A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global biostimulants market was worth USD 3.3 billion in the year 2021. It is estimated to grow at a CAGR of 12.20%, earning revenue of around USD 7.2 billion by the end of 2028. The global biostimulants market is significantly flourishing owing to the rising demand for organic food and increasing focus on sustainable and eco-friendly agricultural practices. Furthermore, the rising global population and surging need for food production to meet the need of the increasing number of people is emerging as another factor influencing the growth of the global biostimulants market.
Rapid Technological Advancements is Driving the Global Biostimulants Market
Rapid technological advancements and innovations introduced in the field of biostimulants are emerging as one of the major driving factors for the growth of the market. The manufacturers and researchers are significantly focusing on advancements for biostimulants production to improve the crop yield. For instance, they are introducing precision integrated methods that combine on-farm applications with data science. This is helping the farmers calculate the number of biofertilizers that are needed in the specific crops and can boost the agricultural output.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/global-biostimulants-market/report-sample
Global Biostimulants Market - By Crop Type
Based on crop type, the global biostimulants market is segmented into fruits & vegetables, cereals & grains, turf & ornamentals, oil seeds & pulses, and other crops. The fruits & vegetable segment accounts for the largest market share owing to the rising demand for expanding production to meet the global population. Furthermore, increasing focus towards sustainable farming techniques along with boosting the import and export of exotic fruits and vegetables in different countries is also influencing the growth of the biostimulants market.
Global Biostimulants Market - By Application Type
Based on application type, the global biostimulants market is segmented into foliar, soil treatment, and seed treatment. The seed treatment segment accounts for the largest market share owing to the rising need for the protection of seeds and seedlings from seed and soil-borne diseases and insect pests affecting crop emergence and its growth. The use of biostimulants for seed treatment helps in reducing the overall input cost by limiting the resources needed for seed protection, which is significantly driving the growth of the market.
Global Biostimulants Market - Regional Insights
Geographically, the global biostimulants market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global biostimulants market, followed by North America. However, the Asia-Pacific region is anticipated to witness the highest CAGR during the forecast period. Emerging economies such as China, India, Australia, etc., are mostly agriculture-driven. The governments of these countries are significantly investing in boosting the adoption of advanced agricultural products and techniques including biostimulants, which is significantly driving the growth of the global biostimulants market.
Impact of COVID-19 on Global Biostimulants Market
The unprecedented COVID-19 pandemic outbreak presented lucrative growth opportunities for the global biostimulants market. The demand for organic food produced from natural resources increased and eliminated the use of any kind of chemicals during the lockdown period. Furthermore, the discussion on sustainability and the impact of human activities on the environment also spiked, due to which the use of biological resources surged in agricultural activities, which is anticipated to drive the overall global biostimulants market during the forecast period.
Competitive Landscape
The leading market players of the global biostimulants market are UPL Limited, Tradecorp International, Isagro SpA, Omex Agrifluids Ltd, Agrinos AS, Micromix Plant Health Ltd, Agrinos AS, Koppert Biological Systems, Ilsa SpA, Italpollina SpA, Biostadt India Ltd, Atlantica Agricola SA, Valagro SpA, Lallemand Inc., Eastman Chemical Company, Lallemand Inc., BASF SE, Biovert S.L, Gowan Group, Rallis India Limited, Haifa Group, and other prominent players.
About Us
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662