Agricoltura
Biostimulants Market to Generate $7.81 Billion Revenue by 2030, Says P&S Intelligence
Due to the chemical's growing demand, high sustainability, and economic viability, the amino acid category had the largest share in the industry in the past.
Moreover, the demand for this nutrient is driven by the increasing consumer awareness about its health advantages and the growing usage of humic acid in animal feed.
Further, the seaweed extract category will have the fastest growth in the coming years. This is because it is a vital component of plant growth hormones (cytokines, gibberellins, and auxins) and elementary metal elements (potassium, manganese, nitrogen, aluminum, and iron). Therefore, it has a significant role in the growth of plants.
The share of the foliar treatment category in 2021 was about 75%. This was a result of the increasing usage of biostimulants in the cultivation of horticultural and field crops, rising number of indoor farms, and the sudden impact of these chemicals, when applied directly on the leaves, on the health of plants.
Moreover, due to their and ease of transportation and application, liquid products account for the larger share. The liquid form of biostimulants also enables leaves to absorb the nutrients more quickly and promotes cellular activity.
In 2021, the industry was led by the row crops category. This is because row crops, including cotton, corn, wheat, soybeans, and sugar beets, are widely grown across the world, providing companies with numerous growth prospects.
The expansion of this category is also driven by the high requirement for organic cereals, including millets and oats, as well as the adoption of organic farming.
Europe had a share of over 36% in biostimulant sales revenue in 2021, which is attributed to the growing agronomic product demand and shifting consumer preference toward organic and environment-friendly farming.
In the coming years, the APAC region will have the highest CAGR, attributed to the expansion of sustainable farming policies in China and India . Moreover, they already have the most people on earth, which is why the farming community here is under perpetual pressure to up the yield.
P&S Intelligence
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Prajneesh Kumar
P&S Intelligence
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