Growing emphasis on increasing crop productivity and quality is boosting growth of the biostimulants market
Biostimulants Market size: USD 2.89 in 2020, Market Growth: CAGR of 11.3%, Market Trends: Increasing consumer inclination toward organic products
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.
In addition, growing focus on enhancing crop productivity and rapid soil degradation has compelled several farmers to opt for organic agricultural processes, thereby increasing demand for biostimulants. Several market players are focusing on R&D activities for developing improved products and expand the product lines, which is expected to further boost revenue growth of the market.
Key companies in the 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).
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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.
To identify the key trends in the industry, click on the link below: @ https://www.reportsanddata.com/report-detail/biostimulants-market
For this study, Reports and Data has segmented the global biostimulants market based on Source, Active Ingredient, Crop Type, Form, Application Method, and Region:
Based On Source: (Revenue, USD Billion, 2018 – 2028)
Based On Active Ingredient (Revenue, USD Billion, 2018 – 2028)
- Humic Substances
- Humic Acid
- Fulvic Acid
- Seaweed Extracts
- Microbial Amendments
- Amino Acids
- Trace minerals
Based On Crop Type (Revenue, USD Billion, 2018 – 2028)
- Cereals & Grains
- Fruits & Vegetables
- Turf & Ornamentals
- Oilseeds & Pulses
- 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)
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Based On Region (Revenue, USD Billion, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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