Selbyville, Delaware, April 21, 2022 (GLOBE NEWSWIRE) -- As per the report by Global Market Insights Inc., the Biostimulants Market was estimated at USD 3 billion in 2021 and is expected to reach a valuation of around USD 6.5 billion by 2028, progressing at a CAGR of 12% from 2022 to 2028. The report provides a comprehensive evaluation of drivers & opportunities, top winning strategies, market size & estimations, wavering market trends, competitive scenario, and major investment pockets.
Biostimulants offer several notable benefits viz., improved soil fertility, better nutritional content, reduced environmental effects, and ability to address productivity issues, including stressful growing conditions, extreme temperatures, and irregular rainfall, in affected regions. Surging awareness among farmers regarding sustainable farming practices and advantages of bio-based products, along with rapid developments in agricultural practices, would impel business growth. Moreover, supportive government initiatives to encourage organic & bio-based farming by giving subsidies are likely to play a vital role in the biostimulants market through the forecast period.
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Protein hydrolysates have gained popularity owing to their rich bioactive content and higher efficiency in improving crop performance. They can enhance crop tolerance to abiotic stresses in row crops like wheat, corn, sorghum, rapeseed, rice, and soybeans, among others. Growing preference for plant-derived protein hydrolysates to increase salinity tolerance as well as proline accumulation in crop leaves is set to boost product demand. Driven by these factors, the protein hydrolysates extract-based active ingredients segment, which was valued at more than USD 80 million in 2021, is projected to witness robust growth between 2022 and 2028.
On the other hand, the biostimulants market share from the seed treatment application segment is estimated to grow at a CAGR of approximately 13.5% through 2028. Biostimulants help reduce environmental stress in seed treatment at the time of sowing and improve crop yield and seed germination. Escalating seed costs, prevalent use of multi-component products, weather changes, and seed protection against seedling blights & seed rot, better generation, prevention of the spread of plant diseases, and higher resistance to storage pests & insects are likely to bolster segmental growth.
Key reasons for biostimulants market growth:
- Rising uptake in fruit & vegetables.
- Prominent adoption in organic farming.
- Increasing utilization in seed treatment.
- Prevalent usage across agricultural sector.
- Surging application for improving crop yield.
2028 forecasts show ‘fruit & vegetables’ segment retaining its dominance:
With respect to crop, the fruit & vegetables segment is anticipated to be valued at above USD 2.2 billion by 2028. Mounting consumer awareness pertaining to the nutritional advantages of biostimulants, along with their ability to enhance product shelf life and bolster early growth, is foreseen to propel product adoption. Biostimulants also improve crop quality by offering better size & color and boosting sugar content in fruits and vegetables. Thus, prominent product demand in fruits, including apples, citrus fruits, grapes, and strawberries, as well as vegetables like tomatoes, root crops, and potatoes are primed to support segmental development in the upcoming years.
North America to maintain top status in terms of revenue:
In the regional landscape, the North America biostimulants market is forecast to reach a valuation of nearly USD 1.15 billion by 2028. Favorable regulatory framework, coupled with high emphasis on yield enhancement and organic farming, is fostering product requirement in the region. Increasing opportunities in the domestic agricultural sector are facilitating market penetration by newer companies. Rising focus on organic farming in the U.S., which is the leading country in North America, is fueling regional market share. Additionally, escalating agricultural production of row crops like soybeans, corn, sorghum, and wheat is poised to promote regional industry growth in the future.
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Impact of COVID-19 pandemic on biostimulants market:
Following the onset of COVID-19, there was an upsurge in sales of organic and sustainable products in key regions across the globe. Thus, growing significance of sustainable agricultural methods, driven by mounting health consciousness among consumers, has pushed the growth of organic farming. Subsequently, increasing demand for organic food promoted product uptake in organic farming, which has positively impacted market outlook during the pandemic.
Leading market players:
Some prominent players in the global biostimulants industry include Ag Concepts, Biostadt India Limited, Agrinos, Agricultural Sciences, Inc., Micromix, Produquimica, AGRICHEM, S.A., Nutrien, BioAg, Stoller, General Hydroponics Inc., Nutri-Tech Solutions Pty Ltd., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
