Pune, India, June 29, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Biostimulants Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Product, Mode of Application, Crop Type, and Geography,” the Biostimulants Market size is expected to grow from US$ 3.11 billion in 2022 to US$ 5.79 billion by 2028; it is estimated to register a CAGR of 10.9% from 2022 to 2028.
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Global Biostimulants Market: Competitive Landscape and Key Developments
The key players operating in the global biostimulants market include BASF SE, UPL Limited, Valagro, Gowan Company, Total Corbion PLA, FMC Corporation, ILSA S.p.A., Haifa Negev technologies LTD, ADAMA, Rallis India Limited, and AgriTecno Biostimulants and Plant Nutrition. Players operating in the global biostimulants market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
Biostimulants Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 3.11 Billion in 2022 |
| Market Size Value by | USD 5.79 Billion by 2028 |
| Growth rate | CAGR of 10.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| No. of Tables | 115 |
| No. of Charts & Figures | 115 |
| Historical data available | Yes |
| Segments covered | Product, Mode of Application, and Crop Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA |
In 2022, Europe held the largest share of the global biostimulants market. The European Union's stringent rules on environmental safety and support for organic agriculture have paved the way for a flourishing biostimulant market in European countries, such as Germany, Italy, the UK, Spain, and France. For instance, in Germany, the German Federal Office of Consumer Protection and Food Safety (BVL) developed a regulatory framework for "plant strengtheners" (PS) that corresponds to biostimulants, as defined under Section 2.1. Commercial products containing more than 5% of seaweed extracts cannot be considered PS. Significant changes have been made to regulating crop inputs in Spain over the past few years. According to the new regulations, fertilizers must be regulated before selling. However, the sales of OMDF (other means of plant defense), into which most biostimulants fall, can be carried out with prior registration. In addition, inventions in plant biostimulants targeting specific agronomic needs are attracting new customers in Europe. For instance, Arysta LifeScience launched a new biostimulant that improves the quality of fruit and vegetable yields while relieving stress in the UK. The product contains GA142, an active ingredient found in seaweed harvested in North Brittany, where the tides are some of the highest in the world. The GA142 is extracted within 24 hours using a unique cold manufacturing process to retain fresh seaweed's operational characteristics and ensure a consistently high-quality product.
Surging Demand for Organic Products Propelling Demand for Biostimulants
Biostimulants are biologically developed fertilizers used to increase plant productivity and development in addition to nourishing agricultural products. A biostimulant boosts plant growth and development throughout the crop life cycle, i.e., from seed germination to plant maturity. Most biostimulants use raw material from organic sources, so they do not damage crops, while conventional chemical fertilizers and growth regulators can damage crops if not used in recommended dosages. Moreover, many government organizations, manufacturers, and suppliers in different countries worldwide are initiating favorable schemes to encourage organic and advanced farming activities. This initiative is leading to the increasing popularity of organic products. Increasing awareness among farmers, especially in the Asia-Pacific region, about the benefits of biostimulants is another factor boosting the market's growth. Additionally, consumer shifting preferences toward organic and healthy food are boosting the demand for biostimulants
Biostimulants Market: Segmental Overview
Based on product, the global biostimulants market is segmented into humic substances, amino acids, microbial stimulants, seaweed extracts, and others. In 2022, the seaweed extracts segment dominated the market. The humic substances segment registered highest CAGR during forecast period. Based on made of application, the global biostimulants market is segmented into foliar spray, seed treatment, and soil application. In 2022, the foliar spray segment dominated the market and registered highest CAGR during forecast period. Based on crop type, the global biostimulants market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and landscape, and others. In 2022, the cereals and grains segment dominated the market. The turf and landscape segment registered highest CAGR during forecast period.
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Impact of COVID-19 Pandemic on Biostimulants Market
The COVID-19 pandemic affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) with lockdowns, travel restrictions, and business shutdowns. These shutdowns disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the chemicals & materials industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the biostimulants market.
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