BANGALORE, India, February 10, 2022 /PRNewswire/ — The Biostimulants Market Report is Segmented by Type (Acid-Based Biostimulants, Plant Extract Biostimulants), by Application (Fruits & Vegetables, Turf & Ornamentals, Row Crops): Opportunity Analysis and Industry Forecast, 2023-2028 . It is published in Appreciate the reports under the Chemical industry Category.
The global biostimulants market size is estimated to be worth $147.2 million in 2022 and should have a readjusted size of US$203 million by 2028 with a CAGR of 5.5% over the review period.
The major factors driving the growth of the biostimulants market are:
Factors such as the need to increase agricultural production to serve the growing population, government initiatives to shift to sustainable farming methods, and changing organic farming consumption trends are expected to drive the growth of the biostimulants market.
Moreover, in addition to promoting plant growth and development, their application also reduces costs and increases crop efficiency.
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TRENDS INFLUENCING THE GROWTH OF THE BIOSTIMULANTS MARKET:
The need to increase crop yield to meet the demand of a growing population is expected to drive the growth of the biostimulants market. Over the next decade, agricultural producers will need to find ways to be more efficient and effective. Biostimulants increase plant growth and resistance to water and abiotic stresses, reducing the need for fertilizers. These substances are effective in small concentrations, promoting the proper functioning of the plant’s vital processes and allowing high yields and high quality products. Moreover, biostimulants are also cost-effective, which should further increase their adoption.
Rising demand for biologics is expected to drive the growth of the biostimulants market. Plant biostimulants are gaining popularity in sustainable agriculture due to their ability to improve nutrients, product quality, and abiotic stress tolerance. Plants grown organically are frequently prone to nutrient deficiencies due to low nutrient levels in the soil or low nutrient solubility in soil solution. Plant biostimulants can improve nutrient availability for plant uptake by increasing the cation exchange capacity of soil, supplying nitrogen to crops, and/or increasing nutrient solubility in soil solution.
The government has been encouraged to increase the production of high quality agricultural products with little or no emissions due to the increase in agricultural emissions. Governments around the world are launching programs to educate farmers on the various benefits of biostimulants. These government initiatives are expected to have a significant impact on the growth of the biostimulants market in the coming years.
Additionally, the emphasis on preventative health care is gradually but systematically driving a shift in global conventional farming practices, and growers are encouraged to produce more using sustainable methods and resources. This in turn boosts the global biostimulants market.
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ANALYSIS OF BIOSTIMULANTS MARKET SHARE:
Based on the app, row crops are expected to be the most lucrative segment. This is due to factors such as the vast area of row crops in the world, the rise of organic farming, and the increasing use by farmers of biostimulants instead of chemical fertilizers and pesticides.
Based on type, acid-based biostimulants are expected to be the most lucrative segment. The large share of this segment is due to its wide availability, wide range of plant benefits, and higher efficiency. During the forecast period, however, the extract-based biostimulants segment is expected to grow significantly.
Depending on the region, the Asia Pacific the region should be the most lucrative. The adoption of high-quality agricultural products by Asian growers is also expected to boost the biostimulant market.
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– The Global Agricultural Biologics Testing Market the size should reach $1361.5 million by 2027, $768.1 million in 2020, at a CAGR of 8.4% over the period 2021-2027.
– The Global Biofertilizers market the size is estimated at the value US$2,748.6 million in 2022 and should have a readjusted size of US$4,459.5 million by 2028 with a CAGR of 8.4% during the reporting period.
– The Global smart agriculture market size was estimated at $16,746.7 million in 2019, and should reach $29,234.6 million by 2027 with a CAGR of 9.7% from 2021 to 2027.
– The Global Organic Fertilizer Market the size should reach $13.8 billion by 2026, $6.9 billion in 2019, at a CAGR of 10.4% over the period 2021-2026.
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