Growing emphasis on increasing crop productivity and quality is boosting growth of the biostimulants market
The global Biostimulants Market size is expected to reach USD 6.75 billion by 2028 and register a CAGR of 11.3%, according to the latest report by Reports and Data. Growing ecological concerns due to the overuse of chemical-based products in agricultural sector has increased the demand for eco-friendly biostimulants and is fueling market revenue growth.
Biostimulants are additives for crops and plants that enhance their nutritive efficiency, crop quality, and yield. They also increase stress tolerance of crops to extreme conditions such as floods, drought, or salinity. Extensive use of synthetic pesticides, scarcity of arable land, growing demand for high value-added crops, and increasing awareness about environmental impact of chemical products are some significant factors enhancing growth of the biostimulants market.
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Top Leading Players in The Global Biostimulants Market Are:
BASF (Germany), Isagro (Italy), Valagro (Italy), Bayer (Germany), Italpollina (Italy), Koppert Biological Systems (Netherlands), Acadian Seaplants (Canada), UPL (India), and Biolchim (Italy).
Biostimulants Market Upcoming Growth:
Biostimulants are substances or microorganisms that are applied to plants or soils to enhance plant growth, health, and productivity. The market for biostimulants is expected to grow due to the increasing demand for sustainable and eco-friendly agriculture practices.
The global biostimulants market was valued at $3.0 billion in 2020 and is expected to reach $6.0 billion by 2028, growing at a CAGR of 9.0% from 2021 to 2028. The growth of the market can be attributed to several factors such as the increasing demand for high-quality crops and the need for sustainable agriculture practices to address food security challenges.
Moreover, the increasing adoption of organic farming practices and the rising trend of using biostimulants in conjunction with traditional fertilizers are also expected to drive the growth of the market. The development of new biostimulant formulations and the increasing use of biostimulants in emerging markets may also create new opportunities for the market in the future.
However, the growth of the market may be limited by factors such as the lack of regulatory frameworks for biostimulants and the lack of awareness about the benefits of biostimulants among farmers. In addition, the high cost of biostimulants compared to traditional fertilizers may also pose a challenge to the growth of the market.
In conclusion, the biostimulants market is expected to experience significant growth in the coming years due to the increasing demand for sustainable agriculture practices and the development of new biostimulant formulations. However, the growth of the market may be limited by challenges such as the lack of awareness among farmers and the high cost of biostimulants compared to traditional fertilizers.
Some key highlights in the report:
- On the basis of crop type, the cereal grain segment is expected to contribute considerable market revenue share throughout the forecast period owing to availability of large cultivable land and increasing demand for these crops around the year. Biostimulants applied to these crops help to boost rate of cell division, improved seed size, and high yield.
- Based on active ingredients, the seaweed extract segment is expected to register a significantly robust CAGR throughout the forecast period. High revenue CAGR is attributed to increasing adoption of seaweed cultivation and growing demand for seaweed in various agricultural applications.
- On the basis of mode of application, the foliar spray treatment segment is expected to account for largest revenue share during the forecast period due to high efficiency in comparison with other application methods.
- Asia Pacific is expected to register fastest revenue CAGR between 2021 and 2028 owing to existence of large area for cultivation, rising demand for better crop quality and yield, and growing demand for organic vegetables and food.
- Europe is projected to continue its leading position in terms of revenue share during the forecast period owing to supportive regulations for organic food production along with increasing demand for organic foodstuffs.
Segments covered in the report:
Based On Source: (Revenue, USD Billion, 2018 - 2028)
- Natural
- Synthetic
Based On Active Ingredient (Revenue, USD Billion, 2018 - 2028)
- Humic Substances
- Humic Acid
- Fulvic Acid
- Seaweed Extracts
- Microbial Amendments
- Amino Acids
- Others
- Vitamins
- Trace minerals
- Polysaccharides
Based On Crop Type (Revenue, USD Billion, 2018 - 2028)
- Cereals Grains
- Fruits Vegetables
- Turf Ornamentals
- Oilseeds Pulses
- Others
- Forage
- Plantation Crops
Based On Application Method: (Revenue, USD Billion, 2018 - 2028)
- Foliar Treatment
- Soil Treatment
- Seed Treatment
Based On Form: (Revenue, USD Billion, 2018 - 2028)
- Dry
- Liquid
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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