The Insight Partners published latest research study on Biostimulants Market to 2028 – COVID-19 Impact and Global Analysis – by Product (Humic Substances, Amino Acids, Microbial Stimulants, Seaweed Extracts, and Others), Mode of Application (Foliar Spray, Seed Treatment, and Soil Application), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, Turf and Landscape, and Others), and Geography, the biostimulants market is expected to grow from US$ 3.11 Billion in 2022 to US$ 5.8 Billion by 2028; it is estimated to grow at a CAGR of 10.9% from 2022 to 2028. Several factors, such as the demand for high-value crops and the increasing need to support crop growth due to abiotic stress arising from changing climatic conditions, are propelling the demand for biostimulants globally.
Biostimulants Market: Competition Landscape and Key Developments
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 a few key players operating in the market. Leading market players adopt various business strategies, such as mergers and acquisitions, to expand their worldwide geographical presence and consumer base. For instance, in 2020, Syngenta Group acquired Valagro. This acquisition is expected to enable Syngenta Group to develop its dominance in the biological crop protection business.
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In 2021, Europe dominated the global biostimulants market. Consumers in the European region were buying clean-label products produced with natural substances and processes, which led to a growth in demand for biostimulants. Moreover, in Asia Pacific region, the demand for organic produce, quality agricultural products, and the increasing need for high yield is increasing the consumption of biostimulants in Asia Pacific, especially in China, India, and Japan.
Maintaining food production for an increasing world population without compromising natural resources for future generations represents major challenges for agricultural science. The growth of agriculture reached a critical point whereby the negative impacts from this activity result in irreversible global climate change and loss of many ecosystem services. Biostimulants help fight a major challenge of climate uncertainty in the agriculture industry. They have also aided the production of seasonal crops with enhanced yield and extended periods. Biostimulants can be a possible solution in a sustainable manner by providing protection against stress and thus increasing the growth of the plant. The market is projected to grow during the forecast period due to the increasing awareness among consumers about the benefits of organic foods, the adoption of GLOBALGAP (Global Good Agricultural Practices) policies, and the implementation of organic regulations.
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Based on crop type, the global biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. In 2021, the cereals and grains segment dominated the market growth. Also, the turf and landscape segment market is expected to grow at the fastest rate during the forecast period. The growth of the agricultural bio stimulants in the turf and landscape segment is driven by promising results in yield, quality, and productivity, the need to fulfill the rising demand for mollifying and warming surroundings, and the need for the restoration of soil.
Source: Finance.Yahoo