Biostimulants Industry Overview
The global biostimulants market size was valued at USD 2.79 billion in 2021 and is expected to reach USD 6.79 billion by 2030, registering a CAGR of 10.4% over the forecast period.
This is attributed to increased instances of soil degradation, stringent regulations on the use of chemicals in the agriculture sector, and the need for sustainable & eco-friendly alternatives to boost the growth and productivity in the agriculture sector. Biostimulants can be substances or microorganisms, which are added to the plants to enhance their characteristics and increase the yield. As the population is growing, the demand for the product is also increasing due to the growing awareness about the harmful, long-term effects of artificial chemicals used for plant growth. Thus, the growing demand for organic and natural goods is positively impacting the market growth, especially in APAC.
Gather more insights about the market drivers, restrains and growth of the Global Biostimulants Market
The U.S. has a highly advanced agricultural sector, which has been acclimating to the natural and organic methods to practice farming. Therefore, the region is perceiving a high intake of biostimulants. The country is acclimatizing to the utilization of the product, predominantly in the application segment of seed treatment, to reinforce crop yield and potency at an early stage of plant development. U.S. supports the utilization of biostimulants to promote balanced growth of the agricultural sector along with the other sectors of the economy. At present, this development is mostly attained by using synthetic chemicals, pesticides, fertilizers, and insecticides, which are prerequisites to large-scale industrial production.
A majority share of the regional market is controlled by acid-based products, which include the humic acid segment, which is likely to witness rapid growth. Biostimulants enhance microflora, which, consequently improves the nutrient intake of plants. They intensify antioxidant action and reduce plant strain owing to environmental conditions and various infections. The hormones fuel root growth, cell development, and overall growth, thereby aiding the potency and inclusive health of the plant. They encompass natural, eco-friendly, and naturally degradable ingredients, which do not distress the plant environment. As a result, they are witnessing high demand for organic agricultural practices.
Biostimulants Market Segmentation
Based on the Active Ingredients Insights, the market is segmented into acid-based, seaweed extract, microbial and others
Based on the Crop Type Insights, the market is segmented into row crops & cereals, fruits & vegetables, turf and ornamentals and others
Based on the Application Insights, the market is segmented into foliar treatment, soil treatment and seed treatment
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
The competition in this market is highly dependent on the type of crop, active ingredient type, grade of products, number of sellers/manufacturers, and geographical location. Key companies are engaged in continuous R&D activities, mergers & acquisitions, capacity expansion, and other strategies to gain an advantage in the market. Manufacturers are focusing mainly on improving their product portfolios by forming strategic joint ventures with other prominent companies and highly investing in R&D.
Some of the prominent players in the global biostimulants market include:
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