Biostimulants Market Size, Share and Growth
Biostimulants Market was worth USD 2009.06 million in 2018 and estimated to be growing at a CAGR of 11.92%, to reach USD 3528.02 million by 2023.
Biostimulants Market Overview:
Biostimulants Market was worth USD 2009.06 million in 2018 and estimated to be growing at a CAGR of 11.92%, to reach USD 3528.02 million by 2023. With scarcity of land and water, amplified importance is being put on the support of advanced tools that can help improve crop harvest. Biostimulant is an organic substance that considerably impacts plant health. It is used in small amounts in order to encourage plant growth, thereby enhancing crop return and quality. Plant hormones, microorganisms, trace elements, and enzymes are combined in specific amounts to make biostimulants. Hence, biostimulants cannot be characterized as fertilizers that are used to provide nutrients to plants with nutritional deficiencies. They increase nutrient availability, metabolism, and boost the production of chlorophyll and antioxidants.
Biostimulants Market Drivers and Restraints:
The growth of the Global Biostimulants market is majorly driven by factors such as rising population, easy availability, and eco-friendly nature of biostimulants. Another key factor driving the market is climate change. Regular deviations in climate due to global warming have resulted in instability in yields of several food and cash crops. This has led to a growing predilection towards the utilization of biostimulants by farmers. However, issues such as lack of awareness among the farmers in the developing countries and high R&D costs involved in this field are hindering the growth of the market.
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Report segmented as
• Fulvic Acid
• Protein Hydrolysates
• Seaweed Extracts
• Amino Acid
• Humic Acid
By Crop Type:
• Fruits & Vegetables
• Cereals & Oilseeds
• Turfs & Ornaments
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Geographical Analysis of Biostimulants Market:
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. Europe has been leading the global Biostimulants market followed by North America on account of rapid development of innovative biostimulants and huge investments in R&D. The Asia Pacific market is anticipated to be the fastest growing regional market due to rising awareness and preferences for biostimulants. Growing demand for biostimulants in countries such as Brazil and Mexico is anticipated to offer huge growth prospect for the market in the Latin America region.
Important Key Players of Biostimulants Market:
Important strategies such as product expansions and investments have been implemented by the key players in the biostimulants industry. These companies are improving their capabilities by diversifying their commercial operations across the high-growth markets with efficient distribution systems. The major companies dominating the global Biostimulants market are BASF SE, Biostadt India Limited, Valagro SpA, Novozymes A/S, Biolchim SpA, Isagro SpA, and Koppert B.V.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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