Technavio, a leading provider of market research reports, has released its latest study on Foliar Spray Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 3010 million, at a CAGR of 7.44% during the forecast period. The global consumption of fruits and vegetables has witnessed significant growth due to the expanding vegetarian and vegan population and shifting food preferences. In nations like India, where a substantial portion of the populace follows a vegetarian diet, the demand for these produce types is robust. Conversely, in countries such as the United States, Canada, and the United Kingdom, the uptick in veganism adoption is driving the demand for fruits and vegetables. The millennial demographic in these countries is particularly influential, as ethical concerns regarding animal cruelty fuel their preference for vegetarian or vegan diets. Consequently, the foliar spray market, which caters to the protection and enhancement of these crops, experiences increased demand.
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The Foliar Spray Market represents a significant business opportunity for agrochemical companies, as this application method ensures efficient nutrient uptake and disease control in crops. Foliar sprays offer flexibility in terms of active ingredients and application timing, making them an essential component of modern agricultural practices. Market growth is driven by increasing demand for high-yielding and disease-resistant crops, as well as the adoption of precision farming techniques.
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