The Global Biostimulants Market Growth Is Accelerated By Increasing Crop Yields

 

Biostimulants Market

The global biostimulants market witnessed significant growth in recent years owing to the increasing demand from the agriculture industry. Biostimulants are substances, other than fertilizers, that stimulate plant growth when applied in small quantities. They help improve the overall growth, development, and yield stress tolerance of plants through various physiological and metabolic mechanisms to increase crop quality and productivity.

The global biostimulants market is estimated to be valued at US$ 3,237.27 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

The biostimulants market is primarily driven by the increasing demand from the agriculture industry. Rising global population and declining agricultural land area have increased the demand for agricultural productivity. Biostimulants promote plant growth and development by increasing nutrient uptake efficiency, which helps farmers achieve higher crop yield. This has significantly driven their adoption in the agriculture sector across the globe.

 

Another key factor fuelling the biostimulants market growth is the supportive regulatory environment in many countries. Many governments are formulating policies and regulations to promote sustainable agricultural practices and the use of biostimulants as an alternative to chemical fertilizers. For instance, the European Union recognized biostimulants as a separate category of plant protection products under a new regulation that came into effect in 2014. This regulatory development enhanced consumer acceptance and market opportunities for biostimulant products.

 

SWOT Analysis

 

Strength: Biostimulant contains natural plant extracts and organic compounds, which nourish crop nutrient supply without environmental harm. They help enhance crop yield and quality through increased nutrient uptake and use efficiency in three effective ways. Some key biostimulants like protein hydrolysates, amino acids and humic substances improve nutrient absorption and transport within plants.

 

Weakness: High research and development costs involved in developing new bioactive formulations. Regulatory norms for biostimulant approvals and commercialization vary worldwide, raising compliance issues.

 

Opportunity: Rapid growth of organic farming worldwide will drive biostimulants demand as they are permitted for certified organic production. New formulations targeting specific agronomic needs of high-value crops can tap new market segments.

 

Threats: Stiff competition from conventional agrochemicals poses pricing challenges. Adverse climate conditions may reduce effectiveness of certain biostimulant types on crop performance.

 

Key Takeaways

 

The Global Biostimulants Market Size is expected to witness high growth. It is projected to reach a value of US$ 3237.27 Bn by 2023, expanding at a CAGR of 5.9% during the forecast period of 2023 to 2030. The Europe region currently dominates with the largest share owing to extensive research and progressive farming practices.

 

Regional analysis reveals Europe will continue leading the market through 2030 due to strong producer concentrations and progressive farming policies favorable to organic inputs. However, North America is emerging as the fastest growing regional market for biostimulants driven by increasing shift to sustainable agriculture across United States and Canada.

 

Key players operating in the biostimulants market are BASF SE, UPL, Bayer, Novozymes, Isagro, Valent Biosciences, Lallemand, Italpollina, and other such major industry participants. They are focused on developing new formulations tailored for specific soil and crop types to expand market reach.


Get More Insights Here

https://www.newswirestats.com/biostimulants-market-size-share-growth-outlook-2023-2/

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