Foliar Fertilizers Market Report

Government initiatives for sustainable agriculture will drive development in the foliar fertilizer market over the forecast period. For instance, the National Mission for Sustainable Agriculture (NMSA) in India, improvements in EU agriculture policy and the United States' Agricultural Risk Coverage are examples of government initiatives that are driving foliar fertilizers revenue growth Due to all of these factors, the agriculture industry will grow steadily throughout the forecast period, driving the foliar fertilizers market. Government training programmes on the application of foliar fertilizers remain crucial in promoting foliar fertilizers demand globally. Furthermore, government subsidies in the fertiliser space have increased farmer confidence in using foliar fertiliser. For instance, in India, fertilizer manufacturing/importing companies receive 100% of the subsidy based on actual sales to the beneficiary through retailers. Increasing awareness of the benefits of foliar fertilizers is projected to result in higher demand for this market.

Strict export regulations are becoming a major obstacle for businesses, possibly impeding global trade and market growth. These rules may incur extra expenses for compliance, add logistical complications, and restrict entry to important markets. For instance, due to frequent changes in trade rules, manufacturers are unable to expand their operations. The effect of China's export policy on domestic manufacturers affects supply and global trade dynamics. These factors lead to price volatility in foliar fertilizers products, limiting the expansion of the foliar fertiliser market. Additionally, challenges like low farmer awareness and high fertilizers costs are limiting the market expansion for foliar fertilizers. The health of the plant may suffer from inappropriate foliar fertilizers application. Businesses need to carefully navigate through these strict regulations in order to prevent any interruptions in their supply chains and to stay competitive in the market. Businesses wanting to grow in the global foliar fertilizer market must adhere to these regulations to expand their reach and maintain growth.

The growth of the foliar fertilizers industry is rapidly increasing because of new product releases, strategic purchases, and important collaborations. Recent new products include innovative formulas with controlled-release technology and environmentally friendly options, improving nutrient distribution and eco-friendliness. For instance, in June 2023, ICL, a prominent international company specializing in minerals introduced a new range of advanced foliar and fertigation products in North America under their Nova brand of water-soluble fertilizers. Key products are Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW. Additionally, in March 2022, the Haifa Company has signed a purchase agreement with HORTICOOP BV to acquire Horticoop Andina, a wholesaler specialising in distributing agricultural nutritious goods based in Quito, Ecuador. After the acquisition of the brand, Haifa expects to increase its area of activity in Ecuador and the surrounding Latin market, as well as maintain its position as an international super-brand in advanced plant nutrition.

The Asia Pacific foliar fertilizers industry is driven by a booming agriculture industry and a rise in farming operations as a result of rising population and food demand. Government initiatives to help the agricultural industry, particularly in countries like India and China, have aided the market. According to the FAO, agriculture continues to be the primary source of income for 70% of rural households across India. Additionally, due to increased demand for rice-based cuisines in the region, there has been considerable growth in rice production in Japan. The North American region is crucial for the grass and ornamental foliar fertilizers segment due to the existence of a high number of golf courses and private lawn areas. The continental United States has an estimated 40 million to 50 million acres of lawn, which includes all lawns, stadiums and parks. As a result, global foliar fertilizers use is expected to rise throughout the forecast period.