Global COVID-19 Pandemic Impact on Foliar Spray Market is driven by the need for offering of secondary nutrients to plants. It is beneficial to farmers in enhancing crop quality, resistance to diseases, and improves tolerance during extreme climatic conditions. Applications of foliar sprays in turfs & ornamentals, field crops, and horticultural crops can augur favourably for the market. The growing global population and concerns of food security are other major growth drivers of the global foliar spray market. The overwhelming need for organic and natural vegetables and fruits will be beneficial to the market. Awareness of environmental protection and animal welfare can further propel the market to new heights.
However, restraining factors such as high costs of sprays and dosage restrictions can hamper market growth.
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Nutrien Ltd, Israel Chemicals Ltd, Hebei Monband Water Soluble Fertilizer Co., Ltd, GSFC Ltd, EuroChem Group AG, the Mosaic Company, K+S KALI GmbH, Lima Europe NV, Haifa Group, Yara International ASA, TRIBOdyn AG, and Coromandel International Limited are key players of the global Foliar Spray Market.
Global COVID-19 Pandemic Impact on Foliar Spray Market Report is segmented by fertilizer type and application.
By fertilizer type, the global Foliar Spray Industry has been divided into macronutrients and micronutrients. The macronutrients segment has been further segmented into phosphorus-based (P), potassium-based (K), nitrogenous (N), and mixed. Macronutrients held close to 88% share of the market in 2017.
Applications of foliar sprays are turfs and ornamentals, field crops, horticultural crops, and others.
Global Foliar Spray Industry has been analyzed with respect to five regions, namely, Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
Europe held the largest market share in 2017 due to support for advanced farming techniques and initiatives such as Agriculture 4.0, high expenditure doled out by governments for agriculture, and an established sector. Stringent quality standards for fruits and vegetables have led to procurement of foliar sprays which can culminate in healthy produce devoid of infestations. Furthermore, iron deficiency of plants grown in the Mediterranean can be corrected by foliar iron sprays.
North America is the second-largest region of the market due to being home to a developed agricultural sector. The legalization of marijuana cultivation has led to a spike in procurement of cannabis plants. The attack of pests on these plants has led to an increase in fungicides and insecticides. Interest in horticulture among gated communities can drive the demand for foliar sprays. Deterioration of the soil and the demand for food are factors driving the regional demand.
APAC is pegged to exhibit the fastest growth rate during the forecast period due to factors such as availability of arable land, the growing populace, government schemes, presence of agrarian economies, and increasing investments in research and development in farming. The need for instant stimulants and boosting agents can drive up the demand for foliar sprays.
Latin America can witness massive demand for foliar sprays due to the farming industry in Brazil and Argentina. Lastly, the MEA foliar spray market can experience a sluggish growth rate over the forecast period.
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