Report Overview
The India foliar fertilizer market size was valued at USD 2.1 billion in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 11.3% from 2023 to 2030. The growth of the product market is attributed to key factors such as decreasing arable land owing to the rising urbanization and industrialization in the country along with steady growth in the population leading to the growing demand for food in the country.
India being an agricultural country is majorly dependent on crop production for its domestic consumption and agricultural exports with approximately 82% of farmers falling in small- and marginal-income categories. The rising population and the ongoing urbanization in the country have resulted in reduced arable land in India. This, in turn, has put pressure on farmers to meet the surging demand for food in the country. As such, the Government of India has taken initiatives to educate farmers about the use and application of foliar fertilizers to their crops to improve their yields and overcome the issue of food availability. Thus, supportive government policies are anticipated to fuel the growth of the market in the country over the predicted years.
Foliar fertilizers are designed for direct application to the leaves of plants. In these, the nutrients are directly absorbed by plants through their leaves. As foliar fertilizers move their way down to the roots of plants, they also stimulate activity in leaves. This, in turn, fuels the development of plants as their water uptake is increased which enhances nutrient absorption by them from the soil and prevents any kind of nutrient deficiency in plants. thus, driving product demand.
Product Insights
Mineral liquid/ suspension foliar fertilizers are expected to dominate the market with a revenue share of 64.6% in 2022. This growth is attributed to the increasing product usage comprising nitrogen (N), phosphorus (P), and potassium (K) in the country. These are tailor-made to meet crop requirements. They are concentrated liquids, which remain gelled when static and flowable when sprayed on crops, ensuring the plant gets a high concentration of nutrients. It includes NPK-based, micronutrient-based, and a combination of macro, secondary, and micronutrient-based with NPK-based expected to dominate the market with a revenue share of 52.2% in 2022.
Biostimulants are also expected to witness growth over the forecast period owing to the fact that they help in improving the ability of plants to withstand abiotic stress caused due to flooding, drought, extreme temperatures, and salinity thus, promoting healthy growth. Biostimulants contain seaweeds, plant extracts, amino acids, and humic acid to stimulate plant growth and root development.
Application Insights
Horticulture openfield in the application segment is anticipated to dominate the global market with a revenue share of 39.0% in 2022. The growth is attributed to the high demand for specialty crops that enhance lives by providing nutritional nourishment. Recently in India, the product is widely utilized in openfield horticulture for leaf feeding. The openfield horticultural sector incorporates an extensive range of crops including fruit crops, vegetable crops, medicinal crops, tuber crops, & spices. Considering the rising soil complications, the product demand is high as it acts as an alternative to plant nutrients.
Turf & Ornamental is another application segment witnessing the highest growth rate over the forecast period. This growth is attributed to the high demand for foliar fertilizers due to several benefits offered by these products. Turf grasses necessitate a minimum of 16 nutrients for normal development and growth. Irrespective of the amount needed, insufficiency of these nutrients can limit the development and growth of turf. Thus, considering the need for these nutrients, key players have manufactured a broad range of foliar fertilizers, especially for turfgrasses and ornamentals.
Key Companies & Market Share Insights
The product market is highly fragmented with the presence of a large number of small players across the market. Companies are engaged in R&D activities to come up with new product ranges to tackle the increasing demand for the product. For instance, in 2019 IFFCO launched its new range of nanotechnology-based products, namely, nano zinc, nano nitrogen, and nano copper to help farmers cut the usage of chemical fertilizers and switch towards organic foliar fertilizers. Some prominent players in the India foliar fertilizer market include:
IFFCO
Coromandel
DFPCL
Zuari Agro Chemicals LTD.
The Fertilizers And Chemicals Travancore Limited
DEEPEE CHEM INDUSTRIES
GSFC
MAHAFEED