Biostimulants Market Revenue Growth Majorly Driven By Rising Inclination Towards Sustainable Farming and Increasing Focus on Enhancing Crop Productivity: Reports and Data
According to the latest report, the global biostimulants market size was USD 2.89 billion in 2020 and is expected to reach USD 6.75 billion in 2028 and register a CAGR of 11.3% during the forecast period, 2021–2028.
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Drivers, Restraints, Opportunities
Over the past few decades, technological advancements in the agricultural sector, use of chemical products and fertilizers, and enhancements in equipment and techniques and systems have resulted in green revolution. However, uncontrolled use to achieve higher yields and related objectives have adversely affected soil conditions and overall crop quality. Rising focus on improving soil health and fertility and to improve crop yield and quality as well as reduce chemical impact on the environment and consumers are some key factors driving market revenue growth. Factors such as increasing focus on production of high-quality food, rapidly increasing global population and rising food demand, increasing hunger and malnutrition, and climate change have been opened new challenges across the agricultural sector. As a result, various leading companies catering to needs of the agricultural sector are focusing on developing new and more sustainable and organic products and exploring options to increase food production and enhance crop yield and quality.
Biostimulants are products that are added to the soil and on plants and crops to enhance growth, improve nutrient uptake, reduce abiotic stress, and are an effective alternative to chemical-based products. Biostimulants differ from traditional phosphorus and nitrogen fertilizers, and contain organic substances such as humic acid, vitamins, hormones, and microorganisms that stimulate natural processes to enhance crop quality, and increase nutrient efficiency when applied to plants or rhizosphere. Demand for biostimulants is rapidly increasing due to increasing preference for organic and natural, safer, and eco-friendlier agricultural products. In addition, rising environmental concerns and increasing health-conscious consumers has resulted in high demand for organic products.
However, factors such as budget constraints for research, usage of traditional methods due to lack of awareness about benefits and advantages of biostimulants in many developing countries and remote areas, and lengthy product approval process for products are major factors expected to hamper global market growth to some extent during the forecast period. Availability of low-quality biostimulants is another factor expected to restrain market growth going ahead.
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Fruits & Vegetables Segment to Account for Largest Revenue Share:
The fruits and vegetables segment among the product type segments is expected to account for largest revenue share over the forecast period. Factors such as increasing global population, rising food demand, high demand for fresh fruits and vegetables, and increasing adoption of biostimulants to enhance crop quality and improve shelf-life, color, and shape of fruits and vegetables are key factors driving revenue growth of this segment.
Increasing Use Of Biostimulants For Foliar Application:
Foliar sprays are widely used in the agricultural sector owing to better convenience in terms of application and better absorption than roots. Foliar application potentially increases the production efficiency in many crops and plants. Chelated nutrients, glycine betaine, and IPA are some of the major active ingredients used in these products.
Europe to Lead in Terms of Revenue Growth:
Europe is expected to account for largest revenue share in the global market between 2021 and 2028 owing to increasing awareness about agricultural sustainability, increasing focus on production of high-quality food products, and favorable government initiatives for adopting sustainable farming techniques and methods. In addition, rising environmental concerns due to overuse of harmful chemicals, rising demand for organic food, and increasing investment in research and development activities are fueling Europe biostimulants market growth and the trend is expected to continue over the forecast period.
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Asia Pacific Market Revenue CAGR to Exceed that of Other Regions:
Asia Pacific biostimulants market revenue is expected to expand at a significantly rapid CAGR throughout the forecast period owing to increasing awareness about sustainable agriculture, rising demand for organic food, and rapid advancements in the agriculture sector in countries in the region. In addition, rising disposable income, steadily inclining demand for food due to increasing population, and increasing R&D funding are other key factors expected to support revenue growth of the Asia Pacific market. In addition, India, China, and Japan are some of the major revenue contributing countries in this region.
COVID-19 Impact Analysis
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Major Companies in the Market Include:
Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global biostimulants market based on source, active ingredient, crop type, application method, form, and region:
Source Outlook (Revenue, USD Billion, 2018 - 2028)
Active Ingredient Outlook (Revenue, USD Billion, 2018 - 2028)
Crop Type Outlook (Revenue, USD Billion, 2018 - 2028)
Application Method Outlook (Revenue, USD Billion, 2018 - 2028)
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Form Outlook (Revenue, USD Billion, 2018 - 2028)
Regional Outlook (Revenue, USD Billion, 2018 - 2028)
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