April 29, 2021
According to the research report titled ‘Global Biostimulants Market 2019-2027’, available with Market Study Report LLC, global biostimulants market is anticipated to record 12.46% CAGR in terms of revenue and 11.05% CAGR in terms of volume through 2027.
Paradigm shift towards sustainable farming practices, and rising demand for organic food are primarily spurring the growth of global biostimulants market. The report cites that there is a rise in demand for plant biostimulants due to unsuitability of fertilizers or pesticides in producing organic food products. Preference for bio-based agrochemicals, and promotion of sustainable agriculture by the European government are augmenting the market outlook.
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For the record, a biostimulant is leveraged for boosting the nutritional efficiency of plants. They help in raising tolerance of plants to abiotic pressure and increasing crop yield.
Biostimulants play a major role in gardening and organic farming along with escalating growth in traditional agriculture. Rising health cognizance among individuals, escalating food demand, and focus among farmers to efficiently use fertilizers with minimal environmental impact are stimulating worldwide biostimulants market.
However, lack of knowledge about the usage of biostimulants, and non-existence of standardization are the acting as major restraints for the industry.
Based on type, global biostimulants market is divided extract based, acid based, and others. Speaking of crop type, the industry is classified into fruits & vegetables, row crops & cereals, and turfs & ornaments among others. As per application spectrum, the marketplace is categorized into soil, foliar, and seed.
Moving on to regional outlook, Asia-Pacific is poised to hold significant share of global biostimulants industry by the year 2027, with major contribution from Japan, China, India, Australia, and South Korea. Increasing importance of organic farming, growing demand for high-quality agricultural products, and emphasis on crop yield are fostering the demand for biostimulants.
Key contenders in global biostimulants industry include Agrinos AS, Lallemand Plant Care, Isagro, Arysta LifeScience Inc., Eastman Chemical Company, Omex Agrifluids Ltd., Micromix Plant Health Ltd., Koppert B.V., Italpollina SpA, Brandt Consolidated Inc., Microbial Discovery Group, Verdesian Life Sciences LLC, Agroenzymas Laboratories S.A. de C.V., Valagro SpA, and Tradecorp International.