As per the current market research conducted by the CMI Team, the global Foliar Fertilizer Market size is expected to record a CAGR of 5.7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 7.8 billion. By 2032, the valuation is anticipated to reach USD 11.3 billion.
Foliar Fertilizer Market: Growth Factors and Dynamics
- Increased Agricultural Productivity Demands: The growing global population and the need to enhance agricultural productivity to meet food demands have driven the adoption of foliar fertilizers. These fertilizers provide essential nutrients directly to plant leaves, promoting faster nutrient absorption and improved crop yield.
- Efficient Nutrient Delivery: Foliar fertilizers offer a more efficient and targeted way of delivering nutrients to plants. They can quickly address nutrient deficiencies, as the nutrients are directly absorbed through the leaves. This method is particularly useful in correcting deficiencies during critical growth stages.
- Nutrient Uptake Enhancement: Foliar fertilizers contain nutrients in a readily available form, ensuring better absorption by plants. They bypass soil limitations, such as pH imbalances or nutrient lockups, and allow plants to access nutrients they might otherwise struggle to absorb from the soil.
- Compatibility with Modern Farming Practices: The trend towards precision agriculture and controlled-environment farming systems has further boosted the demand for foliar fertilizers. These methods allow farmers to tailor nutrient applications according to specific plant requirements, leading to optimal growth and resource utilization.
- Specialized Formulations: Manufacturers are developing specialized foliar fertilizer formulations that cater to specific crops and growth stages. This customization enhances the efficacy of these fertilizers and ensures that plants receive the right nutrients at the right time, promoting healthy growth and higher yields.
- Environmental Considerations: Foliar fertilizers can contribute to reducing nutrient runoff and minimizing environmental pollution. By directly applying nutrients to plants, less fertilizer is required overall, leading to reduced excess nutrient runoff into water bodies. This aligns with sustainable agricultural practices and regulatory pressures to minimize environmental impact.
Foliar Fertilizer Market: Partnership and Acquisitions
- Haifa Group expands to Ecuador: In 2022, the Haifa Group signed with HORTICOOP BV a purchase agreement acquiring Horticoop Andina, a wholesaler specializing in marketing nutritional products for agriculture, located in Quito, Ecuador. Upon acquiring the brand, Haifa is expected to broaden its scope of activities in Ecuador and the surrounding Latin market.
- Koch Industries’ Acquisition of Compass Minerals’ Plant Nutrition Business: In 2021, Koch Industries acquired Compass Minerals’ plant nutrition business, strengthening its position in the fertilizer market. This acquisition included a range of products, including foliar fertilizers, enhancing Koch’s portfolio diversity. The agreement with Compass Minerals is consistent with Koch’s vision of providing our customers with innovative solutions focused on plant nutrition.
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Foliar Fertilizer Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Foliar Fertilizer Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic led to disruptions in global supply chains, affecting the availability of raw materials and production processes for foliar fertilizers. Lockdowns, travel restrictions, and reduced workforce in various regions impacted the supply chain, leading to potential delays in production and distribution.
- Shift in Consumer Behaviour: The pandemic altered consumer behaviour, affecting both demand and distribution channels for foliar fertilizers. Disruptions in agriculture and horticulture activities, as well as uncertainty about future market conditions, led to a cautious approach to purchasing inputs like foliar fertilizers. The closure of retail outlets and reduced access to farming communities also impacted the market’s reach.
- Digital Transformation: To recover from the COVID-19 impact, the foliar fertilizer market adopted digital strategies, including online platforms and e-commerce, to connect with customers directly. Virtual consultations, webinars, and online product showcases enabled manufacturers to engage with farmers and promote their products effectively.
List of the prominent players in the Foliar Fertilizer Market:
- Yara International ASA
- Haifa Group
- Nutrien Ltd.
- The Mosaic Company
- Koch Industries (Koch Fertilizer)
- Syngenta Group
- EuroChem Group
- ICL Group
- BASF SE
- K+S Group
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