Global Biostimulants Market was valued at US$ 2,938.7 Mn in 2022 and is estimated to reach US$ 6,375.3 Mn by 2030, exhibiting a CAGR of 10.16% Mn during the forecast period (2023-2030).
According to Global Biostimulants Market Report, 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) as highlighted in a new report published by Coherent Market Insights.
The market is expected to witness significant growth over the forecast period, due to rising need for improving the soil fertility and growing cases of environmental hazards from excessive usage of chemical-based products on the crop, thus, these are expected to boost demand for biostimulants. Growing usage of biostimulant as a substitute of chemical-based group product by the farmer is also expected to drive the market growth of biostimulants. Moreover, increasing demand for high yield crop due to rising population around the globe and lack of arable lack is further expected to drive the market growth of biostimulants over the forecast period.
Expanding organic farming around the globe due to increasing sale of organic food is expected to offer immense growth opportunity over the forecast period. Global demand for biostimulant-treated seeds is increasing. Increasing agricultural productivity requires the production of high-quality, effective seeds. Biostimulants boost seed vigor during critical growth phases, and thus, these are utilized for seed treatment all over the world. Furthermore, several corporations are exploring this area by increasing R&D investments. The right combination of synthetic crop protection and biologically based seed treatments is working well. Seed treatment is an effective strategy for increasing seed activity in the soil environment, which can colonize seedlings and roots.
Global Biostimulants Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 epidemic has had an influence on a wide range of businesses worldwide. COVID-19 has had an influence on the market in all regions due to the shutdown time. Market participants are increasing their efforts to better monitor the impact of the COVID-19 epidemic on inventories in order to limit production volumes and adapt production levels to shifting demand in specific places. Manufacturers are reorganizing their supply chains in order to secure the availability of end-user goods or intermediates. Biostimulant manufacturers concentrate on regulating stocks and flow with tremendous flexibility in order to create resistance to the pandemic's challenges.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biostimulants-market-3206
Browse 45 market data tables* and 30 figures* on "Global Biostimulants Market”- Global forecast to 2030.
Key Takeaways of the Market:
- Based on application, biostimulants market is segregated into foliar, soil, and seed. In 2022, foliar accounted for the largest market share in terms of revenue and contributed for 79.7% in 2022, followed by soil and seed.
- Expanding organic farming around the globe due to increasing sale of organic food is expected to offer immense growth opportunity over the forecast period. For instance, in February 2022, PlantBoost, a unique biostimulant based on Bacillus subtilis, was developed by LIPOFABRIK, a start-up specialized in plant protection and biostimulant products. The product is available in Belgium, France, Spain, the Netherlands, Germany, Italy, and the U.K.
- In January 2022, Bayer AG, announced the launch of Ambition, a crop supplement formulation for the Chinese market that contains amino acids and fulvic acids. Bayer is a Life Science company with a more than 150-year history and core competencies in the areas of health care and agriculture.
- Major players operating in the Global Biostimulants Market include Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S
