The global biostimulants market size is expected to gain traction by reaching USD 5.35 billion by 2027. This information is published by Fortune Business Insights in its report, titled “Biostimulants Market, 2020 – 2027.” The report further mentions that the market stood at USD 2.50 billion in 2019 and is projected to exhibit a CAGR of 10.65% between 2020 and 2027.
The increasing demand for organic food products and the increasing support from the government to promote bio-agri products will boost the adoption of the product worldwide. For instance, in February 2021, the Government of India allocated around INR 126 crore for the Startup India Seed Fund for the fiscal year 2021-22. According to the government, the funds are meant to provide able assistance financially to the startups involved in sectors such as biotechnology, water management, and others.
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
Based on source, the market is bifurcated into microbial and non-microbial. On the basis of active ingredients, the market is classified into seaweed extracts, humic substances, vitamins & amino acids, microbial amendments, and others.
Moreover, based on application, the market is segregated into foliar application, soil treatment, and seed treatment. Besides, on the basis of crop, the market is classified into row crops, fruits & vegetables, turf & ornamentals, and others.
Based on crop, the row crops segment held a global biostimulants market share of about 45.78% in 2019 and is expected to showcase considerable growth in the forthcoming years. This is due to the large cultivation area.
What does the Report Include?
The global market for biostimulants report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027.
Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Demand for Organic Food Products to Propel Market Growth
According to the Pesticide Action Network UK, prolonged exposure to synthetic pesticides has been linked to the onset of chronic disorders such as cancer, asthma, Parkinson’s, anxiety, etc. Besides, these types of pesticides contaminate water, soil, vegetation, and air while having an adverse effect on human beings upon consumption. Therefore, the increasing awareness regarding the ill-effect of these products has led to the adoption of organic products in the agriculture sector. The microbial and plant-derived products aid in enhancing the growth of the plant, improving fertility, and have negligible impact on the environment. Owing to these factors, the surging consumption of organic produce is anticipated to contribute to the global biostimulants market growth during the foreseeable future.
North America – The region stood at USD 582.23 million in 2019 and is expected to hold a significant position in the market during the forecast period. This is attributable to the growing adoption of advanced technology in agriculture and the supportive government policies that promote the utilization of sustainable farming practices in the region.
Asia-Pacific – The market in the region is expected to experience significant growth backed by the increasing adoption of quality agriculture products and the surging organic farming sector that will propel the demand for advanced biostimulants in the region between 2020 and 2027.
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in the R&D activities to develop advanced biostimulants to cater to the growing demand for organic techniques in the agriculture sector. Additionally, other key players are adopting organic and inorganic strategies to maintain their position in the global marketplace.
Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/industry-reports/biostimulants-market-100414