being a niche segment, a number of key fertilizer manufacturers have deployed targeted marketing strategies to leverage new opportunities of over US$ 900 Mn in the global foliar fertilizers market.
Key Takeaways of the Foliar Fertilizers Market:
- Nitrogen being the most important nutrient for growth of plants, nitrogenous foliar fertilizer accounts for over 55% of the foliar fertilizers types
- Fact.MR opines that micro Ingredients like iron, manganese, boron, zinc etc. are set to grow at a faster rate vis-a-vis other nutrients and create remunerative opportunities worth US$ 138 Mn by the end of 2029
- Grains and cereals along with fruits and vegetables are the leading segments among all crops, and are likely to create a collective incremental opportunity of around US$ 2.4 Bn by 2029
- According to Fact.MR, adoption of organic formulations has been consistently growing over the past decade, and is projected to surpass nearly US$ 300 Mn by the end of 2029
- Mineral foliar fertilizers are dominating the market and are set to continue in the same fashion over the forecast period with a lucrative opportunity worth nearly US$ 2.6 Bn till 2029
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- APEJ has dominated the foliar fertilizers market and was estimated at around US$ 600 Mn in 2018. China and India are anticipated to drive the APEJ foliar fertilizers market, accounting for nearly 70% of the regional market share.
- Fact.MR says that limited applications, phytotoxicity, high costs of foliar fertilizers, along with increased use of fertigation technique are factors that are expected to slow down the growth of the foliar fertilizers market.
“High absorption rate and immediate effect of nutrients through foliar feeding are key factors augmenting the growth of the foliar fertilizer market. Key players as well as new entrants can leverage the increasing demand for organic and sustainable products to increase their penetration in the market, such as Europe,” says a Fact.MR analyst.
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Sustainable Manufacturing to Remain Top Strategy of Prominent Stakeholders
The foliar fertilizers market is well matured, however there is plenty of room for growth due to growing demand for organic products. Major players in the market including Coromandel International Limited, EuroChem Group AG, Helena Agri-Enterprises, LLC, Israel Chemicals Ltd., Yara International ASA., Zuari Agro Chemicals Limited.
- These companies are focusing on innovative product launches and acquisitions to increase their reach in the global foliar fertilizers market.
- For instance, in September 2019, EuroChem Group AG made a multi-year agreement with American Plant Food Corporation for the supply of fertilizers to its blending business.
- Furthermore, stringent norms and regulations are compelling the manufacturers to shift towards sustainable manufacturing processes in order to minimize carbon footprints.
- For instance, in September 2019, Yara partnered with Lantmannen, a Northern European company to launch a pilot project with a goal to introduce fossil free food chain.
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