The Global Biostimulants Market Growth Is Accelerated By Increasing Crop Yields
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| 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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