The global Biostimulants Market is estimated to be valued at US$ 3237.27192 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biostimulants are substances or micro-organisms applied to plants with the aim to enhance nutrition efficiency, abiotic stress tolerance and/or quality traits. They activate physiological mechanisms to increase nutrient uptake efficiency.
Market key trends:
One of the key trends in the biostimulants market is the rising preference for organic and sustainable farming practices. There is growing demand for food produced in an environmentally sustainable way. Biostimulants help improve crop yields while reducing the dependency on chemical fertilizers. They enhance nutrient uptake efficiency in plants and help improve tolerance to abiotic stress conditions like drought. This leads to higher productivity even with lesser application of fertilizers. Thus, biostimulants support more sustainable agriculture.
Market key trends:
One of the key trends in the biostimulants market is the growing demand for sustainable agricultural practices. Consumers are increasingly looking for food produced using eco-friendly techniques that reduce the usage of chemicals and pesticides. Biostimulants aid plant growth through natural mechanisms instead of synthetic inputs and thus are considered a more sustainable solution for agriculture. Their usage supports organic and regenerative farming practices. Biostimulant manufacturers are advocating their products as a natural substitute for fertilizers and stimulate plant growth without harmful residues.
SWOT Analysis
Strength: Biostimulants have a strong value proposition as sustainable crop enhancers that improve soil health. They pose minimal risks to the environment or human health.
Weakness: High research and production costs make biostimulants more expensive than conventional fertilizers. Limited customer awareness restricts their adoption.
Opportunity: Increasing global demand for chemical-free, organic food provides major opportunities for biostimulant products. Supportive government policies and regulations also encourage their usage.
Threats: Strict quality standards and regulations in different countries pose compliance challenges. Competition from existing fertilizer and agrochemical players establishes threat to new entrants.
Key Takeaways
The global Biostimulants Market Share is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of sustainable and organic farming practices. Europe currently dominates the market due to strong government support and high demand for organic food in countries like Italy, France and Germany. Asia Pacific is projected to be the fastest growing region with growth in countries such as India and China.
Regional analysis
Europe accounts for the largest share of the global biostimulants market led by countries such as Italy, France and Germany. This can be attributed to implementation of norms encouraging adoption of environment friendly farming techniques as well as high demand for high-value organic food. Asia Pacific is emerging as a high growth market for biostimulants. Government support through schemes promoting organic and sustainable agriculture in India and China is driving the regional market.
Key players
Key players operating in the biostimulants market are Acadian Seaplants Limited, Biostadt India Limited, Omex Agrifluids Ltd., Italpollina Spa, Koppert B.V., Bio Atlantis Ltd., Platform Specialty Products Corporation, BASF SE, Novozymes A/S, Agrinos A/S.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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