BANGALORE, India, Feb. 10, 2022 /PRNewswire/ -- The Biostimulants Market Report is Segmented by Type (Acid-Based Biostimulants, Plant Extract Biostimulants), by Application (Fruits & Vegetables, Turf & Ornamentals, Row Crops): Opportunity Analysis and Industry Forecast, 2023-2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global Biostimulants market size is estimated to be worth US$ 147.2 million in 2022 and is forecast to be a readjusted size of US$ 203 million by 2028 with a CAGR of 5.5% during the review period.
Major Factors driving the growth of the biostimulants market are:
Factors such as the need to increase crop production to serve the growing population, government initiatives for shifting to sustainable farming methods, and change in consumer trends for organic farming are expected to drive the growth of the biostimulants market.
Moreover, besides promoting plant growth and development, their application also reduces costs and increases crop efficiency.
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TRENDS INFLUENCING THE GROWTH OF BIOSTIMULANTS MARKET:
The need to increase the crop yield to meet the demand for the growing population is expected to drive the growth of the biostimulants market. In the coming decade, agricultural producers must identify ways to be more efficient and effective. Biostimulants increase plant growth and resistance to water and abiotic stresses, reducing the need for fertilizers. These substances are effective in small concentrations, favoring the smooth operation of the plant's vital processes and allowing for high yields and high-quality products. Furthermore, biostimulants are also cost-effective, which is expected to further increase their adoption.
Increasing demand for organic products is expected to drive the growth of the biostimulants market. Plant biostimulants are gaining popularity in sustainable agriculture because of their ability to improve nutrient, product quality, and abiotic stress tolerance. Plants grown in organic farming are frequently subjected to nutrient deficiency as a result of low nutrient levels in the soil or poor nutrient solubility in soil solution. Plant biostimulants can improve nutrient availability for plant uptake by increasing soil cation exchange capacity, supplying nitrogen to crops, and/or increasing nutrient solubility in soil solution.
The government has been encouraged to increase the production of high-quality agricultural products with low or no emissions as a result of rising agricultural emissions. Governments all over the world are launching programs to educate farmers about the various benefits of Bio-stimulants. These government initiatives are expected to have a significant impact on biostimulants' market growth in the coming years.
Moreover, an emerging focus on preventive healthcare is gradually but systematically bringing about a shift in the global conventional farming practices, and producers are encouraged to produce more using sustainable methods and resources. This is in turn driving the market for biostimulants globally.
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BIOSTIMULANTS MARKET SHARE ANALYSIS:
Based on application, Row crops are expected to be the most lucrative segment. This is due to factors such as the vast area under row crop cultivation around the world, the rise of organic farming, and farmers' increasing use of biostimulants instead of chemical fertilizers and pesticides.
Based on type, acid-based biostimulants are expected to be the most lucrative segment. This segment's large share is due to its widespread availability, wide range of plant benefits, and higher efficacy. During the forecast period, however, the extract-based biostimulants segment is expected to grow significantly.
Based on region, the Asia-pacific region is expected to be the most lucrative. The adoption of high-quality agriculture products by Asian producers is also expected to boost the market for biostimulants.
Key Players
- Angel Yeast
- Biostadt
- Fengdan Baili
- Leili
- Biotech International
- IPL Biologicals
- Humikey
- Kanbiosys
- Guangzhou Sgy Agricultural Science
- Dhanuka
- AMMS Century
- PI Industries
- HCM Agro Produts
- Valagro
- Biolchim
- Symborg
- Plant Response
- Tradecorp
- Fengdan Baili
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SIMILAR REPORTS:
- The global Agriculture Biologicals Testing market size is projected to reach USD 1361.5 Million by 2027, from USD 768.1 Million in 2020, at a CAGR of 8.4% during 2021-2027.
- The global Biofertilizer market size is estimated to be worth US$ 2748.6 million in 2022 and is forecast to be a readjusted size of US$ 4459.5 million by 2028 with a CAGR of 8.4% during the review period.
- The global smart agriculture market size was valued at USD 16,746.7 Million in 2019, and is estimated to reach USD 29,234.6 Million by 2027 with a CAGR of 9.7% from 2021 to 2027.
- The global Organic Fertilizer market size is projected to reach USD 13.8 Billion by 2026, from USD 6.9 Billion in 2019, at a CAGR of 10.4% during 2021-2026.
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-Global and China Humic-based Biostimulants Market Insights, Forecast to 2027
-Global Agriculture Enzymes Market Outlook 2022
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