Biostimulants Market is anticipated to grow at a CAGR of 11% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Biostimulants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Biostimulants Market is estimated to be over US$ 2.5 Bn by 2019. The market is anticipated to grow at a CAGR of 11% from 2019 to 2030.
The continual growth of the biostimulants market can be attributed to several factors, which have led to the wide-scale adoption of these products. The growing trend of organic farming and favorable government regulations supporting the adoption of biostimulants are anticipated to further contribute to the substantial market growth between 2019 and 2030. However, the production of low-quality products due to the lack of transparency in patent protection laws across various countries may hamper the global biostimulants market to a certain extent.
To obtain better insights pertaining to the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. For instance, In July 2017, Valagro signed an agreement with Syngenta to supply biostimulants for seed treatment. Under this agreement, both the companies will utilize their expertise to produce innovative seed treatment products designed to improve crop establishment and absorption of nutrition, especially under abiotic stress conditions.
The utilization of fertilizers, insecticides, and pesticides to boost crop productivity, has several adverse impacts on human health. On the other hand, the cultivation of organic food products using biostimulants does not require pesticides and fertilizer. The growing applications of organic farming have been major factors responsible for the rising adoption of biostimulants. Biostimulants enhance soil microflora, which helps in the uptake of nutrients more efficiently by crops. These substances serve as eco-friendly solutions, which improve the quality & quantity of the crop yield, enhance the soil structure and enrich its nutritive value. Moreover, it boosts defenses against environmental stresses and diseases by increasing the antioxidant activity in plants. The use of biostimulants also increases nutrient availability, water holding capacity, metabolism, and chlorophyll production.
Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, Biostimulants Market by Form (Liquid and Dry), Crop Type(Fruits & Vegetables, Cereals & Grains, Turf & Ornamentals, and Oilseeds & Pulses), Active Ingredient(Vitamins & Amino Acids, Trace Minerals, Seaweed Extracts, Microbial Amendments, and Humic & Fulvic acid), Application(Foliar Treatment, Soil Treatment, and Seed Treatment)-Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/biostimulants-market/141
Government in various regions supporting the adoption of biostimulants is one of the major factors influencing the extensive market growth of biostimulants globally. Biostimulants help to maintain a balance between the environment the soil, further propelling their adoption. Additionally, subsidies are offered to farmers by different governments to boost the use of such products.
Duplication of biostimulant product formulations is one of the major factors hampering biostimulants market growth. Biostimulant producers have to face several complications due to the presence of duplicate, sub-standard products in the market and shortcomings in Intellectual Property Rights (IPR) in different countries. Therefore, companies tend to patent the industrial processes that they use to produce biostimulants. This further helps them to overcome difficulties related to establishing the originality of products and the status of invention.
Asia Pacific has been identified as the fastest-growing market for biostimulants and is anticipated to contribute significantly to the global market share. This can be attributed to the high demand for agronomic products and large dependence on the agriculture sector. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global biostimulants market due to the continual shift from traditional farming practices to technologically advanced methods in these regions. Moreover, the rising demand for high-quality agricultural products, growing importance of organic farming and increasing demand for enhanced productivity are anticipated to significantly contribute to the market growth in this region.
Some of the prominent players in the global biostimulants market include BASF SE, Valagro, Bayer AG, UPL, Biolchim SPA, Eastman Chemical Company or its subsidiaries, FMC Corporation, Acadian Seaplants, Biovert SL, and Koppert Biological Systems., among others.
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