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How Has The Foliar Spray Market's Performance Been In Recent Years?
The foliar spray market has demonstrated remarkable growth in recent years. It is projected to progress from $6.67 billion in 2023 to $7.1 billion in 2024, validated by a compound annual growth rate CAGR of 6.5%. Such growth during the historical period can be traced back to multiple factors including increased crop yield, a rising trend of precision agriculture, growing demand for high-quality crops, more awareness about plant health, and the augmentation of agricultural land.
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What Does The Forecast Hold For The Foliar Spray Market?
The forecast period predicts yet more for the growth of the foliar spray market. The market size is expected to augment to $9.15 billion in 2028 exhibiting a compound annual growth rate CAGR of 6.6%. The anticipated growth can be credited to an increasing global food demand, a surge in organic farming practices, more investment in agricultural research, the expansion of arable land, and favorable weather conditions conducive for crop growth. Key trends within this period are expected to include the use of organic and natural foliar sprays, smarter agriculture and precision farming trends, application of drone technology for spray applications, customized foliar formulations as per individual needs, and the development of eco-friendly and biodegradable products.
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What Is Set To Drive The Future Of The Foliar Spray Market?
A swaying shift towards organic farming is expected to turbo-charge the foliar spray market. This type of farming centers around avoiding synthetic pesticides, herbicides, fertilizers, and genetically modified organisms GMOs. The wave towards organic farming comes from an increasing consumer demand for healthier, chemical-free produce, burgeoning awareness of environmental sustainability, and encouraging government policies and incentives that support organic farming practices. Organic foliar sprays fall in line with these standards and are being increasingly used to boost crop health and yield without resorting to synthetic chemicals. This caters well to the organic farming sector.
Who Are The Significant Players In The Foliar Spray Market?
The foliar spray market boasts several industry-leading companies such as BASF SE, Syngenta AG, Bayer CropScience AG, Yara International, The Mosaic Company, Corteva Agriscience Inc., Sumitomo Chemical Company Limited, Israel Chemical Ltd., Nutrien Ltd., UPL Limited, FMC Corporation, ADAMA Agricultural Solutions Ltd., EuroChem Group AG, K+S AG, Nufarm Limited, GSFC Ltd Gujarat State Fertilizers & Chemicals Ltd, Haifa Chemicals Ltd., Aries Agro Limited, Valent Biosciences Corporation, AgroLiquid, Hebei Monband Water Soluble Fertilizer Co Ltd., WinField United, Coromandel International Limited, Lima Europe NV, Tribodyn AG.
What Emerging Trends Are Happy To Shape The Foliar Spray Market?
Companies operating in the foliar spray market are emphasizing crop-specific foliar product technologies, like foliar adjuvant, aiming to provide advanced, durable insect control and enhance pest resistance.
The foliar spray market covered in this report is segmented into:
1 By Type: Nitrogenous, Phosphatic, Potassic, Micronutrients
2 By Form: Powder, Liquid
3 By Application: Horticultural Crops, Field Crops, Turfs And Ornamentals, Other Applications
What Can We Expect From The Asian Foliar Spray Market?
Asia-Pacific showcased the largest region in the foliar spray market, come 2023. The region is also expected to witness the fastest growth during the forecast period. Other regions covered in the report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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