Publication Month: Aug 2022 | Report Code: TIPRE00003199 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published
Biostimulants are developed to assist farmers in meeting rising agricultural demand on a long-term basis. Biostimulants improve farm productivity and increase crop yield and value. Agricultural biostimulants are mixtures of chemicals, substances, and microorganisms applied to plants or soils to increase crop vigor, production, sensitivity to abiotic pressure, and quality.
In 2021, Europe dominated the global biostimulants market. However, Asia Pacific is expected to be the fastest growing region during the forecast period. Growing need to increase crop quality and yield, growing awareness about environmental safety, growing organic farming and demand for organic food, and the wide range of benefits of biostimulants in crop production are the key factors increasing demand for biostimulants. The growing demand for organic products and the need for organic farming are increasing the demand for biostimulants in Asia. Moreover, the growing population in the Asia Pacific region is anticipated to propel the biostimulants market growth. China are a leader in the development and distribution of biostimulants, mainly since the country is the largest consumer of fertilizers. Moreover, other countries such as India are one of the world's largest foodgrain producers. According to the Ministry of Agriculture & Farmers Welfare, total Foodgrain production in the country is estimated at a record 316.06 million tonnes, which is higher by 5.32 million tonnes than the foodgrain production during 2020-21. Moreover, these countries are encouraging farmers to shift toward organic farming. These factors are expected to boost the demand for biostimulants in the Asia Pacific region.
|Market Size Value in||US$ 3,112.49 Million in 2022|
|Market Size Value by||US$ 5,796.94 Million by 2028|
|Growth rate||CAGR of 10.9% from 2022 to 2028|
|No. of Pages||150|
|No. of Tables||115|
|No. of Charts & Figures||115|
|Historical data available||Yes|
|Segments covered||Product, Mode of Application, and Crop Type|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Initially, the COVID-19 pandemic adversely affected the market growth due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of biostimulants. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The COVID-19 pandemic pushed up farmers' costs while reducing income. Further, due to the COVID-19 pandemic, the supply and demand got poorly hit, which led to reduced demand for biostimulants in the market. However, businesses recovered as the governments of various countries reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the market. The start of operations in the manufacturing units led to the recovery in the production of biostimulant products, which positively impacted the market.
The market is likely to boost biological investment as part of a broader shift to toward the food security and sustainable crop production and ensuring more robust crop production supply chains. This should, in turn, drive interest in new product formulations for biostimulants.
Biostimulants are biologically developed fertilizers that are used to increase plant productivity and development, in addition to the nourishment of agricultural products. A biostimulant boosts plant growth and development throughout the crop life cycle, i.e., from seed germination to plant maturity. Most biostimulants use raw material from organic sources, so they do not damage crops, while conventional chemical fertilizers and growth regulators can damage crops if not used in recommended dosages. Moreover, many government organizations, manufacturers, and suppliers of different countries worldwide are initiating favorable schemes to encourage organic and advanced farming activities. This initiative is leading to the increasing popularity of organic products. Increasing awareness among farmers, especially in the Asia-Pacific region, about the benefits of biostimulants is another factor boosting the market's growth. Additionally, consumer shifting preferences toward organic and healthy food is boosting the demand for biostimulants
Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. In 2021, the seaweed extracts segment dominated the market.
BASF SE, UPL Limited, Valagro, Gowan Company, FMC Corporation, ILSA S.p.A., Haifa Negev Technologies LTD., ADAMA, Rallis India Limited, and AgriTecno Biostimulants and Plant Nutrition are among the major players operating in the biostimulants market. The market players are focusing on investing significant resources in research and development activities for providing high-quality products to meet the customer demands. They are also focused on the expansion of their production capacities and geographic presence.
The "Global Biostimulants Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global biostimulants market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The biostimulants market is segmented on the basis of product, mode of application, crop type, and geography. Based on product, the market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. Based on mode of application, the market is segmented into foliar spray, seed treatment, and soil application. Based on crop type, the market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing region.