Biostimulants help in enhancing the productivity and quality of crops by increasing their growth, nutritional efficiency, and tolerance to environmental stresses. They are natural agricultural inputs that help plants utilize nutrients effectively, allowing higher yields. They improve soil fertility, ultimately leading to higher returns for farmers.
The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the biostimulants market is the increasing demand for organic and sustainable agriculture. There is a rising demand for organic food products and awareness regarding the harmful effects of excessive chemical fertilizers and pesticides usage. Biostimulants help minimize the dependency on synthetic agrochemicals as they stimulate plant metabolism and growth naturally. They enhance nutrient uptake efficiency while also improving soil health. Their usage allows farmers to adopt eco-friendly farming practices and cater to the growing demand for chemical-residue free food crops, thereby supporting the market expansion.
Segment Analysis
The global biostimulants market is dominated by humic substances segment. Humic substances are complex organic compounds that are important for plant nutrition as they help improve soil structure and increase nutrient absorption by plants. They act as catalysts in the metabolism of plants to help increase synthesis of important proteins and nucleic acids for better growth. The humic substances segment accounted for largest revenue share in 2020 due to extensive usage of humic acids and fulvic acids in liquid and dry forms for various row crops and fruits & vegetables.
Key Takeaways
The Global Biostimulants Market Size is expected to witness high growth in the coming years owing to rising demand from major crop producing countries. The global Biostimulants Market is estimated to be valued at US$ 3237.27 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis Europe currently dominates the global market and is expected to maintain its leading position during the forecast period. Countries such as Italy, France and Spain are major markets for biostimulants in Europe due to large area under fruit & vegetable cultivation. North America is projected to be the fastest growing regional market between 2023-2030 supported by research initiatives for product innovation and increasing adoption in the US and Canada.
Key players operating in the biostimulants market include BASF SE, Isagro, UPL, Biolchim S.p.A, Valagro, Koppert Biological Systems, Italpollina, Syngenta, Bayer AG, Novozymes A/S. The major players are focusing on new product launches and expansion in emerging markets through collaborations to strengthen their market position. BASF recently launched Revitalin to support nitrogen fixation in legumes and improve phosphorus availability in soils.
Get More Insights Here
https://www.newsintv.com/news/offshore-the-decommissioning-a-best-growing-sector/
https://www.newswirestats.com/biostimulants-market-size-share-growth-outlook-2023/
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