Biostimulants Market worth $6.8 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 7, 2023
CHICAGO, Dec. 7, 2023 /PRNewswire/ -- The Biostimulants Market is estimated at USD 3.9 billion in 2023 and is projected to reach USD 6.8 billion by 2028, at a CAGR of 11.8% from 2023 to 2028 according to a report published by MarketsandMarkets™. The global biostimulants market has witnessed remarkable growth in recent years, driven by increasing awareness of sustainable agricultural practices and the need for enhanced crop productivity. Biostimulants are natural or synthetic substances that stimulate plant growth and development, improving nutrient uptake and stress tolerance. As the demand for organic and environmentally friendly farming practices rises, biostimulants play a pivotal role in optimizing plant health and overall yield. With advancements in biotechnology and research, the biostimulants market is poised for further expansion, offering innovative solutions for farmers to meet the challenges of a growing global population and changing climate conditions.
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Browse in-depth TOC on "Biostimulants Market"
266 – Tables
75 – Figures
334 – Pages
By active ingredient type, Microbial amendments is estimated to grow at the highest rate in the biostimulants market.
The global biostimulants market is witnessing a significant surge in interest and investment, with microbial amendments emerging as a key driver of this growth. Microbial amendments, which encompass beneficial microorganisms such as bacteria and fungi, are gaining prominence for their pivotal role in enhancing soil health and promoting sustainable agricultural practices. These microscopic allies contribute to improved nutrient uptake, disease resistance, and overall plant performance, making them integral components of modern farming strategies. As awareness of the environmental impact of traditional agricultural practices grows, microbial amendments are increasingly being recognized for their ability to reduce the reliance on synthetic fertilizers and pesticides. This shift aligns with the global trend towards eco-friendly and organic farming methods. The market for microbial amendments is characterized by ongoing research and development initiatives aimed at harnessing the full potential of beneficial microorganisms.
By crop type, fruits & vegetables accounted for the largest share in 2022 in terms of value
The global biostimulants market is witnessing a significant upswing, particularly within the fruits and vegetables crop segment, as growers increasingly recognize the value of these innovative products in enhancing yield and quality. Biostimulants, composed of natural compounds and microorganisms, serve as growth enhancers for plants, promoting nutrient uptake and stress tolerance. In the fruits and vegetables sector, where quality and appearance are paramount, biostimulants have emerged as indispensable tools for growers aiming to optimize crop production while adhering to sustainable practices. The demand for biostimulants in fruit and vegetable cultivation is propelled by a growing consumer preference for fresh, high-quality produce and a simultaneous desire for environmentally conscious farming methods. These biostimulants not only improve the overall health of plants but also contribute to the reduction of chemical inputs, aligning with the increasing global focus on sustainable agriculture.
By Form, the dry segment is estimated to grow at a higher rate in the biostimulants market
One of the primary advantages of dry biostimulants lies in their versatility and compatibility with various cropping systems. The concentrated nature of these formulations allows for precise dosing, ensuring cost-effectiveness for farmers. As agriculture continues to grapple with challenges such as climate change and resource constraints, the dry biostimulants market is poised to address these issues by promoting water-use efficiency, nutrient absorption, and stress tolerance in plants. The dry form of biostimulants has emerged as a key player in the ever-evolving agricultural landscape, offering farmers a convenient and efficient solution to enhance crop productivity. With the increasing demand for sustainable farming practices, the dry biostimulants market has witnessed substantial growth. These formulations, available in powder or granular forms, provide ease of storage, transportation, and application, making them a preferred choice for farmers seeking practical solutions for improved plant growth and development.
By mode of application, the seed treatment segment is estimated to grow at the highest rate in the biostimulants market.
Seed treatment involves the application of biostimulants to seeds before planting, aiming to enhance germination, seedling vigor, and overall crop performance. As sustainability becomes a focal point in agriculture, seed treatment with biostimulants offers a targeted and efficient approach to optimize plant growth while minimizing environmental impact. Biostimulant-infused seed treatments not only improve nutrient uptake and stress tolerance but also contribute to the reduction of chemical inputs, aligning with the global push towards eco-friendly farming practices. This trend is bolstered by continuous research and development efforts, leading to the introduction of innovative seed treatment solutions that cater to diverse crops and environmental conditions.
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The Europe region accounted for the largest share in 2022 in terms of value.
The region's agricultural landscape is characterized by a strong commitment to environmental stewardship, with farmers increasingly seeking innovative solutions to enhance productivity without compromising long-term sustainability. The European Union's endorsement of bio-based products, coupled with supportive regulatory frameworks, has provided a conducive environment for the widespread adoption of biostimulants across various crops. Biostimulants, which encompass a diverse range of substances fostering plant growth, have garnered increasing attention as key contributors to optimizing crop yields while minimizing ecological impact. The European market for biostimulants is experiencing robust growth, driven by stringent regulations promoting sustainable farming practices and the increasing preference for organic produce.
Key Market Players
Key players operating in this market include BASF SE (Germany), UPL (India), Valagro (Italy), Gowan Group (US), FMC Corporation (US), ILSA S.p.A (Italy), Rallis India Limited (India), Haifa Group (Israel), ADAMA (Israel), Biovert-Manvert (Spain), Koppert (Netherlands), and AgriTecno (Spain). These players in this market are focusing on increasing their presence through expansion and collaboration. These companies have a strong presence in North America, Asia Pacific, and Europe.
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