The Biostimulants by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Biostimulants, The biostimulants market size has grown rapidly in recent years. It will grow from $3.14 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increase in need for sustainable agriculture, the increasing demand for organic products, advancements in research and government initiatives and regulatory support.
The biostimulants market size is expected to see rapid growth in the next few years. It will grow to $5.25 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to climate-adaptive agriculture, the consumer shift to healthier and sustainable foods & beverages, the growing demand for high-value crops and escalating global food needs. Major trends in the forecast period include focus on customized crop solutions, should launch synergistic combinations to optimize crop productivity, focus on nanotechnology for enhanced biostimulant compounds, offer sustainable crop yield enhancement and should focus on cross-sector collaborations.
The growth of sustainable agriculture is expected to drive the growth of the biostimulant market. There is an increased focus on sustainable agriculture due to deteriorating factors such as soil degradation, water scarcity, climate change, and also the burden of producing high crop yields to meet the demand. In sustainable agriculture, the use of artificial products like fertilizers and pesticides is prohibited since it degrades soil and harms the environment. Biostimulants, on the other hand, increase the simulation power of the plants to absorb nutrients and help in handling biotic stress. For instance, the United Nations’ sustainable development goals for 2030 have a special focus on sustainable agriculture. The use of biostimulants to grow crops free of pesticides and fertilizers also helps in growing crops under unusual conditions. The use of biostimulants helps grow various crops under stress conditions, supporting sustainable agriculture and thereby driving the biostimulant market.
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The biostimulants market covered in this report is segmented –
1) By Chemical Origin: Natural Biostimulants: Biosynthetic Biostimulants
2) By Active Ingredient: Humic Acid, Fulvic Acid, Amino Acids, Protein Hydrolysates, Seaweed Extracts, Other Active Ingredients
3) By Category: Application: Foliar, Soil, Seed
Companies in the biostimulant market are coming up with innovative products to meet the demand and requirements of the customers and have an edge over their competitors. Mostly, start-ups are entering the market with new products. For example, in June 2022, a Spanish provider of biostimulation and sustainable crop nutrition introduced Biimore, an innovative biostimulant globally. It is made from specific and sustainable plant fermentation process from a combination of L-α amino acids, vitamins, sugars and traces of other natural compounds that are not found in any other biostimulant on the market. It improves yield and harvest quality parameters at ultra-low doses. In addition, in September 2022, Evonik Industries, a German specialty chemicals company commenced the development of an innovative biostimulant that reduces fertilizer use by half and keeps 93% of the yields. This is expected to be launched during 2025-2027.
The biostimulants market report table of contents includes:
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