Biostimulants Market, By Application (Foliar, Soil, and Seed), By Crop Type (Raw Crops, Fruits & Vegetables, Turfs and Ornamentals, Other Crop Types), By Active Ingredient (Acid-based, Extract Based, and Others), and By Region (North America, Latin America, Europe, and Middle East & Africa)

Published In : Apr 2023

Code : CMI3206

Pages :160

Formats :

Excel and PDF

Industry : Agrochemicals

Market Challenges And Opportunities

Global Biostimulants Market: Market Restraints

High Cost of Production and High Investment

Biostimulants is costly to produce as it requires high investments in research and development. Moreover, high R&D costs and the long-time taken by the company to manufacture a new product poses challenge for new entrants. Although biostimulants have various benefits, however, very few products are available in the market. Therefore, this factor is expected to hinder the market growth of stimulants over the forecast period.

The lengthy procedure for the approval of biostimulants products is expected to restrict growth of the biostimulants market. Moreover, the pre-market approval for biostimulants takes a year or more from application to registration because of lengthy process of observation, and this is also expected to which is hamper the market growth. Furthermore, the industry is currently confronted with a diverse regulatory framework that varies from state to state. Therefore, such factors are projected to hinder the market growth of biostimulants over the forecast period.

Global Biostimulants Market: Growth Drivers

Growing Advance Technology and New Innovations

Increasing launches of advanced Biostimulant products is expected to drive the market growth of biostimulants. In 2021, the new Biostimulant improved phytohormonal regulation of the plant, optimized the processes of cell division, and mobilization of reserves and maintained its overall physiological balance. Increasing adoption of precision farming and latest technologies is expected to drive the market growth. For instance, BASF SE, (Germany) and Delair (France), partnered, in 2020, The BASF SE company serves a wide range of industries including construction, furniture and wood, agriculture, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals and others. Delair-Tech, is a manufacturer of unmanned aerial vehicles (UAV) and an asset-management company based in Toulouse, France. To expand BASF SE's seed, trait, and crop protection research and development programs. BASF's agricultural research stations around the world were able to use the delair.ai cloud platform to streamline and standardize data gathered from drone-based field studies thanks to the agreement. As a result, rising precision farming adoption is expected to drive market growth over the forecast period.

Increased Demand for Environmental Friendly Agriculture

One of the difficulties faced by people across the globe hunger and malnutrition. To fulfil the increasing need for food from approximately 9 billion people by 2050, agriculture will face enormous pressure to produce high-quality crops. In the near future agricultural producers should find potential strategies to become more efficient and successful. Biostimulants can deal with this problem in the long run by protecting plants from stress, and boosting plant development. The market for biostimulants is estimated to witness growth, owing to increasing consumer knowledge regarding benefits of organic foods, implementation of organic rules, and increasing adoption of GLOBALGAP (Global Good Agricultural Practices) policies. A wide range of crops including fruits and vegetables, and cereals have received government subsidies and financial aid, as well as research assistance from organizations and regulatory bodies such as FiBL (Research Institute of Organic Agriculture, Switzerland) and U.S.DA. (U.S.)